Home prices and sales continue to fall in Toronto

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Toronto home prices and sales continue to fall

Property sales continued to fall in January in the GTA.

Property sales in the Greater Toronto Area were down nearly 45 per cent in January from the same time last year, according to the local real estate board, which believes the market is stabilizing, however.

According to the Toronto Regional Real Estate Board (TRREB), 3,100 homes and condos were sold last month in the Toronto area.

This is down 44.6% from sales in January 2022, but only 10 fewer properties than in December 2022.

Similar situation for the average sale price, which was $1,038,668 last month, 16.4% lower than in January 2022, but only slightly lower than in December 2022, notes the TRREB.

“Home sales and prices appear to have stabilized over the past few months.

—Paul Baron, President of TRREB

He adds that the Bank of Canada has signaled that it does not expect to raise its key rate again in the near term, which he said could encourage more buyers to come forward.

TRREB analyst Jason Mercer says mid-term mortgage rates, including the 5-year fixed rate, are down from the end of last year.

We expect this trend to continue, he says, which would lower borrowing costs.

For her part, Gemma Leggett, real estate broker at Remax Hallmark York Group, advises sellers to put their homes on the market during the months of January and February because there is much less competition than in the spring. -elle.

And for those who want to buy a property, Ms. Leggett recommends the months of November and December.

With Information from Yanick Lepage