Feb 03, 2023
By Jane Brown
It’s good news for buyers, not as much for sellers.
The number of monthly GTA home sales continues to slide, as do home prices.
The latest report from the Toronto Regional Real Estate Board says January home sales were down 44.6 percent from the same month a year ago, falling in line with expectations as the number of sales and average selling price were similar to December.
Sales for January totalled 3100, down from 5594 in January of 2022, while the average selling price was down 16.4 percent at $1.04 million, as the impact of higher borrowing costs continued to reverberate across the housing market.
As for new listings in January 2023, they were down 3.7 percent year over year at 7688, but were up from 4074 in December, while active listings were up 124.6 per cent from last year.
The Bank of Canada announced the 8th rate hike in less than a year last week of a quarter of a percentage point, bringing its key rate to 4.5 per cent, while Bank of Canada Governor Tiff Macklem signalled the central bank is ready to pause hikes for the time being.
Toronto Regional Real Estate Board President Paul Baron says in a press release that this pause, coupled with home sales and prices appearing to find some support recently, may prompt some buyers to move off the sidelines in the coming months.
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