MARKET NEWS

In March 2023, housing market conditions in the Greater Toronto Area (GTA) tightened. As a result, there is an increase in competition between buyers in many GTA neighborhoods. Based on recent statistics, sales accounted for a greater share of listings than March 2022, indicating that the demand for housing is on the rise. For the first time since May 2022, the average sale price exceeded the average list price. Although sales declined 36.5% year-over-year, actual and seasonally adjusted sales increased month-over-month. As a result of […]

The real estate market in the Greater Toronto Area (GTA) has experienced a significant decline in sales in February 2023 compared to February 2022, before the Bank of Canada started raising interest rates. The number of new listings also dropped substantially year-over-year, which caused the average selling price and MLS® HPI to level off after trending lower through the spring and summer of last year. Many homebuyers have decided to purchase a lower-priced home to offset the higher borrowing costs. The share of home purchases […]

In 2023, the Greater Toronto Area (GTA) housing market unfolded as expected. There were similar numbers of sales and average selling prices in January 2022 as in December 2022. Year-over-year, both sales and prices declined, highlighting the impact of higher borrowing costs on affordability.  In recent months, home sales and selling prices have found some support. With the Bank of Canada’s announcement that interest rate hikes are likely to be on hold for the foreseeable future, some buyers will begin to move off the sidelines. […]

The Toronto real estate market over the past two years has been quite a ride, to say the least. For those of you that don’t know me, I’m Usman Khan, a Toronto real estate agent and I’m here to give you the rundown on the September market stats…and it’s one you don’t want to miss. When looking at residential sales in the GTA, we saw an extreme drop in the number of transactions. Sales for the month reached 5,038 but were down by 44.1 percent compared to September 2021. On a […]