Severe Inventory Shortage. Increased Buying Intentions. The Return of Bidding Wars.
- New listings continue to drop year-over-year in the GTA. This severe inventory shortage, coupled with an increase in buying intentions and demand have lead to increased competition between buyers and a return to bidding wars in some areas of the GTA.
- Sales down 47 per cent compared to February 2022.
- The average selling price for February 2023 was $1,095,617 – down 17.9 per cent compared to February 2022.
- Many homebuyers have also decided to purchase a lower priced home to help offset higher borrowing costs. The share of home purchases below one million dollars is up substantially compared to this time last year,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.
Want more details? Check out TRREB's Full Report
February 2023 vs. February 2022
February 2023 vs. January 2022
Want to keep an eye on sales in your neighbourhood?
We can let you know as soon as your neighbour's house goes on the market. Click here to find out more!