Number of Sales Substantially Lower than Last Year, A Continuing Trend Influenced by Increased Borrowing Costs
- One month into the new year, the number of sales and the overall selling prices of homes in the GTA were similar to December 2022.
- Compared to last year, sales were down by 45%, while prices dropped 16%.
- “Home prices declined over the past year as homebuyers sought to mitigate the impact of substantially higher borrowing costs. While short-term borrowing costs increased again in January, negotiated medium-term mortgage rates, like the five-year fixed rate, have actually started to trend lower compared to the end of last year. The expectation is that this trend will continue, further helping with affordability as we move through 2023,” said TRREB Chief Market Analyst Jason Mercer.
- A window of opportunity remains for those buyers who understand the importance of buying when prices are down as interest rates will always shift.
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January 2023 vs. January 2022
January 2023 vs. December 2022
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