February 2023 Real Estate Report
Tags: TORONTO REAL ESTATE, MARKET UPDATES
FEBRUARY 2023 IN REVIEW
February sales in the Greater Toronto Area (GTA) were down substantially from the pre-rate hike levels of early 2022. However, the number of new listings also dropped substantially year-over-year.
The result was that the average selling price and MLS HPI continued to level off after trending lower through the spring and summer of last year.
On a year-over-year basis, both sales and prices were down markedly, continuing to highlight the impact of higher borrowing costs on affordability over the last year.
GTA REALTORS reported 4,783 sales through TRREB’s MLS System in February 2023 – down 47% compared to February 2022, the last full month before the onset of interest rate hikes.
The number of new listings entered into the system was down by a similar annual rate of 40.9% to 8,367.
The average selling price for February 2023 was $1,095,617 – by down 17.9 % compared to February 2022.
