January shows no changes in Toronto home sales and housing prices
The latest report by the Toronto Regional Real Estate Board (TRREB) shows that home sales and real estate prices in the Greater Toronto Area (GTA) were almost unchanged in January compared to December, following large decreases of the previous months.
There were 3,100 homes sold in January, while December reported 3,110 sales. The average housing price was slightly below $1.04 million, marking a small decline from the previous month.
Such results are significantly lower than a year ago, when home sales were 44.6% higher and the average home price was 16.4% above today’s number. Nevertheless, the fact that the pace of monthly drops is slowing means we are facing positive changes in the real estate market, TRREB’s president Paul Baron says.
“It looks like real estate sales and prices have found certain support recently,” – he noted. “Combined with the central bank’s announcement that interest rates will probably remain unchanged in the nearest future, this trend will encourage some buyers to enter the market soon.”
“Record high population growth and the tight labour market will keep supporting housing demand.”
According to TRREB’s chief market analyst Jason Mercer, the fact that some types of medium-term mortgage rates are now lower than a year ago also contributes to affordability improvement in Toronto where the prices are extremely high.
“While short-term borrowing costs went up again last month, medium-term mortgage rates (e.g. five-year fixed rate) are starting to go down on a year-over-year basis,” – he noted. “This trend is expected to continue improving affordability this year.”
TRREB MLS System Sales and Average Price January 1-31, 2023
| 2023 | 2022 | |||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | |
| City of Toronto (“416”) | 1,108 | 987,842 | 3,010 | 2,235 | 1,072,177 | 3,112 |
| Rest of GTA (“905”) | 1,992 | 1,066,938 | 4,678 | 3,359 | 1,355,673 | 4,871 |
| GTA | 3,100 | 1,038,668 | 7,688 | 5,594 | 1,242,407 | 7,983 |
| Sales | Average Price | |||||
| 416 | 905 | Total | 416 | 905 | Total | |
| Detached | 318 | 1,066 | 1,384 | 1,486,124 | 1,298,809 | 1,341,848 |
| Yr./Yr. % Change | -32.8% | -38.9% | -37.6% | -21.3% | -23.8% | -23.0% |
| Semi-Detached | 84 | 156 | 240 | 1,150,506 | 949,216 | 1,019,668 |
| Yr./Yr. % Change | -40.4% | -47.8% | -45.5% | -22.1% | -23.2% | -22.3% |
| Townhouses | 92 | 407 | 499 | 981,187 | 866,458 | 887,610 |
| Yr./Yr. % Change | -54.5% | -40.2% | -43.5% | -9.1% | -20.0% | -18.0% |
| Condo Apartment | 604 | 346 | 950 | 711,171 | 646,715 | 687,696 |
| Yr./Yr. % Change | -57.0% | -42.7% | -52.7% | -6.4% | -10.3% | -8.1% |