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GTA REALTORS® Release February Stats
TORONTO, ONTARIO, February 3, 2022
TORONTO, ONTARIO, MARCH 3, 2023 – Last month, sales in the Greater Toronto Area (GTA) showed a stark decline from those of early 2022 prior to rate hikes. Simultaneously, new listings for February also dropped significantly compared to the same time last year.
After the Bank of Canada began increasing interest rates about a year ago, average selling prices and MLS® HPI started to level off after declining through spring and summer of last year. Despite higher borrowing costs, housing values have dropped since reaching an all-time high in February 2022. This drop has helped offset any negative effects from raising interest rates.
To help balance the growing borrowing costs, many homebuyers are now choosing to buy more affordable homes. According to Toronto Regional Real Estate Board (TRREB) President Paul Baron, there has been a marked increase in purchases below one million dollars compared to last year's figures. GTA REALTORS® reported 4,783 sales through TRREB’s MLS® System in February 2023 – down 47 per cent 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 per cent to 8,367. “New listings continued to drop year-over-year in the GTA.
Recent results from the Ipsos poll demonstrate that in 2023, pre-purchase demand is increasing. However, this will be hindered by a lack of listings causing contention between buyers which could consequently manifest itself as renewed price growths in certain segments such as first-time purchasers who are dealing with higher rental payments. Jason Mercer – Chief Market Analyst at TRREB - expresses his view on these findings: "This increased competition between buyers...will eventually lead to renewed price growth."
The average selling price for February 2023 was $1,095,617 – down 17.9 per cent compared to February 2022. Some of this decline is attributable to the fact that the share of sales below $1,000,000 was 57 per cent in February 2023 versus only 38 per cent a year earlier. On a monthly basis, the average price followed the regular seasonal trend, increasing relative to January 2023. The MLS® Home Price Index (HPI) Composite Benchmark was down year-over-year by a similar annual rate of 17.7 per cent, but was also up on a monthly basis. “As we move toward a June mayoral by-election in Toronto, housing supply will once again be front and centre in the policy debate.
We must take bold and creative action to ensure a satisfactory housing supply that can accommodate our rising population, such as the City of Toronto's groundbreaking plan to allow duplexes, triplexes and fourplexes across all neighbourhoods. This kind of initiative is paramount if we wish to make progress in this area," emphasized TRREB Chief Executive Officer John DiMichele.
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Toronto Real Estate Board Releases Q4 2022 Condo Market Statistics
TORONTO, ONTARIO, January 31, 2023
Contrary to the general decline in the housing market, condominium apartment selling prices saw a different story during Q4 2022. The average price for this quarter was consistent with that of Q4 2021 which demonstrates stability despite outside market pressures.
In the past year, although market conditions for condos have become more equitable, there was still enough demand compared to supply that selling prices remain intact. On average, condo segments are far more cost-effective than detached homes. For this reason and in light of higher borrowing costs we haven't seen a significant change in price like other expensive sectors such as single family dwellings stated TRREB President Paul Baron.
Total condo apartment sales amounted to 3,582 in Q4 2022 3 down 54.1 per cent compared to Q4 2021. New listings were also down on a year-over-year basis by 14.3 per cent. The average Q4 2022 selling price was $710,520, which was slightly higher than the Q4 2021 average of $710,246.
Looking at individual Greater Toronto Area (GTA) regions, a similar trend played itself out, with average selling prices remaining flat compared to last year.
Condo apartments are an integral component of the real estate market, as they often serve as first-time buyers' initial purchase. Moreover, investor-owned condos provide a wealth of rental options in numerous GTA regions.
As immigration into Canada continues at a record pace for the foreseeable future, the GTA will welcome many new households. This should see the demand for condos, in both the ownership
and rental markets, strengthen moving forward, said TRREB Chief Market Analyst Jason Mercer.
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Rental Market Intelligence
Average condominium apartment rents continued to increase by double-digit annual rates in the last quarter of 2022.
Condo Market Intelligence
Total condo apartment sales were 3,582 in the last quarter, down over 50 per cent when compared to the same period in 2021.
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There were 47 office sales in the second last quarter of 2022, a drop from 106 sales over July–September 2021.
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