On this page, you can find VIP Condos Toronto's summary of the Toronto Regional Real Estate Board (TRREB)'s January 2023 real estate market watch, with info on prices & trends in the region's housing market. VIP's report will provide information such as an overall real estate market outlook, updates & news from January 2023 - as well as specific info on both condo and home prices in the GTA:
Real Estate Market Watch: Residential Transactions
- 3,100 residential home transactions took place in January 2023, down from 5,594 in January 2022 - a decrease of 44.6%.
- When seasonal adjustments are taken into account, there was an 1% decrease in the number of purchases from December 2022 (4,718) to January 2023 (4,671).
January 2023 Real Estate News: Average Selling Prices
- The average sale price for January 2023 was $1,038,668. This is a decrease of 16.4% over January 2022, when it was $1,242,407.
- The average price for homes in the Greater Toronto Area saw a 3% decrease compared to the previous month (from $1,099,125 to $1,066,668).
Monthly Market Update: New Listings
- There were 7,688 listings available for January 2023, which is a 3.7% decrease from January 2022 (when there were 7,983).
- The sales-to-listings ratio has decreased by 30% from January 2022, from 70% to 40%.
Real Estate Market Watch for January 2022: Days On The Market
- The average property spent 41 days on the market, compared to 18 last year - an increase of 127.8%.
- Listings spent an average of 29 days on the market, which is a 123.9% increase from this month last year (when they spent an average of 13).
Click Here To Read TRREB's January 2023 Real Estate Market Watch Report for Both Homes and Condos
In order for you to use these monthly market updates to your advantage, our informative guide for buying pre-construction properties can be found under the Resources tab in the top right corner of this page. It will answer common questions such as:- How do I get my down payment?
- Can I use my RRSP for my down payment?
- How can I make the profits from my pre-construction purchases tax-free?
- What type of home or mortgage can I afford?
- Which incentives are available for first-time buyers?
- What is a PDI?
- What are the pros & cons of buying or selling an assignment before closing?
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