Home sales and new listings in the Greater Toronto Area (GTA) were down substantially in February compared to the same time last year, according to a new report from the Toronto Regional Real Estate Board (TRREB).
The report did share that an uptick in homebuying is expected later this year.
GTA realtors reported 4,783 sales through TRREB’s MLS System in Feb. 2023, down 47 per cent compared to Feb. 2022, which was the last full month before the onset of interest rate hikes, according to the report.
The number of new listings entered into the system was down by a similar annual rate of 41 per cent to 8,367, TRREB said.
“New listings continued to drop year-over-year in the GTA. Recently released Ipsos polling suggests buying intentions have picked up for 2023,” TRREB Chief Market Analyst Jason Mercer said in the report. “This increased demand will run up against a constrained supply of listings and lead to increased competition between buyers. This will eventually lead to renewed price growth in many segments of the market, especially those catering to first-time buyers facing increased rental costs.”
The average selling price for Feb. 2023 was $1,095,617 – down 18 per cent compared to Feb. 2022.
“As we move toward a June mayoral by-election in Toronto, housing supply will once again be front and centre in the policy debate,” TRREB Chief Executive Officer John DiMichele said in the report.
The average total price for a detached home was $1,400,482, dropping 21 per cent from the previous year.
The average total price for a condo was $697,765 in 2023, dropping 10 per cent from the previous year.
