Toronto home sales and prices were down in January, compared to the same time last year according to a new report from the Toronto Regional Real Estate Board (TRREB).
Sales were down nearly 45 per cent in January, compared to the same time last year.
The average price of a Toronto home in January was $987,842, compared to Jan. 2022 when the average price was $1,072,177, the report released on Friday says.
In the GTA 3,100 homes were sold in Jan. 2023, compared to 5,592 in Jan. 2022. The average price in the GTA in Jan. 2023 was $1.03 million, compared to an average price of $1.24 million in Jan. 2022.
“Home prices declined over the past year as homebuyers sought to mitigate the impact of substantially higher borrowing costs,” TRREB Chief Market Analyst Jason Mercer said in a news release.
The Bank of Canada announced a rate hike last week, bringing its key interest rate to 4.5 per cent, marking its eight straight increase.
“Home sales and selling prices appear to have found some support in recent months. This coupled with the Bank of Canada announcement that interest rate hikes are likely on hold for the foreseeable future will prompt some buyers to move off the sidelines in the coming months,” TRREB President Paul Baron said in the release.
He said record population growth and tight labour market conditions will continue to support housing demand moving forward.
TRREB will release its annual market outlook and year in review report on Feb. 10.