A Few Quotes… Statistics and More for January 2023

January 24, 2023

Here are a few of the most interesting (in my opinion) quotes from this month’s GTA Monthly Housing Report, prepared exclusively for Royal LePage Signature Realty by Urbanation Inc.:

“2022 was an adjustment year for the GTA housing market, which occurred following overheated market conditions in 2021 and aggressive interest rate increases by the Bank of Canada to combat quickly rising inflation.”

“Average sale prices were $1.05 million in December, representing a 9.2% decline from last year’s December high ($1.16 million) but remaining 12.8% higher than the average from two years ago ($932K). Compared to the absolute peak in February 2022 ($1.33 million), average prices have decreased by 21.2%.”

“Buyer confidence is expected to improve in 2023 as rates stabilize, which should begin to unleash some pent-up demand and lift sales activity off their recent lows. While supply is also likely to increase this year as homeowners who put off listing last year enter the market, an increased number of homeowners face financial difficulties due to the increase in rates, and condo completions rise to record highs, prices are expected to bottom early this year before experiencing a modest recovery in the second half of 2023. Note that it could take an extended period of time before prices return to their peak February 2022 level.”

“In 2023, the market is expected to continue adjusting from overheated conditions during the ultra-low interest rate environment of the pandemic. In that sense, sales levels are likely to remain below average and price growth will be minimal. The long-term outlook for the market remains positive, as demand will be boosted by record levels of immigration (most newcomers will initially rent and enter the ownership with a 2-5- year lag) and supply will begin to decline as new home sales have dropped, supporting growth in prices.”


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