Toronto Residential Realtors. Service Beyond The Status Quo
The Toronto market continued to rebound in May. Sales transactions increased for the first time on a monthly basis with 23% more transactions in May 2023 compared to May 2022. Prices are slightly down from a year ago, but month-on-month sales have increased since the beginning of the year. The average price of $1,197,021 in…
Read More
Toronto’s April sales volumes and prices are down from April 2022 which should come as no surprise as 2022 prices were at all-time highs. As mentioned in the last 3 monthly newsletters, the market continues to strengthen as average prices increased for the fifth consecutive month. Buyers who were on the sidelines are coming back…
Read More
Toronto sales picked up in March as transactions were 45% higher February. When compared to 2022, prices in Toronto were down 13% compared to year ago. This is to be expected as prices in Q1 2022 were historic highs. Transactions are also down 37% as buyers adjust to higher interest rates. I mentioned last month…
Read More
Toronto’s real estate market showed signs of life. Transactions were down ~45% from pre-rate hike levels of early 2022 while prices fell ~12% compared to last February. Although these results are down, they followed the cautious optimism I wrote about last month and it feels like we’ve hit the bottom of this downturn in terms…
Read More
Toronto’s January real estate market started with a whimper. Sales transactions were down signifcantly across all housing types as the central bank increased interest rates for the eighth time since the beginning of 2022. Toronto’s average property price dipped under $1M for the first time since February 2021 as freehold prices declined by over 20% compared to January 2022. Despite the gloom in January,…
Read More
Toronto’s real estate market continued to slump in December. Sales volumes fell by 50% compared to Dec 2021 as higher interest rates made affordability more difficult. New listings were down as many sellers are waiting to see if consumer confidence improves in the spring. On an annual basis, 2022 started off with a bang but sales slowed as…
Read More
Toronto’s November real estate market continued to be sluggish. Prices dropped across the different market segments as anticipation of a seventh interest rate increase in 2022 came to fruition last week. Total transactions in Toronto fell by 50% compared to a year ago. This trend is concerning as highlighted in last month’s newsletter when we showed Toronto’s 2022 second half…
Read More
Toronto’s June transaction volume was 37% lower than June 2021. While prices were higher by 7% compared to last year, the month-on-month prices have been slipping. Part of this is due to seasonality as June prices are typically lower than May but the increase in interest rates (combined with food and energy prices) is making…
Read More
Inflation is top of mind as the Bank of Canada increased the overnight rate by 125 basis points since the beginning of 2022. Toronto’s May 2022 market cooled with sales volumes declining by 35% year over year and 11% month on month from April 2022. Despite the lower volumes, average prices in May 2022 were…
Read More
Higher interest rates amidst increasing inflation were the drivers behind a drop in Toronto’s April real estate sales. With these macroeconomic factors taking center stage, supply remained relatively tight as listings were down 18%. Sales volumes decreased by 36% compared to last April, while prices increased by 14%. A lot of ink has been spilled about the 36%…
Read More