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Toronto Real Estate Market Report February 2023

Toronto and West GTA Real Estate Market Update – February 2023

Mar 16, 2023 | Market News

𝐍𝐄𝐖𝐒𝐅𝐋𝐀𝐒𝐇! Here are the real estate market stats you need to know for February 2022 vs. 2023 home sales in Toronto, Mississauga, Oakville, Burlington 📈

February sales volume is down substantially over the pre-interest rate hike levels in 2022, however, 𝐚 𝐧𝐨𝐭𝐚𝐛𝐥𝐞 𝐢𝐦𝐩𝐫𝐨𝐯𝐞𝐦𝐞𝐧𝐭 𝐢𝐧 𝐦𝐚𝐫𝐤𝐞𝐭 𝐯𝐚𝐥𝐮𝐞𝐬 𝐦𝐨𝐧𝐭𝐡 𝐨𝐯𝐞𝐫 𝐦𝐨𝐧𝐭𝐡.

Our headline tells the tale of two stories – indeed, a double-digit drop in home values across almost all home types in our report as compared to February 2022. 

However, Buyer confidence had resumed this year, and even more so following the latest Bank of Canada update with no change to its policy rate, contributing to the average detached home prices up significantly month over month (between Jan and Feb 2023) in Toronto, Mississauga and Oakville.

𝙄𝙣𝙫𝙚𝙣𝙩𝙤𝙧𝙮 𝙖𝙘𝙧𝙤𝙨𝙨 𝙩𝙝𝙚 𝙂𝙏𝘼 𝙞𝙨 𝙚𝙭𝙩𝙧𝙚𝙢𝙚𝙡𝙮 𝙡𝙤𝙬, down 47% compared to Feb 2022. The lack of selection is resulting in the return of some homes selling on multiple offers, especially those priced in the sub-$1,000.000 category, and in move-in ready, beautifully presented condition.

Here are our notable take away’s from February 2023’s real estate market activity 📑

⬛️ Despite double digit declines year over year, the short term update suggests we are in for continued price growth should the lack of inventory continue 

⬛️ Toronto average detached home price up approximately $300,000 month over month

⬛️ Mississauga and Oakville average detached home prices up approximately $200k month over month

⬛️ Toronto and Mississauga condos flat to the month prior. Oakville condos the anomaly with an average price of over $1.1m – up $175k month over month

Be sure to view the full details of each area within our update. Swipe  on each image to view.⁣⁣

𝗪𝗮𝗻𝘁 𝘁𝗼 𝗸𝗻𝗼𝘄 𝘄𝗵𝗮𝘁𝘀 𝗵𝗮𝗽𝗽𝗲𝗻𝗶𝗻𝗴 𝗶𝗻 𝘆𝗼𝘂𝗿 𝗻𝗲𝗶𝗴𝗵𝗯𝗼𝘂𝗿𝗵𝗼𝗼𝗱?  Stay up to date with our detailed market analysis by booking a complimentary Buyer or Seller consultation with us via the form below.

Toronto Real Estate Market Report February 2023Mississauga Real Estate Market Report February 2023Oakville Real Estate Market Report February 2023Burlington Real Estate Market Report February 2023

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