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Toronto and West GTA Real Estate Market Update – January 2023

Feb 15, 2023 | Market News

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

 𝐒𝐭𝐞𝐞𝐩 𝐝𝐞𝐜𝐥𝐢𝐧𝐞 𝐢𝐧 𝐡𝐨𝐦𝐞 𝐯𝐚𝐥𝐮𝐞𝐬 𝐲𝐞𝐚𝐫 𝐨𝐯𝐞𝐫 𝐲𝐞𝐚𝐫𝐡𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐢𝐧𝐠 𝐭𝐡𝐞 𝐢𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐡𝐢𝐠𝐡𝐞𝐫 𝐛𝐨𝐫𝐫𝐨𝐰𝐢𝐧𝐠 𝐜𝐨𝐬𝐭𝐬 𝐨𝐧 𝐚𝐟𝐟𝐨𝐫𝐝𝐚𝐛𝐢𝐥𝐢𝐭𝐲.

 Although the sales volume for this January was similar to that of December 2022, average sold prices were significantly less than that of January last year. 

 With the Bank of Canada announcing that the interest rate increases are likely on hold for the foreseeable future, this may help to encourage the Buyers waiting on the sidelines to purchase now in the coming months. 

 Our direct experience is that today’s real estate market activity is not a ‘one size fits all’ synopsis. Various factors impact appeal, saleability and Buyer demand which all contributes to the market value.

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

⬛️ The most significant drop in home values was in freehold detached with Mississauga, Oakville and Burlington all in the high 20% range. Mississauga with the greatest drop in detached at almost 30%

⬛️ Toronto condo market down 6.5% year over year – the least decrease compared to the other areas in our report 

⬛️ Oakville and Burlington represented the greatest opportunity to buy at a tremendous value compared to January 2022 

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

⁣⁣⁣𝗧𝗵𝗶𝗻𝗸𝗶𝗻𝗴 𝗼𝗳 𝗯𝘂𝘆𝗶𝗻𝗴 𝗼𝗿 𝘀𝗲𝗹𝗹𝗶𝗻𝗴 𝘁𝗵𝗶𝘀 𝘆𝗲𝗮𝗿? Let’s chat about your goals and how we can help with your success in real estate. 

Book a complimentary Buyer or Seller consultation with us by completing the form below.

Toronto real estate market update January 2023Mississauga real estate market update January 2023Oakville real estate market update January 2023 Burlington real estate market update January 2023

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