JUST A QUICK UPDATE ON OUR TORONTO’S REAL ESTATE MARKET,
Welcome to the latest edition of our newsletter, where we’ll be discussing the current state of the real estate market in Toronto.
Despite the ongoing pandemic, the Toronto real estate market has remained resilient, with strong demand and limited supply continuing to drive up prices. According to the Toronto Regional Real Estate Board, the average selling price for all home types in February 2023 was $1,045,488, an increase of 22.8% compared to the same period last year.
One factor contributing to the high demand is low interest rates. With interest rates at historic lows, many buyers are taking advantage of the opportunity to secure a mortgage and buy a home. Additionally, Toronto’s reputation as a desirable city to live in, combined with its strong job market, continues to attract homebuyers.
The supply side of the market has been constrained due to a shortage of new listings. This has created a highly competitive environment, with multiple offers and bidding wars becoming the norm. As a result, many buyers are finding themselves priced out of the market.
In terms of housing types, the condo market has seen a resurgence in demand, as buyers look for more affordable options. While prices for detached homes continue to climb, the average selling price for a condo in February 2023 was $605,668, an increase of 17.2% compared to the same period last year.
Looking forward, there are indications that the market may begin to cool off. The Bank of Canada has signaled that it may begin to raise interest rates in the coming months, which could reduce the buying power of some buyers.
Overall, the Toronto real estate market remains strong, with high demand and limited supply driving up prices. However, with potential headwinds on the horizon, it remains to be seen how sustainable this growth will be in the long term.
Thank you for reading our newsletter. Stay tuned for more updates on the Toronto real estate market in future editions.
