GTA 2023 REAL ESTATE UPDATE

York Region Market Update   The average price for a home in York Region was $1.29 million in January 2023, according to the Toronto Regional Real Estate Board. That’s up 1.4 per cent or $18,020 from December 2022 but down 15.4 per cent or $234,000 compared to January 2022. There were 544 home sales in York Region after an average of 26 days on the market and 1,602 active listings at the end of January. Sales were down 40.9 percent and active listings were up 86.1 per cent compared to a year ago. When comparing the different property types, it is important to note that prices are moving roughly in tandem. The forces that are affecting prices are almost equally exerted on detached homes, townhouses and condo apartments. The net result for Downsizing home sellers is still a hefty retirement nest egg.  To move from the average detached to the average condo apartment will net an average of close to $700,000 difference!  Imagine what that could do to enhance your retirement lifestyle!  The historic picture of real estate confirms that despite minor fluctuations in the market, your property remains one of best investments over the long haul.

Impact Of Interest Rates

According to Jason Mercer, TRREB’s Chief Market Analyst, both sales and prices declined in comparison to January 2022, prior to the series of interest rate increases , highlighting the impact of  higher carrying costs. “Home prices declined over the past year as homebuyers sought to mitigate the impact of substantial higher borrowing costs. While short-term borrowing costs increased again in January, negotiated medium-term mortgage rates, like the five-year fixed rate, have actually started to trend lower compared to the end of last year. The expectation is that this trend will continue, further helping with affordability as we move through 2023.”

For a more detailed review of the factors affecting the GTA real estate market, click the button below to see this fascinating report (with infographics!). 

Spring Selling Season

With all the negative press about falling sales (ie: the number of transactions) you might be surprised to read that we are still firmly in a seller’s market statistically-speaking. In my recent experience representing buyer clients I can tell you that there are not enough listings to meet buyer demand. (Are you tired of hearing this yet? lol) We had to compete with eight other buyers and were badly outbid! Offer dates, bidding wars, and jam-packed open houses are very typical right now. As more properties come to market later in the season, the pressure on buyers might ease, but right now it’s still a very tight market. Take advantage of this lack of competition! It could mean an additional 5-10% on your sale price. For the average York Region detached home, that could mean an extra $64,000 to $129,000 now versus 3 to 9 months from now. Wondering how to get a jump on the market? We can help! Our most recent listings were up and sold (with complete decluttering, cleaning and staging) within three weeks! 

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