February Sees Some Stabilization In The Toronto Market

By: Thomas Cook

February Sees Some Stabilization In The Toronto Market

The big headline in many publications is the statistic showing a decline of 17.9% in the average sale price ($1,095,617) between February 2023 and the same month in 2022.

Although accurate there are some extenuating circumstances.

For one, February 2023 had sales of houses over $2 million down by 72% (288 vs 1017 last year). The loss of that many sales this year certainly influences what the monthly average would turn out to be.

As it turns out, the February 2023 average sales price is the highest it's been for our Toronto regional market since last June.

February sales numbers (4,783) also seemed to stabilize in the +/- 5000 range... similar to what we've seen since July of last year.

What has not stabilized is the number of active listings for sale at the end of the month. That number has been dropping since last September (13,534) with a slight upturn in February (9,643), thereby offering active buyers a reduced choice of homes to pick from.

Toronto Real Estate Market Report
Here’s a snapshot summary of the significant real estate milestones across the entire Toronto Real Estate Board territory and in the City of Toronto in February 2023 as we move towards the spring market.

Thomas Cook

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