January 2023 Market Update

January 5, 2023
Home banner shape
January 2023 Market Update

January 2023 Market Update

As we moved from 2022 into 2023, the Greater Toronto Area (GTA) housing market unfolded as expected. The number of January sales and the overall average selling price were similar to December 2022. On a year-over-year basis, both sales and prices were down markedly, continuing to highlight the impact of higher borrowing costs on affordability over the last year.

There were 3,100 sales reported through TRREB9s MLS® System in line with the December 2022 result of 3,110, but down 44.6 per cent from January 2022.The average selling price for January 2023 at $1,038,668 was slightly lower than the December 2022 result and down by 16.4 per cent compared to the January 2022 average price reported before the onset of Bank of Canada interest rate hikes.

“Home prices declined over the past year as homebuyers sought to mitigate the impact of substantially 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,” said TRREB Chief Market Analyst Jason Mercer.

Stay In the Know with Keystone

Don’t miss out on our latest Market Reports. Subscribe and get the newest articles delivered straight to your inbox.

Have Questions About the Market? Ask Keystone's Experts

If you have specific questions or need guidance on Milton’s real estate market, our team is here to provide personalized advice. Reach out to us, and let’s discuss how market trends can influence your real estate decisions.

Shape
Real Estate Investment and Purchase Seminars in Milton