Header Logo Created with Sketch.
  • Meet the Team
  • Our Properties
  • Condos
    • Active
    • Presale
  • Services
    • Selling
    • Staging
    • Buying
  • Market Updates
  • Contact
416.443.0300
  • Meet the Team
  • Our Properties
  • Condos
    • Active
    • Presale
  • Services
    • Selling
    • Staging
    • Buying
  • Market Updates
  • Contact
  • call
  • eMail
Facebook icon
LinkedIn icon
Instagram icon

February 2023 Market Stats

Written by The Mills Team • March 3, 2023

TORONTO, ONTARIO, MARCH 3, 2023 – February sales in the Greater Toronto Area (GTA) were down substantially from the pre-rate hike levels of early 2022. However, the number of new listings also dropped substantially year-over-year. The result was that the average selling price and MLS® HPI continued to level off after trending lower through the spring and summer of last year. “It has been almost a year since the Bank of Canada started raising interest rates. Home prices have dropped over the last year from the record peak in February 2022, mitigating the impact of higher borrowing costs. Many homebuyers have also decided to purchase a lower priced home to help offset higher borrowing costs. The share of home purchases below one million dollars is up substantially compared to this time last year,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.

GTA REALTORS® reported 4,783 sales through TRREB’s MLS® System in February 2023 – down 47 per cent compared to February 2022, the last full month before the onset of interest rate hikes. The number of new listings entered into the system was down by a similar annual rate of 40.9 per cent to 8,367. “New listings continued to drop year-over-year in the GTA. Recently released Ipsos polling suggests buying intentions have picked up for 2023. This increased demand will run up against a constrained supply of listings and lead to increased competition between buyers. This will eventually lead to renewed price growth in many segments of the market, especially those catering to first-time buyers facing increased rental costs,” said TRREB Chief Market Analyst Jason Mercer.

The average selling price for February 2023 was $1,095,617 – down 17.9 per cent compared to February 2022. Some of this decline is attributable to the fact that the share of sales below $1,000,000 was 57 per cent in February 2023 versus only 38 per cent a year earlier. On a monthly basis, the average price followed the regular seasonal trend, increasing relative to January 2023. The MLS® Home Price Index (HPI) Composite Benchmark was down year-over-year by a similar annual rate of 17.7 per cent, but was also up on a monthly basis. “As we move toward a June mayoral by-election in Toronto, housing supply will once again be front and centre in the policy debate. New and innovative solutions, including the City of Toronto’s initiative to allow duplexes, triplexes and fourplexes in all neighbourhoods citywide, need to come to fruition if we are to achieve an adequate and diverse housing supply that will support record population growth in the years to come,” said TRREB Chief Executive Officer John DiMichele.

Similar Articles
  • July 2022 Webinar – Mortgage Market Update With Sean HumphriesAugust 7, 2022 July 2022 Webinar – Mortgage Market Update With Sean Humphries The Mills Team is pleased to bring you another webinar to discuss the recent Bank of Canada interest rate increase and what it means for you. We have invited Sean Humphries from Dominion […]
  • October 2022 Market StatsNovember 7, 2022 October 2022 Market Stats TORONTO, ONTARIO – Despite the continued housing market transition to a higher borrowing cost environment, the average selling price in the Greater Toronto Area (GTA) found some support […]
  • February 2022 Market StatsMarch 7, 2022 February 2022 Market Stats TORONTO, ONTARIO, March 3, 2022 – February home sales were down compared to the all-time record in 2021, but represented the second-best result for the month of February in history. New […]
  • December 2022 Market StatsJanuary 5, 2023 December 2022 Market Stats TORONTO, ONTARIO, January 5, 2023 3 The Greater Toronto Area (GTA) housing market experienced a marked adjustment in 2022 compared to record levels in 2021. Existing affordability issues […]
  • July 2022 Market StatsAugust 7, 2022 July 2022 Market Stats TORONTO, ONTARIO, August 4, 2022 – There were 4,912 home sales reported through the Toronto Regional Real Estate Board (TRREB) MLS® System in July 2022 – down by 47 per cent compared to […]
  • Webinar: 2022 Toronto Market RecapJanuary 27, 2023 Webinar: 2022 Toronto Market Recap 2022 was certainly an eventful year in the real estate world. Anyone keeping tabs on the market will likely tell you about the rollercoaster ride of the past year. Together with Royal […]

Get exclusive real estate updates and current market trends

Follow Us On Social Media
Facebook icon
LinkedIn icon
Instagram icon
Instagram
Meet the Team
Our Properties
Condos
Services
Market Updates
Contact

Royal Lepage Signature Realty, Brokerage

8 Sampson Mews, Suite 201
Toronto, ON, M3C 0H5

154 Bathurst Street
Toronto, ON, M5V 2R3

The Mills Team is an independently owned and operated broker member of Royal Lepage Signature Realty, Brokerage. This is not an offer for sale. Not intended to induce breach of an existing agency agreement.

2023 The Mills Team, All Rights Reserved. Contents of this website, including the photography & videos, may not be used without written consent from The Mills Team. Maximum effort is put towards the details but cannot guarantee, buyer to verify all details.

View our Privacy Policy

Website by BRIXWORK Real Estate Marketing Inc.