Two big stories are heading into 2023 that we will be keeping an eye on:
1) Foreign Buyer Ban – we expect this to substantially impact pre-construction condos particularly. This will ultimately affect the future values of homes and condos in Toronto because builders will delay their developments which will shrink the housing stock for newcomers to Toronto; thereby, we should expect higher prices for sales and rentals in Toronto.
2) Toronto Housing Market Correction – how long will the slowdown of fewer sales and prices last? We expect another year, but time will be the judge. August 2022 showed a landing spot for prices, but we envision a further drop with the increased interest rates. 2023 will be the year of the buyer, at least for those who can afford to purchase in Toronto. The lower prices and much higher interest rates have made our marketplace the least affordable since the early 1980s.
Toronto Real Estate Market Report – November 2022
November 2022 was a much quiet month compared to the Fall markets of the past in Toronto’s central areas. There were a total of 854 sales transactions. Keep in mind that with so few trades, the values can be skewed with more lower-priced condos and houses versus higher-priced homes – our overall annual markers will provide a better sense of value increase, which you can reach out to us here to discuss.
Detached Home Values
There were 167 sales in central Toronto in November 2022. The average home sold for $2,058,462, down 16% since November 2021. The average home was on the market for 19 days – below the Toronto average days on the market – this tells us that active buyers want to buy today.
Semi-Detached & Townhouse Values
There were 143 sales in central Toronto in November 2022. The average home sold for $1,35,277, down 16% since November 2021. The average home was on the market for a relatively short time compared to the TRREB days on market average, a meagre 16 days.
➤ Check out our top reads for anyone thinking about living in Toronto:
- Why Parents Should Invest In Toronto Condos For Their Children
- This Is the Year For Buyers To Buy In Toronto
- Selling A Home In Toronto
Toronto Condo Values
There were 544 condo sales—the average central Toronto condo sold for $826,120, down 3% from November 2021. The average condo was on the market for 28 days – condos are beginning to sit for longer as demand has cooled off over the last month.
Contact us here and read through our blogs to learn more about Toronto real estate.
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