There finally seems to be some optimistic news released from The Toronto Regional Real Estate Board (TRREB) for the year ahead. Considering all the doom and gloom that have made headlines in recent months, the second half of this year will see a gradual uptick in home sales and an increase in competition between buyers with a renewed upward pressure on home prices in the GTA. TRREB Chief Market Analyst Jason Mercer suggests that “it will be a year of two halves in 2023.”
If you really wanted to help Toronto, you’d buy a new home. Here’s why. The city is banking on this being one of the best years ever for real estate sales to bring in land transfer tax revenue. Mayor John Tory would really, really appreciate it if you would buy a new house or condo this year. In fact, he’s counting on it.
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. The average selling price in January was $1,038,668 — down 16% compared to January 2022 but not significantly changed from the $1,051,216 average seen in December.