What market correction?
What a difference a month can make. Ever since March break finished and Spring began, we have seen a number of quality houses come to market. The backlog of buyers, maybe 6 months worth? Pounced. We have seen a spike in listing showings, and the number of offers, and we also see the prices increasing quickly.
It appears that our housing market correction is over, or at least for now. Hard to fully comprehend how quickly the market has returned – within 12 months, we are back. Yes, values are down, but we are seeing the values are quickly returning. Statistically speaking, today’s values are roughly at October 2021’s values. On the ground views, we are seeing house values hit as high as December 2021/January 2022 values, just before the Late February 2022 price correction.
Condos do remain slower, but it appears as if it may just be a matter of time before those sales pick up.
Toronto Real Estate Market Report – March 2023
March 2023 was extremely quiet in Toronto’s central areas. There were only 1202 sales. Toronto’s real estate has begun it’s recoery. 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 213 sales in central Toronto in March 2023. The average home sold for $2,227,804, down 10% since March 2022 (we are now seeing the year over years values come into place, there is no doubt that the correction has taken hold of our real estate market.) The average home was on the market for 18 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 165 sales in central Toronto in March 2023. The average home sold for $1,399634, down 18% since March 2022. The average home was on the market for a relatively short time compared to the TRREB days-on-market average of 15 days.
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Toronto Condo Values
There were 824 condo sales—the average central Toronto condo sold for $816,423, down 10% from Mach 2022. The average condo was on the market for 19 days – condos are beginning to move more quickly as buyers accept the interest rate hikes. Note that the correction has not impacted Toronto condos as much as it has affected the freehold housing market.
Contact us here and read through our blogs to learn more about Toronto real estate.
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