February Real Estate Market

Toronto Real Estate Board February MLS sale statistics:

• GTA single family home sales including condominiums - 4783.
• Volume - down 47%, compared to February 2022 9028 sales.
• Volume - up 54% compared to January 2023 3100 sales.
• Average price of a GTA single family home - $1,073,138.
• Down 9.8% from 2022's average price of $1,189,917.

“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.

We track MLS sales daily.

• November 2016 to May 30th 2017, 90% of central district properties sold over asking price.
• February 2023 45-85% of central district properties sold for over asking price daily.

The February residential resale market was a slow market and "mixed".

• Central Toronto freehold inventory was limited.
• Some properties are unsold after 2, 3 months or more.
• Some under priced or reasonably priced homes sell in "bidding wars".
• A few homes sell within a day or two of coming to market on MLS.
• Buyers will pay a premium for recently and well renovated homes, whether freehold or condominium.