In February 2023, home prices are down from February 2022, due to the impact of higher borrowing costs. Home buyers are purchasing lower priced homes:
- To offset high borrowing costs, and,
- To lower mortgage qualification amounts
A decreased number of listings will inevitably lead to increased competition between buyers, which will likely lead to renewed price growth in many segments of the market – particularly the price point under $1 million.
Toronto & GTA
In the Greater Toronto Area (GTA), the average selling price for February 2023 was $1.096M, down by 17 per cent compared to the February 2022 average price.
Sales were down by 47% and new listings were down by 41% from February 2022.
Caledon
Bolton
Muskoka
February 2023 Residential Sales in Muskoka were down -10% on non waterfront properties and down -72% on waterfront listings year over year.
Sales in the Condo sector were up 400% in the non-waterfront sector and were down -86% in the waterfront sector this February over last.
Total Residential Listings were up 31% on non waterfront properties and up 18% on waterfront properties compared to February 2022. Month-end there were 60 active residential listings on non waterfront and 56 active residential waterfront listings.
Listings priced competitively continue to sell with a median number of days on market of 16 (non waterfront) & 41 (waterfront).
The Muskoka Median Residential sale price was down -17% (non waterfront) and down -11% (waterfront) year over year.
When we report there are no recorded sales it often means there were accepted offers that went firm and are in the pending status however did not close during the month so therefore are not considered closed sales.
There is a shifting of the market and with that comes a different mindset requirement for Sellers. While it may feel that you are not making as much as you think you should you are not losing. If you are selling and buying now the numbers are still comparable verses a market where your sale price is low but the purchase price is higher.
While as a Seller you may not see the same frantic activity as earlier in the year and your house may be on the market longer now, the Buyers are still out there but taking a bit more time to do their area research on likely one of the biggest purchases of their life. Now more than ever knowing the true market value of your home is important.
Have you been thinking about moving? Wondering what your home is worth today with the shifting real estate market? Wondering if now is a good time to make a move?
We can help answer your questions, provide you with a free no-obligation Home Valuation and help you find that perfect property.
