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Home Market Insights

New Listings Up 88% Since December, Marking a Return to Pre-Pandemic Levels: TRREB

Patti Cosgarea by Patti Cosgarea
February 3, 2023
in Market Insights, Mortgage News, Toronto Real Estate
Reading Time: 4 mins read
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It’s been a long three years of turbulent Toronto Region real estate markets, but demand is slowly growing in some Greater Toronto Area (GTA) cities, especially for semi-detached, townhouse, and condo apartment property types in more affordable price points, and inventory levels are growing to support the demand. 

  • Read: Most Expensive and Affordable Homes Sold in January 2023

Month-over-month, sales were down by just 0.5% overall in the Toronto Region according to the Toronto Regional Real Estate Board (TRREB), however, cities including Oakville, Brampton, and Whitby each experienced a slight increase in sales numbers month-over-month.

New Listings in January 2023 Are Hot on the Heels of January 2020 Levels

Despite the cold winter season that often discourages buyers and sellers alike from entering the market, new listings have increased by a staggering 88% since December. This January, 7,688 new listings entered Toronto and GTA markets, an increase of 88% month-over-month, compared to the 4,074 newly listed properties in December 2022. 

  • Read: A Guide to the Real Estate Cycle for Buyers & Sellers

This level of new listings is right on the heels of the numbers in January 2020, which was eight rate hikes and one pandemic ago. There were 7,836 new listings in January 2020, just 1.9% more than today’s current levels. Zoocasa Managing Broker, Claudio Castro explains, “As the most recent Bank of Canada rate announcement gave buyers and sellers alike some hope that rates may be held in the future, sideline buyers are finally entering the market again, and sellers are taking notice.” In terms of months of inventory, January 2023 was right in line with the two months of inventory that was available in January 2020. 

Buying Power is Finally on the Upswing

January prices were similar to December. Detached prices have come down slightly in the 416 and 905 to $1,486,124 and $1,298,809 respectively, a decline of 9.5% and 1%. However, the average price of a townhouse increased slightly month-over-month in the 416 and the 905, and semi-detached and condo apartments in the GTA are on the same upward trend in price, up 1.7% to an average of $949,216 and 2.1% to $646,715 respectively. “Buyers are favouring properties under the $800,000 mark, and as fixed rates continue to trend down and provide more buying power, we may see these prices climb along with demand,” Castro continued. TRREB President Paul Baron echoes this sentiment, stating, “Home sales and selling prices appear to have found some support in recent months. This coupled with the Bank of Canada announcement that interest rate hikes are likely on hold for the foreseeable future will prompt some buyers to move off the sidelines in the coming months. Record population growth and tight labour market conditions will continue to support housing demand moving forward.”

  • Read: The Most Expensive and Affordable Cities in 2022: INFOGRAPHIC

Sideline buyers: it’s your year and we’re here to make your buying dreams a reality. Looking to discuss mortgage rates, affordable cities, and what your budget can buy you? Let’s talk! Give us a call today to speak to one of our agents in your area. Enjoying our content? Subscribe to our free weekly newsletter to get Canadian real estate market insights, news, and reports straight to your inbox.

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Patti Cosgarea

Patti Cosgarea

Patti Cosgarea is an accomplished public relations professional with a passion for digital communications and all things real estate. She dedicates her creative prowess to crafting compelling content that empowers and guides North Americans on their real estate journeys. With a keen eye for detail and a knack for storytelling, Patti ensures that Zoocasa's message resonates with its audience, whether it’s first-time home buyers or experienced investors, making complex real estate concepts accessible to all. Her love for real estate extends to her personal life. When she’s not analyzing Canadian and U.S. real estate data, you can find her wielding a hammer and paintbrush, renovating her townhouse in Kitchener. These DIY projects showcase her creativity and passion for design, learning as she goes to offer her insights to others working on transforming their house into a home. Patti’s real estate insights and articles have been published in BNN Bloomberg, CTV News, the Globe and Mail, and her interviews and quotes about current market conditions can be found on the National Post, Business in Vancouver, Global News and more.

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