Given the recent trend in the real estate market, it’s no surprise that prices have experienced significant drops compared to last year’s rates. With interest rates now reversing from their previous bottom-low policies, the extreme price growth witnessed in the last few years is on the decline.
While average prices have dropped by 18% overall, there are still pockets where multiple offers and selling over the asking price are the norm. This recent hype can be attributed to several factors, including the expectation that mortgage rates will drop, as buyers anticipate no further rate increases.
Some highlights of February 2023 real estate activity:
| February Stats | 2022 | 2023 | CHANGE |
| Total Transactions | 9,028 | 4,783 | – 47% |
| Average Selling Price | $ 1,334,062 | $ 1,095,617 | – 17.9% |
| Total new Listings | 14,153 | 8,367 | – 40.9% |
Following are the actual sales numbers in February Greater Toronto Area’s major cities compared to February 2022 sales activity: Click the images below to zoom in:
Toronto West
Toronto Central
Toronto East
Durham
Halton
Peel
York
