March 2023 trended much the previous month with overall sales declining, there were 44.3%  less than transactions than one year ago in the fall of 2022.  The average sales price is down 14.6% year over year across all types of housing segments with the current average price across the GTA at $1,298,666.  In the ‘416’ neighbourhoods the average price of a detached is $1708,575 and in the ‘905’ regions  $1,400,246.   Keep in mind this year over year comparison is when the market was at its absolute peak last year.  In the months ahead we will not be seeing such drastic numbers because it was in March 2022 when interest rates started to climb and sales activity started the decline. 

The good news though is as we head into Spring 2023 we are seeing positive momentum with optimistic buyers returning to the market as they adjust to the new mortgage rate environment.  Many Sellers were holding off selling or putting their property for lease but the Sellers that are active are seeing good activity on their listing and in some cases getting multiple offers.  Surprising to many yes no doubt!  Almost 50% of all detached homes listed received multiple offers this past month.  It is estimated we’ll have 85,000 sales by the end of the year, down from the previous couple of years but overall a good amount of activity.   Despite media’s negative news the market has sprung into action.

While prices and sales are uneven across the GTA you need to make sure know more than ever you have an experienced Realtor working for you. A Realtor that understands the dynamics of the current market and understands the nuances of your neighbourhood or areas of interest.  Look for an experienced Realtor that has strong negotiation and communication skills, provides a thorough real time Comparative Market Analysis (CMA), has strong project management and quality marketing, someone who can help navigate the process.

I’ve been a Realtor for 20 years and have worked in all types of markets.  I’ve seen a lot and know a lot and can assist you providing insights, knowledge and negotiating skills. For a detailed analysis on whats happening in your neighbourhood or area of interest I’d be pleased to take you through the numbers and provide in depth insight and analysis so you can make an informed decision on an important financial transaction you are embarking on.