A quick overview of the February 2023 market statistics sourced from the Toronto Real Estate Board (TREB) The average selling price of homes in February 2023 was $1,095,617, which represents a 17.9% decrease from the average selling price in February 2022.
The average selling prices for different types of homes in February 2023 were as follows:
- Detached homes: $1,439,735.
- Condos: $1,069,266
- Townhouses: $934,834
- Homes in general: $705,402
These prices can provide a rough indication of how much buyers can expect to pay for different types of homes in the Greater Toronto Area.
In terms of sales and new listings, there were 4,783 homes sold in February 2023, which represents a 47% decrease from the number of homes sold in February 2022.
Similarly, there were 8,367 new listings in February 2023, which is a decrease of 70.9% compared to February 2022.
Finally, the sales-to-new-listings ratio for February 2023 was 57%, which is lower than the ratio of 63% in February 2022. The sales-to-new-listings ratio is a metric that measures the balance between supply and demand in the real estate market. A ratio of 50% or higher generally indicates that the market is in favor of sellers, while a ratio below 40% indicates that the market is in favor of buyers. Therefore, the February 2023 ratio suggests that the market was still somewhat in favor of sellers, but less so than in February 2022.
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