Toronto Market Report - May 2023
Posted on May 24, 2023 in Market Report
SALES COMMENTARY
Sales reached 7,531 on TRREB for April. This number was 5.2% lower than April of 2022 but 9.3% higher than March. We will start again to compare year-over-year numbers. Why? From April of 2022 onwards, when markets corrected, real estate markets have now become comparable. For sales in May, you can be certain that 2023 will be bigge...Toronto Market Report - April 2023
Posted on Apr 30, 2023 in Market Report
Sales Summary
There were 6896 sales in March on The Toronto Regional Real Estate Board. The month-to-month increase was 45% versus just 20% in 2022. This confirmed what we said at the start of the year. Sales had bottomed out in January and the monthly market peak would exceed 7500 sales. Only 10% of respondents agreed with this forecast. Most said...Toronto Market Report - March 2023
Posted on Mar 31, 2023 in Market Report
Sales Summary
Sales on TRREB for February were 4,783. That is down 47% from February of 2022 but up 55% from January. In 2022, the January to February uptake was 61% or very similar. Month to month comparisons are more important because cyclical changes are more critical than seasonal at this time. So, when will year over year comparisons become mea...Toronto Market Report - February 2023
Posted on Feb 28, 2023 in Market Report
Sales Summary
Sales on TRREB for January were 3100 units. Almost identical to December’s numbers. Have we reached the bottom of the sales cycle which started in April and trended straight down. Our answer is yes. Sales can’t get any lower based on our population, but the real question is how high will the peak be for the Spring market? Historically...2023 Toronto Real Estate Forecast
Posted on Jan 05, 2023 in Market Report
Understanding What Happened in 2022
The real estate market in 2021 and up to March of 2022 was clearly unsustainable. The Bank of Canada was late to correct inflation and to deal with interest rates which were basically zero. Starting in March, they began to overcompensate in both areas and the result was the start of a market correction that no one...Toronto Market Report - November 2022
Posted on Nov 30, 2022 in Market Report
Sales Commentary
Sales for October on TRREB matched those of September and August. When you consider the normal seasonality of the market, our guess is that we have reached the bottom of the sales cycle. This represents a 49% drop in sales compared to the same month in 2021.Prices are a different matter. All property types have given back all the ga...