Toronto home sales down 44.6 per cent year over year in January

Sales for January totalled 3,100, down from 5,594 a year earlier, while the average selling price was down 16.4 per cent at $1.04 million, as the impact of higher borrowing costs continued to reverberate across the housing market.

New listings were down 3.7 per cent year over year at 7,688, but were up from 4,074 in December, while active listings were up 124.6 per cent from last year. The Bank of Canada announced a rate hike last week of a quarter of a percentage point, bringing its key rate to 4.5 per cent, while signalling it's ready to pause hikes for the time being.

Paul Baron, the real estate board's president, said in a press release that this pause, coupled with home sales and prices appearing to find some support recently, may prompt some buyers to move off the sidelines in the coming months. The real estate board's chief market analyst, Jason Mercer, said while short-term borrowing costs increased again in January, negotiated medium-term mortgage rates are actually starting to trend lower, a trend he expects will continue and help with affordability in 2023.

A $20K drop in price doesn’t make a difference when your spending over $1 million..

Good

i wonder why they didnt mention the mortgage rates this Jan to last

All realtors are stuffed from 2020 to 2022 This is the time they hibernate It’s not a big deal for them 🤷🏻‍♂️

Ouch and yet slimy evil lying realtors on Twitter and tic tok doing everything in their power to get people to buy RE. Many realtors are speculators and need to sell to anyone stupid enough to buy in this crashing market. Will you fall for uneducated realtor lies?

The comparison appears more dramatic due to the bump during COVID. That said, the correction is healthy. Prices were getting out of hand.

It’s fine

Hahaha and that guy on cp24 said middle of February prices go up. He was lying so bad his veneers almost fell out. This is going to drag into next January and will only get worse and worse.

Be careful what you wish for. Now, let’s beat up Trudeau for the drop in home values. Can the 20 year olds afford these houses now?

Who wants to move in cold ass winter

I can’t believe that the thing no one can afford isn’t being purchased

I’m excited to see woke people lose their shirts

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Toronto home sales down 44.6% year over year in January - BNN BloombergThe Toronto Regional Real Estate Board says January home sales were down 44.6 per cent from the same month a year ago, falling in line with expectations as the number of sales and average selling price were similar to December 2022. “in line with expectations” 🤡 Those plunging sales is a sure sign that prices will also fall by similar per cent.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Toronto home sales down 44.6 per cent year over year in JanuaryThe Toronto Regional Real Estate Board says January home sales were down 44.6 per cent from the same month a year ago No kidding… when you raise interest rates and you add on the cost of those homes it was quite obvious this was going to happen . Here comes the crash Keep going. Can do better!
Source: TheTorontoSun - 🏆 23. / 68 Read more »

January home sales down 21 per cent from last month: Vancouver board - BNN BloombergThe Real Estate Board of Greater Vancouver says January home sales were more than halved from the year before and down 21 per cent from December.
Source: BNNBloomberg - 🏆 83. / 50 Read more »