Greater Toronto, Durham, Hamilton, and Niagara Regions Regional Report from Shoreview Team Powered By New Street for January 2023
In January 2023, there have been some developments in the Greater Toronto Area (GTA) real estate market. The Greater Toronto, Durham, Hamilton, and Niagara regions' most recent statistics and market trends will be examined in this research.
The most recent statistics show that in January 2023, the average cost of a property in the GTA was $1,038,668. Despite the fact that this number can appear high, it is crucial to remember that it represents a decline of 24.5% from the same period last month. The Durham area, where the average property price dropped by 24.5%, likewise exhibits this trend. Compared to January 2022, there was a 25.3% decline in the Niagara Region.
3100 transactions were made in the Greater Toronto Area (GTA) in January 2023. Comparing this statistic to the same period last month, there has been a decline of 24.5%. Sales activity decreased in the Durham region as well, falling by 24.5% from January 2022 levels.
The Niagara Region saw a 25.3% decline. Market The GTA's listing price ratio was 98%, according to the most recent figures. This shows that homes are often selling for 98% of their asking price. In the GTA, the average days on market has also grown to 127.8%. Analysis Based on the most recent statistics, most properties (detached, semis, towns, condo towns, and condos) have lower average prices now than they did in January 2022. This can be due to a number of elements, including an increase in the number of properties that are available on the market and a decline in demand. Overall, the Greater Toronto, Durham, Hamilton, and Niagara real estate markets are seeing a slowdown in both price growth and sales volume.
The market may soon revive and this decline in activity may only be a transitory trend. The Shoreview Team Powered by New Street is keeping a close eye on the Greater Toronto, Durham, Hamilton, and Niagara real estate markets and will keep you updated on the most recent trends and developments.