January 2023 Market Update
We're just a few days into the new year and the 2023 Toronto real estate market is starting. We ended last year in a slump, but overall the prices were up on the year. Listings sold and new listings were well down and the average days on market were closing in on 30 days.
➡️The 2023 housing market will likely see a flat line in terms of pricing for the first quarter. The housing market will move quicker than the fall as the homes that were sitting sell and those sellers who were waiting, come to market. Newer product will be driving a premium here as buyers are looking for those properties that are close to turn-key.
➡️Affordability is going to be the main driver for a number of homeowners this year. The rapid increase in interest rates last year has squeezed everyone and there will be those who have to sell. Being ready and able to close quickly will put you at an advantage.
➡️Conditional offers will be a theme this year. Those few who can buy firm will hold a big advantage as most buyers will be looking to include financial conditions at the very least.
➡️The mild weather so far has put a little jump in the market. The lack of snow and milder temperature always ushers in an early start to the real estate market
➡️The foreign buyer ban will put extra downward pressure on the housing market. With a few exceptions, foreign buyers will be unable to purchase a property for their first 2 years.
➡️When choosing an agent be sure to look for those who are providing a high value for their services. Go online and read their reviews to see how they've treated their past clients.