Toronto Real Estate Update for March '23
The most recent Toronto Real Estate Market News is out and the results are not too surprising. Some of the best news this week is that the Bank of Canada has finally held interest rates steady. After a full year of rate hikes, this is welcome news for many homeowners. We'll see if this holds through April when the bank meets again.
➡️ The average selling price for a home in Toronto is down almost 18% year over year.
➡️ Transactions are down 47% year over year, which is a signification reduction.
➡️ Days on market are up 144% to 22.
➡️ New listings were down 40% this year.