Image by: unsplash

The Greater Toronto Area’s real estate market had an exceptionally slow start in 2023 with only $3.22 billion worth of real estate being transacted, less than half of the $7 billion sold in January 2022. Sales were down 44.6% from 5,594 to 3,100. The number of new listings was relatively unchanged, down just 3.7% from the same month last year. The sales-to-new-listings ratio was 47.6% indicating a balanced market, which resulted in a 124.6% increase in active listings and listings taking more than twice as long to sell. The sale-to-list price ratio dropped from 115% in January 2022 to below 100% in January 2023, leading to a slow downward price discovery.

Read the full article on: REAL ESTATE MAGAZINE