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Toronto Real Estate Board Marketwatch Report
February sales in the GTA were down substantially from the pre-rate hike levels of early 2022. Sales were 4,783 in February 2023 compared to 9,028 in 2022 a drop of 47%.
New listings were down by 40.9% with active listings at the end of February at 8,367 compared to 14,153 in February 2022. New listings in the mid to high density home types were down which helps to explain why prices have held up better in these categories compared to detached homes.
Average sales price was down 17.9% from $1,334,062 in February 2022 to $1,095,617 in February 2023. The persistent lack of inventory helps explain why the downward trend in home prices experienced in the spring and summer has flattened over the past few months.
Average days on the market for February 2023 is 22 compared to 9 days in February 2022 - an increase of 144.4%
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