SQ January Market Update & Resources

Feb 7, 20231 min read

From the desk of Tina O'Brien

A few reflections on the market as we consider the January sales, and overall selling prices. A few things to note, sales year-over-year were down 44.6%, prices were slightly lower in January 2023 than the previous month in December, and it is down 16% over last January. Higher borrowing costs are putting downward pressure on the prices which is a good and bad news story for buyers. The five year fixed rate is trending lower, which is a good news story. We’re looking forward to the Toronto Real Estate Board‘s year-in-review report which will be published February 10. We are also noticing a slight uptick in home sales, and a continued levelling in prices.