“Sales reported by the Toronto Regional Real Estate Board (TRREB) were down 48%
year-over-year, while total yearly sales were down 38.2% compared to the 2021 peak of
Wait! What the hell was that? It took me a couple of reads and checking the stats to
understand what the author was talking about and reminded me that we’re in for a slew
of sensational headlines over the next while. I really prefer the plain English version of
things so here we go:
The market is down, substantially. Interest rates are up, substantially. Prices are down,
but modestly at about 9% across the GTA. That percentage will increase in February
and March as we compare numbers to the absolute peak of a runaway housing market
Interest rate increases didn’t quash demand. But it did push buyers to the sidelines. The
demand is still very high. This year, buyers on the sidelines will begin drifting back into
the market. Most folks I talk & listen to (bankers, economists, analysts) feel the bulk of
the rate increases and price declines in housing are in the rear view mirror. The facts
bear that out. In Whitby, for instance, prices declined 28.7% from February to August.
But from August to the end of November, the further decline was only 1.4%.
For those who need to both sell and buy, it’s all relative. Whatever you lose on the
sales, you gain on the purchase. If you qualify, it’s a great time to be a move-up buyer.
It’s a good time to be a Buyer, period. Yes rates are higher but you’re saving $200K -
$300K off the price you would have paid a year ago. If you’re selling, it’s also a good
time as inventory is low. This favours sellers and helps maintain prices. All you need to
know is those prices are different from a year ago.
We’re busy. Not our first time to the rodeo. We’ve navigated market swings before and
we like this market. It’s sane and sensible, and it’s active right out of the gate. This is a
great market for experienced agents to shine. So we’re shining our shoes and buffing
our bling and we’re ready to rock! Call us if you’re looking for tried, true, tested and
Now here’s the numbers with no shock headlines:
Sales in Durham Region decreased by 43.4% in December compared to December
2022. For the entire year, sales were down 32.9% from 14,709 units in 2021 to 9,875
units this year.
The Average Sold Price in the Region for December 2022 was $874,456. In December
of 2021, this number was $1,033,032. That’s a decline of 15.4%. This applies to the
month of December, only. The year to date number takes into account all 12 months
combined and it changes the picture substantially. Year to date, the Average Price was
$1,024,570 compared to $925,625 in 2021. That’s an 11% increase. It’s testament to
how high the prices spiked in the Spring of 22’ market. So when you ask me what your
home is worth in February compared to last February, it’s probably 30% or more lower
but that is yesterday’s news. The decline happen between Feb and August of 2022. It’s
Our Average Days on Market was 21 days in December, a very acceptable number.
There was 1.3 months of inventory according to TRREB which is, again, well within
bounds for a healthy market. The Sales to New Listings Ratio stood at 54.4%, well
within balanced territory.
This describes a solid, healthy market albeit performing at lower levels but we expect
that while Q1 & Q2 may be slightly sluggish, Q3 & Q4 should show a respectable pickup
heading towards what!?!?... another election year! OMG does it ever stop lol!
To anyone reading this who has worked with us in the past; Thank You from the bottom
of our hearts. And to those of you contemplating a move or referral to us; we would love
to assist you or your loved ones. And to all, we wish a Happy New Year fill with good
health, happiness and the love of family all around you.
To the future!
Call 905-442-5847 for a Free, updated home evaluation!