Market Update January 2023

Hello, all of you real estate enthusiasts! We are one month into 2023 and the January results are in. Though it started off a little slower than we have seen in previous years, the talk of the town is that things are picking up. My name is Britt Huggins, I’m a Burlington Real Estate Agent (and surrounding areas) here to educate buyers and sellers on the latest market trends. When comparing January 2023 to 2022, it is apparent that the higher interest rates have played a role in not only the volume of sales but the price too.

As you all know, there was yet another rate hike announced last month by the Bank of Canada. This increase was only one-quarter of a basis point. It was also announced that the BOC will pause future increases as they feel the eighth increase was enough to bring down inflation to around 3% by mid-year and 2% in 2024. This could indeed be the news that buyers needed to hear to get back to buying! If the first week of February indicates anything, it’s that bidding wars are back, over-asking offers are trending and things are moving!

Competition is at a high right now, as the reduced inventory and growing population continue, so does the demand for homes. While we aren’t facing 2022 inventory levels, we are still sitting quite low. There are less than 10,000 active listings in the GTA. If there were no more homeowners listing moving forward, we would sell out of real estate within three months. Though it is a slower market, it’s still considered a seller’s market. Houses that are listed are still selling relatively fast (some with multiple bids). If you see something you like, right now is likely the lowest price you are going to get it for. BUY IT!

Let’s take a deeper look at some of our regional stats: GTA, Toronto, Mississauga, Oakville, Burlington, Hamilton, Milton, Hamilton and Brampton. The statistics below are year over year.