February 2023 – GTA Housing Market News
Here is our quick market update for the Toronto Real Estate Board and Milton area.
As you’ve probably heard, the Bank of Canada held the current interest rate at 4.5%, for the first time in a year. We will be watching to see how this impacts the Spring market in the coming weeks and months.
In February 2023, TREB saw 47% fewer sales, but market conditions remain tight as new listings are also down roughly 40%, keeping low inventory. The average sale price is $1,095,000 among all home types, which is down about 18% from this time last year but is an increase from January.
In Milton, the average sale price for all home types was $975,000, selling on average for 100% of the asking price and within 14 days on the market, which signals that we are still very much in a seller’s market. The average price for a detached home in Milton is $1,318,000 which is where prices were just before the spike in prices we saw last year. We are still seeing sale prices well ahead of where we were pre-pandemic.
Keep in mind, micro-markets vary quite a bit, so if you have any questions about the market or your home in particular, reach out anytime, we are here to help.
By: Jeannie Oropesa
Milton Real Estate Market
The average price in Milton $1,055,272
Burlington Real Estate Market
The average price in Burlington $1,047,829
Oakville Real Estate Market
The average price in Oakville $1,564,949