Housing prices are down year over year going back to January 2022 and there are lots of headlines on that topic, but there’s a silver lining if you look deeper.
Yes, the days and seeing double-digit price increases in such a short period of time are well behind us. As the market adjusts, we need to look ahead rather than behind to make informed decisions regarding our real estate.
THE GOOD NEWS
While many buyers are still waiting, slightly more will enter the market in 2023 and those who do will find homes significantly more affordable than a year ago.
If you’re thinking of selling your home you should be feeling relief as pricing in many markets across the GTA is stabilizing and many areas and housing types saw the average price increase from December to January. On the street, we’re even starting to see many homes sell in multiple offers again.
Here are the stats for Markets Across the GTA in January 2023.
1080x1080-JAN 2023 Market Stats by Brian Stanton
THE BOTTOM LINE
A more balanced market offers you the opportunity to evaluate your situation and determine what the right move is for you without the pressure of wild bidding wars or the prospect of massive interest rate hikes.
We can expect another headline-grabbing set of statistics for year-over-year average pricing in February but if you’re thinking of making a move in today's market what’s more important is what is happening in the market today.
If you need help determining if you can make the move you want to make in 2023. Reach out to us, we're happy to help.