January Market Report
First market report of the year and it's clear that the market is off to an absolutely roaring start. The demand for ownership housing isn't going anywhere, still holding strong from a historic perspective in January of this year. Even with listings in short supply, we saw strong some serious year-over-year price growth lead by the freehold/low rise market.
In December alone we saw a 10% increase in values, and in many cases 20-30% higher than last fall, depending on the price point. To quote my most recent newsletter, the under $2 million market is "hotter than that “Wordle” game right now and 20+ offers has been the norm on the very few properties that have been listed recently in that price range." Many buyers who were active but didn't *quite* make it into the market in Q3 and Q4 of last year are coming back out of the woodwork, motivated and are speeding up their timelines early on in the year. Active listings at the end of this past month were 4,140 in the GTA (3,529 in the City of Toronto) – down by 44% reaching level in more than two decades.
As I always say, there likely won't be changes in price until the supply starts to be able to keep up with the demand. However, I'd suggest locking in a mortgage rate in the near future so you can be ready to make a move in the next few months if you're thinking of getting into the market, before the next rate hike!
