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GTA REALTORS Release February 2023 Stats

GTA REALTORS Release February 2023 Stats

GTA Real Estate Market Update by Toronto Real Estate Board

The Toronto Regional Real Estate Board (TRREB) has reported that sales in the Greater Toronto Area (GTA) were down 47% in February 2023 compared to February 2022, the last full month before interest rate hikes were introduced. The number of new listings entered into the system was also down by 40.9% annually to 8,367. However, the share of home purchases below one million dollars is up substantially compared to the previous year. The average selling price for February 2023 was $1,095,617, down 17.9% from February 2022. TRREB Chief Market Analyst, Jason Mercer, predicts that increased buying intentions will lead to competition between buyers, which will eventually lead to renewed price growth in many segments of the market. TRREB Chief Executive Officer, John DiMichele, believes that new and innovative solutions need to come to fruition to support the record population growth in the years to come.
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