Benchmark price slips to $1,078,900 in January
Toronto’s composite benchmark home price tumbled 14.2 per cent while sales fell 44.6 per cent from January 2022. Photo by Brett Gundlock/National Post Rising interest rates continue to hit the real estate market across the Greater Toronto Area as the composite benchmark price and home sales both declined year over year in January while slipping slightly from December.
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Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors According to monthly figures released by the Toronto Regional Real Estate Board on Feb. 3, the GTA’s composite benchmark price fell by 0.23 per cent to $1,078,900 in January from $1,081,400 a month earlier while the average price of homes sold dropped to $1,066,668 from $1,099,125.
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On a year-over-year basis, the GTA’s composite benchmark price tumbled 14.2 per cent while sales fell 44.6 per cent from January 2022.
New listings, meanwhile, were down 3.69 per cent to 7,688 from 7,983 in January 2022. The board noted that although the Bank of Canada’s overnight rate increased in January, borrowing trends have adjusted to help with affordability.
Recommended from Editorial A single word from the Federal Reserve chair fuels hopes of lower mortgage rates in Canada Homeowners now better positioned to weather a downturn than a decade ago, report argues Subscriber only. Credit unions that offer homebuyers way around stress tests set to grow “Home prices declined over the past year as homebuyers sought to mitigate the impact of substantially higher borrowing costs,” TRREB chief market analyst Jason Mercer said in the report. “While short-term borrowing costs increased again in January, negotiated medium-term mortgage rates, like the five-year fixed rate, have actually started to trend lower compared to the end of last year. The expectation is that this trend will continue, further helping with affordability as we move through 2023.”
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