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GTA Home Sales Down in 2022

Picture showing the front of the house with a for sale sign outside

Now that the Real Estate market has settled since late 2021 and early 2022 the Toronto Real Estate Board has released its market statistics from November 2022.  The statistics show that activity is down 49.4% since last November with rising interest rates to blame.

Both sale prices and new listings are down year-over-year since peak market conditions but now the market has become more balanced giving buyers the chance to think thoroughly when purchasing and make conditional purchases that we weren’t seeing in early 2022.

The more expensive homes have seen more price reductions with the average price of a single home dwelling down 14% and semi-detached down 17% even with the average selling price is down that sticker price is still over a million dollars.

We will see what 2023 brings.

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