Higher interest rates and last year’s price growth led to a record 16.4 per cent drop in January, said the Toronto real estate board.
GTA homes saw the biggest year-over-year price drop on record in January with a 16.4 per cent plunge in the average selling price of houses and condos, the Toronto Regional Real Estate Board reported on Friday.
“There is precedent for similar dips in the past,” he said. But you have to go back as far as the early 1990s to see drops of about 16 per cent annually. The average house or condo sold for $1.03 million last month, compared to $1.24 million a year earlier. January prices were flat compared to December — falling only about $12,363 on average.
The real estate board said 2023 kicked off as expected with fallen prices and sales, demonstrating the impact of the Bank of Canada’s key rate hikes from 0.25 per cent in March to 4.5 per cent on Jan. 25.“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.
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