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January Market Update!
3100 sales were reported in January - in line with the December 2022 result of 3,110, but down 44.6% from January 2022.
The average selling price for January 2023 at $1,038,668 was slightly lower than the December 2022 result and down by 16.4% compared to the January 2022 average price reported before the onset of Bank of Canada interest rate hikes.
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,” said TRREB Chief Market Analyst Jason Mercer.
Click this link to read the market overview: https://bit.ly/3SerBgM
It's important that you work with an experienced and knowledgeable team to help you navigate these current market conditions. Reach out today if you have any questions.
3100 sales were reported in January - in line with the December 2022 result of 3,110, but down 44.6% from January 2022. The average selling price for January 2023 at $1,038,668 was slightly lower than the December 2022 result and down by 16.4% compared to the January 2022 average price reported before the onset of Bank of Canada interest rate hikes. 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,” said TRREB Chief Market Analyst Jason Mercer.Click this link to read the market overview: https://bit.ly/3SerBgM
It's important that you work with an experienced and knowledgeable team to help you navigate these current market conditions. Reach out today if you have any questions.
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