Toronto Condo Market Report February 2023

The Toronto condo market report for February 2023 indicates that sales have remained stable compared to December, suggesting a potential bottoming out of the sales cycle. However, the expected peak for the upcoming spring market may not be significant. Price changes over the last 12 months have varied across different areas and property types, with average price decreases exceeding those measured by the Home Price Index, indicating a shift in the sales mix. Buyers prefer move-in ready properties, contributing to a shortage of saleable listings. Additionally, there's a shift in buyer strategy towards buying now and refinancing later, anticipating potential increases in real estate prices. In the rental market, there has been an increase in activity, but rents are leveling off after significant increases in 2022.