Here are the January 2023 numbers:
- Total number of units sold: 936 – down 3% from 963 in January 2022.
- Five-year average unit sales for January: 819.
“January’s marked slow down in unit sales over 2022 indicates potential home buyers are taking their time,” says OREB President Ken Dekker. “While last month saw the culmination of the succession of interest rate hikes announced by the Bank of Canada, affordability remains a factor. They may be waiting for a shift in listing prices. They’re being cautious in uncertain conditions.”
Here are the specifics for each property class:
- Number of residential-class properties sold: 606 – down 35% from 933 in January 2022.
- Average sale price of a residential-class property: $676,272 – down 12% in January 2022.
- Number of condominium-class properties sold: 146 – down 47% from 214 in January 2022.
- Average sale price of a condominium-class property: $412,244 – down 8% in January 2022.
“Despite the decrease in average prices, the market should not be considered on a downward slide,” says Dekker. “A hyper COVID-19 seller’s market is now leveling out to our current balanced market state.”
“On a positive note, in comparison to December’s figures, January’s average price of freehold properties increased by 3%. The average price of condos did fall by 5% compared to December but condo pricing tends to fluctuate more due to the small data set.”