A. Q.  Mufti

A. Q. Mufti

Sales Representative

RE/MAX Real Estate Centre Inc., Brokerage*

Mobile:
416-908-5600
Office:
905-270-2000
Email Me
A. Q.  Mufti

A. Q. Mufti

Sales Representative

RE/MAX Real Estate Centre Inc., Brokerage*

Mobile:
416-908-5600
Office:
905-270-2000
Email Me

TRREB February-2023 housing market report analysis

March 6, 2023

 

February-2023 Housing Report Review

 

Toronto Region Real Estate Board (TRREB) has released its February-2023 housing market report, here is a quick review of the report for your benefit.

It seems like the market is still struggling, with a decrease in the number of residential properties exchanged ownership compared to last year. However, there is some good news with an uptick in the number of real estate transactions compared to January-2023.

Almost half the number of residential properties exchanged ownership, (-47%), in February this year as compared with the same month in 2022.

But there is light at the end of the tunnel as we saw an uptick in the number of real estate transactions, (+8.5%), in February compared to January this year.

 

It is good news for the Buyers to see the average selling price continuing to decline, with a significant drop compared to last year. This may be due to sellers holding onto their properties, as seen by the decline in new listings compared to last year.

 

The Average Selling price continues southward, seeing a significant drop of -17.9% while comparing with last February-2022 and -0.7% compared with January-2023.

It looks like the Sellers are still holding on to the properties as we saw a -40.9% decline in the new listings compared with last year in the same month.

 

The increase in the number of days a property remained in the market compared to last year is a significant contrast, which indicates that properties are not selling as quickly as before.

Even though new listings came into the market but not all properties were sold as we saw a -7% decrease in the Sales-to-New listings ratio.

 

A huge contrast and shifting of gears was seen when considering how long the properties remained in the market in February-2023. It saw a whopping +200% increase in the number of days a property remained in the market when compared with last year of the same month.

 

On the condominium apartment side, although sales were down by more than half, the average selling price remained unchanged. However, the number of apartments sold compared to new listings saw a significant decrease, and the apartments remained longer in the market.

 

When comparing with the Q4-2021, although Condominium Apartment Sales were down more than half, -54.1%, the Average Selling price remained unchanged at $710,246.

Total new listings of Condos entering the market also saw a decline of -14.3%, compared with Q4 of 2022 with Q4 of 2021.

In Q4, there were far fewer apartments sold compared to new listings, which is a -41% decrease, compared to Q4 of 2021. The apartments remained 50% more days in the market in Q4.

 

The decline in rental apartment transactions and the increase in rent for one-bedroom apartments is worrying for renters. This may be due to the decrease in available apartments for rent in the market.

The number of Rental Apartment transactions saw a significant decline of -19.9% when comparing the Q4s of 2022 and 2021.

A +19% increase in rent of one-bedroom apartments was worrisome for the renters, seen in Q4. This increase could be the result of a decrease (-11.8%) in the number of available apartments for rent in the market in Q4.

 

On the commercial side, there was a decline in leasing and sales activity, except for industrial and office leasing, which saw an increase. However, the overall average for commercial leasing saw a decrease.

 

On the Commercial side, year-over-year leasing activity saw a -7% decline in the month of February-2023.

Commercial Sales saw a bigger drop of -47.9%, compared to last February.

On the contrary, Industrial and Office leasing saw an increase of 31.3% and 9.8%, respectively. But when combined the average saw a -13.2% decrease.

 

Overall, the market seems to be still struggling, and it will be interesting to see how it progresses in the coming months.

 

Professionals have the expertise, knowledge, and experience in their respective fields, which allows them to provide innovative and effective solutions to problems that individuals might not have thought of themselves. Seeking the assistance of a professional can often lead to better outcomes and help individuals achieve their goals more efficiently and effectively.

 

I will be glad to receive your call at your earliest convenience at my direct telephone 416-908-5600 to discuss your individual needs, goals and objectives and find a tailor-made solution accordingly.

 

If you like what you read, I will be pleased if you could leave your gracious Google Review at:https://rem.ax/3PUNSOS

 

A. Q. Mufti

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INTEGRITY, WORK ETHICS, DEPENDABILITY

A glance at my achievements and passion;

  • Realtor
  • Former Member of Toronto Real Estate Board (TREB) Committee
  • Certified Project Management Professional (PMP)
  • Master Degree in Geography
  • Past Project Manager
  • Past IT consultant
  • Queen's Diamond Jubilee Medal
  • Gold Medal of Excellence for Human Rights
  • Community award for dedicated community services
  • Member of Mississauga mayor’s Diversity Advisory Committee
  • Chair - Family Day Walkathon, raising $250K for a local hospital
  • Member of Halton District School Board's Education Committee
  • Member of Halton Region Police MFST
  • Former Member of Peel Region Public School Council
  • Former Scouts Canada leader
  • Former Team Captain of Cancer Society’s Relay for Life
  • Former Board member of an international relief organization
  • Column writer
  • TV Panelist on current affairs

RE/MAX has more than 100,000 agents in more than 95 countries agents and sells more real estate than any other Canadian brand.


At RE/MAX Real Estate Centre Inc., I’m here to provide you, your family, and friends with exceptional services for your real estate needs including Residential, Commercial, and Agri/Farm Business.


RE/MAX Real Estate Centre Inc. operates out of 17 locations with approximately 920+ trained real estate professionals. 10,852 properties were sold and 105,144 appointments were scheduled in 2017 alone!

With my background in IT and Project Management and, over the several years, contributing to many charitable/not for profit organizations as a board member, I bring professionalism, ethics, sincerity, and I strive for excellence.

If you are looking for a new place to live or do business and want to sell and/or buy your next home and/or business, I would be delighted to help you achieve your goals.
I am not looking for short term gains, rather long term relationships, with the sole focus of finding solutions that best meet your needs.
I truly believe you are my best promoter when you tell others that you have received:

  •  My dedicated attention
  •  Best promotion
  •  Strong negotiation skills
  •  Taking care of critical facts
  •  Eye on items normally ignored
  •  Awareness of Market Trends
  •  Open discussion of the pros and cons

I am available during weekdays and weekends and would meet or pick up the phone personally or return your call at a time convenient for you.

You may reach me directly by calling 416-908-5600 or send me an email at your convenience at info@aqmufti.com.

I look forward to hearing from you soon.


Wishing you and your family all the fun and enjoyment.



Designation: Realtor, MSc, PMP, ABR, SRS, CNE

Education: MSc

Specialty: Buy, Sell, and Rent Residential, Commercial, and Agricultural Properties

Awards: Certified Project Management Professional(PMP), Master Degree in Geography, Past IT consultant, Project Manager, Queen's Diamond Jubilee Medal Gold Medal of Excellence for Human Rights, Community award for dedicated community services Award, Member of TREB Members Communications Committee, Member of Mississauga mayor’s Diversity Advisory Committee, Former Scouts Canada leader, Former Team Captain of Cancer Society’s Relay for Life, Member of Halton Region Equity and Inclusive Education Committee

Area Covered: GTA and beyond including Waterloo, London, Oxford, Woodstock, Niagara, Thorold

Languages Spoken: Arabic, English, Hindi, Punjabi, Urdu



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