Your February Market Update

January is typically a slow month for real estate, and this January was no exception. But the details matter. Here is what we saw, what our featured listing looks like, and where you can find us around town this month.

January by the numbers

TRREB reported that GTA residential sales were down roughly 20% year over year in January. New listings came up modestly, giving buyers a bit more to look at, but activity on the buy side stayed muted. Average prices held mostly flat versus December, which continues the pattern of a slow but stable market rather than a falling one.

Featured listing: 4326 Waterford Cres, Mississauga

Our featured listing this month is a beautifully maintained home on Waterford Cres in Mississauga. Highlights include:

• Spacious family friendly layout with bright principal rooms
• Updated kitchen, open to a comfortable family room
• Private backyard that feels much larger than it looks on paper
• Quiet, established street with great schools nearby
• Easy access to the QEW, 403, and major shopping

This is the kind of home that sells itself once you walk through the door. If you or someone you know is looking in Mississauga, we would love to arrange a private showing.

Around town this month

A few things on our February shortlist:

• Winterlicious across Toronto, with prix fixe menus at dozens of restaurants through early February
• DesignTO festival with exhibitions and installations around the city, a great free outing
• Family Day long weekend at the Royal Ontario Museum, AGO, and most city run rinks
• Mississauga Celebration Square regular winter programming, a surprisingly lovely spot in the cold months

A note on the rate outlook

The Bank of Canada held at its January meeting, which was expected. Fixed mortgage rates barely moved. The more interesting question is what happens in March and April if inflation continues to ease. We are not betting the house on a specific move, but we are telling clients that the risk of rates being meaningfully lower six months from now has gone up.

Translation: if you are on the fence about waiting, the math for waiting has improved slightly. But waiting also means competing in whatever spring market actually shows up, which could be busier than many expect.