Interest Rates & Supply are the Big Factors

February 13, 2023

February 9, 2023


Interest Rates & Supply are the Big Factors


Considering there was a 50% drop in sales in October, November and December of 2022 compared to the same months in 2021, how is the local residential Real Estate Market shaping up this year? Ask ten people and you will receive a range of different answers.


This year, in spite of the increase in interest rates, and talk of another increase coming up, our listings have been getting way more viewings than the last 4 months of 2022. I believe it’s mainly because of the shortage of supply in Don Mills (and in other parts of Toronto).


Yesterday, one of our listings in Don Mills was sold firm (no conditions) in 6 days with over 30 viewings and for full price. On another property, which is in original condition and being sold “as is”, we are also getting a surprisingly good number of viewings and have already received one offer that we are currently working with.


There is one other factor at work here – the “pent-up demand”! Some people can only hold back for so long to buy or sell.


As I may have mentioned before, in many cases, homes that are renovated and in “move-in condition”, tend to sell sooner than the ones that need a lot of upgrades. A few totally renovated homes, because they were priced realistically for the current market, have even received multiple offers.


Though sales this January were 45% less then last January, as of today, February 7th, it is too early to know or predict how 2023 will turn out to be.


If you are considering selling in the near future and would like an idea as to what your home is worth in today’s unpredictable market, feel free to call me for a confidential chat and I will be happy to discuss it in detail with you. You will be glad you did.



Ecko Jay

Broker of Record / Owner

Ph: 416-445-8858 |

Spread the word