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No matter if you are considering buying, selling (or both) in 2023, knowing the expected trend is key.
As a seller, you care because an increase in buyer demand will make the market more active. Improving the chances of a successful sale. While knowing what other home owners plan is also important. Supply and demand are both defining the market.
As a buyer, you need to weigh carefully the interest of other buyers. An uptick in interest can result in more competition between buyers. Which can make it more challenging for you to buy the home you want. While knowing how many people plan to sell will affect the number of available homes to you and their prices.
Opportunities are always available to us. But to take advantage of them, timing is crucial. This information can help you make an educated decision. But it will only help if you discuss it with a Realtor and analyze your circumstances.
Every fall, The Toronto Real Estate Board assigns Ipsos to survey the Greater Toronto Area. The aim is to reveal the trend of Buying and Selling Intentions for the following year. The results were only shared last week.

Are more people planning to buy in 2023?
Interestingly enough the Fall 2022 Ipsos polling revealed a slightly increased demand for homeownership in 2023. Compared to the previous year 2% more people indicated that they will likely buy a home in 2023. It demonstrates how people are very much interested in buying. Despite the interest rate increases and the economy.
It is worth noting that the number of First-time buyers as a share of likely homebuyers also increased. First-time Home Buyers are up to 46% compared to 39% in the previous poll a year earlier.

Are more people planning to sell in 2023?
The number of people that are very likely or somewhat likely to advertise their homes for sale per category are as follows.
Townhomes: was up compared to 2022.
Condominiums: Similar to 2022.
Semi-detached houses: Similar to 2022.
Detached houses: Fewer people are likely to sell. 39% less than the previous year. It is the lowest percentage ever recorded in this survey. This indicates a high possibility for a very low supply of detached houses.
Remember that at the end of the day the activity in the real estate market and the prices depend on both: Sellers willing to offer their homes and buyers willing to move forward with a purchase.

February 17, 2023

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