As a Toronto real estate agent, I know all too well the struggles that home buyers have been experiencing over recent years. It’s no secret that the residential real estate market has taken us on a wild ride over recent years and it finally appears that we are starting to see some consistency in market growth. Some neighbourhoods in the GTA have even seen their average sale price higher than the average list price for the first time since May 2022. The latest statistics suggest that the demand for property ownership will continue to grow due to the incredibly high rental prices which are becoming closer and closer to the cost of home ownership.
The March 2023 stats are in, last month we saw 6,896 sales in the GTA (down 36.5% compared to this time last year) with only a month and a half of inventory available, this points to a tighter market compared to last year. On a month-over-month basis, sales were up. The average price of a home (all types included) in the GTA was $1,108,606 in March 2023 compared to $1,095,617 in February 2023. However, when comparing year-over-year, the average sale price in the GTA across all home types was down 14.6% from $1,299,894 compared to last March, which was the peak of the market in 2022.
“As we moved through the first quarter, Toronto Regional Real Estate Board (TRREB) Members were increasingly reporting that competition between buyers was heating up in many GTA neighbourhoods. The most recent statistics bear this out,” said TRREB President Paul Baron. “Recent consumer polling also suggests that demand for ownership housing will continue to recover this year. Look for first-time buyers to lead this recovery, as high average rents move more closely in line with the cost of ownership.”
Let’s take a deeper look at some of the regional stats across the GTA, Toronto, Mississauga, Oakville, Durham Region, York Region and Brampton.
GTA Real Estate Market Stats
When looking at all home types in March 2023, the average sale price in the GTA was down 16.1% to $1,089,819 year-to-date, when compared to March 2022 (but up when compared to February’s $1,073,138). When zooming in on condos, prices were down 13% to $703,566 year-to-date, when compared to this time last year.
Toronto Real Estate Market Stats
When looking at all home types in March 2023, the average sale price in Toronto was down 11.4% to $1,046,656 year-to-date, when compared to March 2022 (but up when compared to February’s $1,038,434). When zooming in on condos, prices were down 11.8% to $732,944 year-to-date, when compared to this time last year.
Mississauga Real Estate Market Stats
When looking at all home types in March 2023, the average sale price in Mississauga was down 15.8% to $1,003,705 year-to-date, when compared to March 2022 (but up when compared to February’s $973,870). When zooming in on condos, prices were down 16.4% to $614,758 year-to-date, when compared to this time last year.
Oakville Real Estate Market Stats
When looking at all home types in March 2023, the average sale price in Oakville was down 15.9% to $1,527,827 year-to-date, when compared to March 2022 (but up when compared to February’s $1,490,074). When zooming in on condos, prices were down 9.5% to $811,418 year-to-date, when compared to this time last year.
Durham Region Real Estate Market Stats
When looking at all home types in March 2023, the average sale price in the Durham Region was down 23.4% to $905,175 year-to-date, when compared to March 2022 (but up when compared to February’s $887,800). When zooming in on condos, prices were down 19.7% to $560,118 year-to-date, when compared to this time last year.
York Region Real Estate Market Stats
When looking at all home types in March 2023, the average sale price in the York Region was down 14.6% to $1,318,479 year-to-date, when compared to March 2022 (but up when compared to February’s $1,296,659). When zooming in on condos, prices were down 11.8% to $698,057 year-to-date, when compared to this time last year.
Brampton Real Estate Market Stats
When looking at all home types in March 2023, the average sale price in Brampton was down 23.5% to $1,022,579 year-to-date, when compared to March 2022 (but up when compared to February’s $1,016,186). When zooming in on condos, prices were down 18% to $564,944 year-to-date, when compared to this time last year.
If you’re ready to buy, sell, invest or make a housing change of any kind, please contact our experienced team of Toronto real estate agents to discuss your real estate goals.
