And we are back with another market update! Can you believe that we are halfway through 2023 already? The Toronto real estate market continues to keep us on our toes. The residential real estate market saw a 14% increase in prices in the GTA since January 2023.
Regardless of the increased rates, the demand for real estate continues to remain high. The number of transactions and average prices slightly dropped in June 2023 compared to May 2023 due to not only the questions that surround the Bank of Canada’s future decisions on inflation and interest rates along with seasonal dips this time of year.
Sales (number of transactions in the GTA) were up 16.5% to 7,481 in June 2023 when compared to June of last year according to the Toronto Regional Real Estate Board; while the number of active listings was down by 12.3% during the same period. The year-over-year increase in demand coupled with the decrease in supply has tightened up the market conditions this June with the average selling price up 3.2% to $1,182,120 when compared to last year.
According to the Toronto Regional Real Estate Board (TRREB) President Paul Baron:
“The demand for ownership housing is stronger than last year, despite higher borrowing costs. With this said, home sales were hampered last month by uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates. Furthermore, a persistent lack of inventory likely sidelined some willing buyers because they couldn’t find a home meeting their needs. Simply put, you can’t buy what is not available,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.”
Let’s take a look at some of the regional stats across the GTA, Toronto, Mississauga, Oakville, Durham Region, York Region and Brampton.
When looking at all home types in June 2023, the average sale price in the GTA was down 9% to $1,144,512 (year-to-date); however, when comparing the average year-over-year price in the GTA, prices were up 3.2% to $1,182,120. When zooming in on condos in the GTA, prices were down 1% to $739,395 (year-over-year) while the number of sales was up 26.5% (2,122 condo sales).
Toronto Real Estate Market Stats
When looking at all home types in June 2023, the average sale price in Toronto was down 6.6% to $1,116,697 (year-to-date); however, when comparing the average year-over-year price in Toronto, prices remained consistent with last year at an average of $1,152,424. When zooming in on condos in Toronto, prices were down only 0.1% to $770,423 (year-over-year) while the number of sales was up 23.3%.
Mississauga Real Estate Market Stats
When looking at all home types in June 2023, the average sale price in Mississauga was down 8.2% to $1,072,651 (year-to-date); however, when comparing the average year-over-year price in Mississauga, prices were slightly up by 1.7% with an average price of $1,112,531. When zooming in on condos in Mississauga, prices were down 3.6% to $636,012 (year-over-year) while the number of sales was up 9.2%.
Oakville Real Estate Market Stats
When looking at all home types in June 2023, the average sale price in Oakville was down 8.4% to $1,551,596 (year-to-date); however, when comparing the average year-over-year price in Oakville, prices were up by 9.2% with an average price of $1,568,200. When zooming in on condos in Oakville, prices were down 6.5% to $791,898 (year-over-year) while the number of sales was up 68.8%.
Durham Region Real Estate Market Stats
When looking at all home types in June 2023, the average sale price in the Durham Region was down 13.4% to $951,612 (year-to-date); however, when comparing the average year-over-year price in the Durham Region, prices were up by 3.1% with an average price of $999,787. When zooming in on condos in the Durham Region, prices were down 4.7% to $609,667 (year-over-year) while the number of sales was up 34.1%.
York Region Real Estate Market Stats
When looking at all home types in June 2023, the average sale price in the York Region was down 7.8% to $1,355,781 (year-to-date); however, when comparing the average year-over-year price in the York Region, prices were up by 6.4% with an average price of $1,391,215. When zooming in on condos in the York Region, prices were down 1.1% to $719,400 (year-over-year) while the number of sales was up 39.2%.
Brampton Real Estate Market Stats
When looking at all home types in June 2023, the average sale price in Brampton was down 14.8% to $1,071,962 (year-to-date); however, when comparing the average year-over-year price in Brampton, prices were up by 4.7% with an average price of $1,113,948. When zooming in on condos in Brampton, prices were up 2.8% to $610,473 (year-over-year) while the number of sales was up 23.3%.
If you’re thinking about getting ready to buy, sell, invest or just want to chat about the real estate market, please contact our experienced team of Toronto real estate agents to discuss your real estate goals.
