Hello everyone! It’s Britt Huggins here, Toronto real estate agent and it’s time for another market update. The housing market in the GTA continues to show signs of improvement. When comparing the number of sales this May to May of 2022, the volume (number of real estate transactions) has increased by almost 25%. As we continue to see supply issues, competition among buyers has grown and resulted in the average home in the Greater Toronto Area costing nearly $1.2 million as of May 2023, which is approaching the average in May of 2022, $1,196,101.
The continued growth in the average price is fueled by the lack of supply, with active listings down by 23% to 11,868 when compared to this time last year, 15,433. Currently, the months of inventory available in the GTA is around 1.3 months. This means, if no new homes of any sort were to come on the market, we would run out of available properties in just over a month. Buyers have adjusted their housing needs in response to the higher borrowing costs and have re-entered the market.
TRREB’s Chief Market Analyst Jason Mercer has noted the high rent and record growth of population due to immigration have also contributed to the increase. Unfortunately, the number of sellers has not maintained pace with the number of buyers, resulting in more pressure on the prices of homes as of late.
Let’s take a 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 May 2023, the average sale price in the GTA was down only 1.2% to $1,135,595 year-to-date, when compared to May 2022 (but up when compared to April 2023 average price of $1,111,213). When zooming in on condos, prices were down 2.9% to $748,483 year-to-date, when compared to this time last year (but up when compared to April’s 2023 average condo price of $724,118).
Toronto Real Estate Market Stats
When looking at all home types in May 2023, the average sale price in Toronto was down 7.9% to $1,107,696 year-to-date, when compared to May 2022 (but up when compared to April 2023 average price of $1,071,368). When zooming in on condos, prices were down 1% to $784,914 year-to-date, when compared to this time last year (but up when compared to April’s 2023 average condo price of $751,916).
Mississauga Real Estate Market Stats
When looking at all home types in May 2023, the average sale price in Mississauga was down 10% to $1,063,002 year-to-date, when compared to May 2022 (but up when compared to April 2023 average price of $1,028,734). When zooming in on condos, prices were down 5.4% to $635,856 year-to-date, when compared to this time last year.
Oakville Real Estate Market Stats
When looking at all home types in May 2023, the average sale price in Oakville was down 10.8% to $1,547,834 year-to-date, when compared to May 2022 (but slightly up when compared to April 2023 average price of $1,545,421). When zooming in on condos, prices were down 4% to $798,507 year-to-date, when compared to this time last year (but up when compared to April’s 2023 average condo price of $736,516).
Durham Region Real Estate Market Stats
When looking at all home types in May 2023, the average sale price in the Durham Region was down 16.3% to $940,345 year-to-date, when compared to May 2022 (but slightly up when compared to April 2023 average price of $921,667). When zooming in on condos, prices were down 7.7% to $584,935 year-to-date, when compared to this time last year (but slightly up when compared to April’s 2023 average condo price of $579,025).
York Region Real Estate Market Stats
When looking at all home types in May 2023, the average sale price in the York Region was down 9.8% to $1,347,725 year-to-date, when compared to May 2022 (but slightly up when compared to April 2023 average price of $1,335,726). When zooming in on condos, prices were down 8.1% to $717,618 year-to-date, when compared to this time last year (but slightly up when compared to April’s 2023 average condo price of $715,934).
Brampton Real Estate Market Stats
When looking at all home types in May 2023, the average sale price in Brampton was down 17.2% to $1,063,538 year-to-date, when compared to May 2022 (but slightly up when compared to April 2023 average price of $1,045,159). When zooming in on condos, prices were down 7.5% to $569,953 year-to-date, when compared to this time last year.
As you can see below, the average price of a home in the GTA has consistently increased since January 2023. We have seen the market continue to recover after rate increases. As most of you know, there was a .25 rate increase on Wednesday. We will keep you informed on what is going on with this Toronto real estate market (and surrounding areas).
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.
