I don’t know about you, but as a Toronto real estate agent, I have been watching the residential GTA market slowly heat up since the end of January 2023. When looking at the April stats, we are seeing the market continue to recover since the pricing drop after interest rates were increased. Though the average price of a residential home in the GTA in April was down 7.8% in April 2023 ($1,153,269) compared to April 2022 ($1,250,704); we have seen a 11% increase in average sale price from January 2023 ($1,038,668) to April 2023 ($1,153,269). In a nutshell, we are seeing somewhat of a dramatic shift when comparing the last four months’ average sales price.
Last month, the Toronto Regional Real Estate Board recorded 7,531 sales (transactions) in April 2023 which is down 5.2% when compared to April of last year with a recorded 7,940. The number of new listings in the GTA was down by 38.3% on a year-over-year basis (18,413 listings in April 2022 compared to 11,364 in April 2023).
We are seeing the demand for homes increase, along with the average price in the GTA. The price pressure had subsided for a short time while rate hikes were introduced, but the housing constraint has trumped the borrowing costs and competition is back on between buyers. 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 April 2023, the average sale price in the GTA was down 13.8% to $1,111,213 year-to-date, when compared to April 2022 (but up when compared to March 2023 average price of $1,089,819). When zooming in on condos, prices were down 8.3% to $724,118 year-to-date, when compared to this time last year (but up when compared to March’s 2023 average condo price of $703,566).
Toronto Real Estate Market Stats
When looking at all home types in April 2023, the average sale price in Toronto was down 10.5% to $1,071,368 year-to-date, when compared to April 2022 (but up when compared to March 2023, $1,046,656). When zooming in on condos, prices were down 8.4% to $751,916 year-to-date, when compared to this time last year (but up when compared to March’s 2023 average condo price of $732,944).
Mississauga Real Estate Market Stats
When looking at all home types in April 2023, the average sale price in Mississauga was down 13.3% to $1,028,734 year-to-date, when compared to April 2022 (but up when compared to March 2023, $1,003,705). When zooming in on condos, prices were down 7.3% to $655,660 year-to-date, when compared to this time last year (but up when compared to March’s 2023 average condo price of $614,758).
Oakville Real Estate Market Stats
When looking at all home types in April 2023, the average sale price in Oakville was down 13.6% to $1,545,421 year-to-date, when compared to April 2022 (but up when compared to March 2023, $1,527,827). When zooming in on condos, prices were down 9.2% to $736,516 year-to-date, when compared to this time last year.
Durham Region Real Estate Market Stats
When looking at all home types in April 2023, the average sale price in the Durham Region was down 20.2% to $921,667 year-to-date, when compared to April 2022 (but up when compared to March 2023, $905,175). When zooming in on condos, prices were down 12.2% to $579,025 year-to-date, when compared to this time last year (but up when compared to March’s 2023 average condo price of $560,118).
York Region Real Estate Market Stats
When looking at all home types in April 2023, the average sale price in the York Region was down 12% to $1,335,726 year-to-date, when compared to April 2022 (but up when compared to March 2023, $1,318,479). When zooming in on condos, prices were down 5.8% to $715,934 year-to-date, when compared to this time last year (but up when compared to March’s 2023 average condo price of $698,057).
Brampton Real Estate Market Stats
When looking at all home types in April 2023, the average sale price in Brampton was down 20.6% to $1,045,159 year-to-date, when compared to April 2022 (but up when compared to March 2023, $1,022,579). When zooming in on condos, prices were down 13% to $573,085 year-to-date, when compared to this time last year (but up when compared to March’s 2023 average condo price of $564,944).
If you’re thinking about getting ready to buy, sell, invest or just feel like chatting, please contact our experienced team of Toronto real estate agents to discuss your real estate goals.
