I hope you all had a lovely Thanksgiving. Canadians have a lot to be Thankful for, even though it might not feel like it at the moment. As we transition to Fall, the focus of many news reports tends to be around the residential real estate market and what can we expect. Let’s talk about the September results for the Toronto Market Update.
Toronto Market Update
As a Toronto real estate agent, I regularly review the average sale price of a residential home in Toronto and the surrounding areas. The increase in mortgage rates, the cost of living and the unpredictable future of the Bank of Canada have eased supply issues. Despite borrowing costs and inventory, the average price of a home in the GTA was still up 3% year-over-year compared to this time last year ($1,119,428 compared to $1,086,762).
The number of sales (transactions) reported by the Toronto Regional Real Estate Board was down 7.1% year-over-year in September to 4,642 compared to 5,038 in September 2022. While sales were down, the number of active listings was up by nearly 40%. To put that into perspective, in September 2023 there were 18,912 homes for sale compared to 13,529 in September 2022. The decline in year-over-year sales was especially noticeable in ground-oriented homes, especially in the case of semi-detached houses and townhouses. When examining sales on a month-over-month basis after seasonal adjustments, there was also a slight decrease.
TRREB’s Chief Market Analyst
Jason Mercer, TRREB’s Chief Market Analyst has communicated that the residential prices in the GTA still remain above the average price in the first quarter of 2023. However, there was a more balanced market in the summer and early fall. With the increase in active listings, Jason expects prices to soften in the short term which will hopefully offset the increased borrowing costs.
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 September 2023, the average sale price in the GTA was down 6.6% to $1,133,276 (year-to-date). When comparing the average year-over-year price in the GTA, prices were up 3% to $1,119,428. When zooming in on condos in the GTA, prices were down 3.3% to $707,065 (year-over-year) while the number of sales remained consistent (1,307 condo sales).
Toronto Real Estate Market Stats:
When looking at all home types in September 2023, the average sale price in Toronto was down 4.9% to $1,100,770 (year-to-date). When comparing the average year-over-year price in Toronto, prices were up 5.4% to $1,119,452. When zooming in on condos in Toronto, prices were down 4.8% to $732,106 (year-over-year) while the number of sales was down 2.9% (850 condo sales).
Mississauga Real Estate Market Stats:
When looking at all home types in September 2023, the average sale price in Mississauga was down 6.7% to $1,065,009 (year-to-date). When comparing the average year-over-year price in Mississauga, prices were only down by 1.1% with an average price of $1,021,324. When zooming in on condos in Mississauga, prices were up 2.2% to $652,653 (year-over-year) while the number of sales was down 1.6% (122 condo sales).
Oakville Real Estate Market Stats:
When looking at all home types in September 2023, the average sale price in Oakville was down 6.8% to $1,546,424 (year-to-date). When comparing the average year-over-year price in Oakville, prices were up by 1.1% with an average price of $1,551,189. When zooming in on condos in Oakville, prices were up 2.5% to $750,910 (year-over-year) while the number of sales was down 15.6%.
Durham Region Real Estate Market Stats:
When looking at all home types in September 2023, the average sale price in the Durham Region was down 9.9% to $945,995 (year-to-date). When comparing the average year-over-year price in the Durham Region, prices were fairly consistent with an average price of $907,359. When zooming in on condos in the Durham Region, prices were down 6.2% to $556,876 (year-over-year) while the number of sales was up 42%.
York Region Real Estate Market Stats:
When looking at all home types in September 2023, the average sale price in the York Region was down 4.4% to $1,351,747 (year-to-date). When comparing the average year-over-year price in the York Region, prices were up by 6.8% with an average price of $1,330,636. When zooming in on condos in the York Region, prices were up 3.1% to $717,103 (year-over-year) while the number of sales was down 2.4%.
Brampton Real Estate Market Stats:
When looking at all home types in September 2023, the average sale price in Brampton was down 11.6% to $1,061,351 (year-to-date). When comparing the average year-over-year price in Brampton, prices were up 3.4% with an average price of $1,041,829. When zooming in on condos in Brampton, prices were down 4.5% to $541,659 (year-over-year) while the number of sales was up 12.5%.
If you thinking about moving, let’s talk! Whether you are looking to buy with us, sell with us, or invest, we would love to chat about the real estate market, please don’t hesitate to contact our experienced team of Toronto real estate agents to discuss your goals.
