Call Text Email

Toronto Market Update – September 2023

Toronto Market Update – September 2023

The residential real estate stats are in and August was an interesting month. As buyers and sellers patiently waited to hear whether or not the Bank of Canada would be raising interest rates again in September, the number of sales in the GTA was down 5.2% compared to the same time last year. On a positive note, the Bank of Canada held rates at 5%, which will increase buyer confidence for the time being. As a Toronto real estate agent, I know the impact these rate hikes and prices have had on homeowners, buyers and sellers and we are here to help. If you would like to schedule a no-obligation call with one of our real estate experts, click here.

Though fewer homes were for sale in August 2023 compared to 2022, new listings were up by 16.2 percent year-over-year. This has provided a bit of relief on our supply issues. The average price of a home in the GTA was consistent with last August at $1,082,496. As confidence in lending rates slowly starts to regenerate along with record immigration growth, we will see a solid demand for home ownership and rentals. During these tough times, a great way to save money is to put a budget in place. The Government of Canada offers a tool to assist you in budget planning, click here to start your budget.

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 August 2023, the average sale price in the GTA was down 7.3% to $1,134,781 (year-to-date); however, when comparing the average year-over-year price in the GTA, prices remained consistent up 0.3% to $1,082,496. When zooming in on condos in the GTA, prices were fairly consistent down 0.8% to $705,572 (year-over-year) while the number of sales was up 6.8% (1,609 condo sales).

Toronto Real Estate Market Stats
When looking at all home types in August 2023, the average sale price in Toronto was down 5.7% to $1,099,063 (year-to-date). When comparing the average year-over-year price in Toronto, prices were down an average of 2.5% to $1,005,945. When zooming in on condos in Toronto, prices were down 1.7% to $724,549 (year-over-year) while the number of sales was up 5.6% (1,086 condo sales).

Mississauga Real Estate Market Stats
When looking at all home types in August 2023, the average sale price in Mississauga was down 8.3% to $1,069,206 (year-to-date); however, when comparing the average year-over-year price in Mississauga, prices were only down by 1.8% with an average price of $1,057,232. When zooming in on condos in Mississauga, prices were up 2.8% to $629,894 (year-over-year) while the number of sales was up 32.5% (155 condo sales).

Oakville Real Estate Market Stats
When looking at all home types in August 2023, the average sale price in Oakville was down 7.5% to $1,545,241 (year-to-date); however, when comparing the average year-over-year price in Oakville, prices were down by 6% with an average price of $1,492,687. When zooming in on condos in Oakville, prices were down 18.5% to $824,568 (year-over-year) while the number of sales was up 64%.

Durham Region Real Estate Market Stats
When looking at all home types in August 2023, the average sale price in the Durham Region was down 10.5% to $950,488 (year-to-date); however, when comparing the average year-over-year price in the Durham Region, prices were slightly up by 1.1% with an average price of $930,852. When zooming in on condos in the Durham Region, prices were up 6.2% to $586,424 (year-over-year) while the number of sales was up 2.3%.

York Region Real Estate Market Stats
When looking at all home types in August 2023, the average sale price in the York Region was down 5.3% to $1,353,864 (year-to-date); however, when comparing the average year-over-year price in the York Region, prices were up by 5.9% with an average price of $1,339,742. When zooming in on condos in the York Region, prices were up 3.5% to $703,935 (year-over-year) while the number of sales was down 4.7%.

Brampton Real Estate Market Stats

When looking at all home types in August 2023, the average sale price in Brampton was down 12.5% to $1,063,319 (year-to-date); however, when comparing the average year-over-year price in Brampton, prices were down only 0.5% with an average price of $1,013,744. When zooming in on condos in Brampton, prices were down 1.7% to $549,632 (year-over-year) while the number of sales was up 15.6%.

 

Are you thinking about moving, we are here for you! Check out our process when you buy with ussell 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.

Leave a Reply

Your email address will not be published. Required fields are marked *