As a Toronto real estate agent, I look forward to reviewing the monthly stats and keeping my clients up to date on the current market trends. The Toronto Regional Real Estate Board has released the July 2023 numbers and we have broken them down for you below. Our monthly report focuses on 7 regions. If you would like more detail in a particular neighbourhood or region, please feel free to reach out to our team. Let’s get to it!
When comparing July 2022 to July 2023, both prices and sales volume were up in the Greater Toronto Area. Prices were up by 4.2% and sales volume was up by 7.8%. Sales are starting to slow slightly because of the higher borrowing costs. Today’s buyers are simply accepting the rates as inventory continues to be on the low end. We are currently sitting around 3 months of inventory, which means if no new homes were to go on the market, we would sell out of homes in 3 months.
The demand for housing will continue as we are setting population growth records. As a result of the higher borrowing costs, new construction has slowed down; however, this poses concerns for the future of our housing inventory. If developers are not developing, new homes are not being purchased and in turn, limited supply will continue. It is anticipated that Toronto real estate (and surrounding areas) prices will remain consistent and or continue to appreciate due to the size and growth of our population.
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 July 2023, the average sale price in the GTA was down 8% to $1,141,260 (year-to-date); however, when comparing the average year-over-year price in the GTA, prices were up 4.2% to $1,118,374. When zooming in on condos in the GTA, prices were up 2.2% to $735,171 (year-over-year) while the number of sales was up 10.3% (1,505 condo sales).
Toronto Real Estate Market Stats
When looking at all home types in July 2023, the average sale price in Toronto was down 5.8% to $1,110,587 (year-to-date); however, when comparing the average year-over-year price in Toronto, prices were up at an average of $1,066,184. When zooming in on condos in Toronto, prices were down 9% to $676,903 (year-over-year) while the number of sales was up 5.2% (1,013 condo sales).
Mississauga Real Estate Market Stats
When looking at all home types in July 2023, the average sale price in Mississauga was down 7.6% to $1,070,630 (year-to-date); however, when comparing the average year-over-year price in Mississauga, prices were only down by 1% with an average price of $1,057,640. When zooming in on condos in Mississauga, prices were up 7.8% to $676,903 (year-over-year) while the number of sales was up 7.8% (138 condo sales).
Oakville Real Estate Market Stats
When looking at all home types in July 2023, the average sale price in Oakville was down 7.7% to $1,549,095 (year-to-date); however, when comparing the average year-over-year price in Oakville, prices were up by 0.3% with an average price of $1,528,833. When zooming in on condos in Oakville, prices were down 12.3% to $823,263 (year-over-year) while the number of sales was up36.4%.
Durham Region Real Estate Market Stats
When looking at all home types in July 2023, the average sale price in the Durham Region was down 11.6% to $953,113 (year-to-date); however, when comparing the average year-over-year price in the Durham Region, prices were up by 6.7% with an average price of $961,852. When zooming in on condos in the Durham Region, prices were up 7.1% to $582,722 (year-over-year) while the number of sales was up 39.5%.
York Region Real Estate Market Stats
When looking at all home types in July 2023, the average sale price in the York Region was down 6.5% to $1,355,778 (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 $1,356,977. When zooming in on condos in the York Region, prices were up 9.6% to $753,666 (year-over-year) while the number of sales was up 24.8%.
Brampton Real Estate Market Stats
When looking at all home types in June 2023, the average sale price in Brampton was down 13.5% to $1,069,532 (year-to-date); however, when comparing the average year-over-year price in Brampton, prices were up by 2.4% with an average price of $1,052,059. When zooming in on condos in Brampton, prices were down 0.9% to $556,481 (year-over-year) while the number of sales remained consistent.
If you’re thinking about making some real estate moves, we are here for you! Check out our process when you buy with us, sell with us, invest or just want to chat about the real estate market, please contact our experienced team of Toronto real estate agents to discuss your goals.
