The leaves are falling and so are the number of real estate sales. I’m Danielle Demerino, a Toronto real estate agent with the goal of educating my clients on market trends to arm them with the info they need to make smart real estate decisions. In today’s blog, I will be cover the real estate Toronto market update.
Toronto Market Update
According to the Toronto Regional Real Estate Board, the stats are in and October had a 6% decrease in sales compared to October 2022. If you have been following the market over the last couple of years, you likely noticed that the amount of inventory has increased quite a bit compared to what we faced during the pandemic days. Active listings increased by 50% in October 2023 since the last October.
Buyers today have more options when they are house hunting due to the boost in inventory. Experts have reported that this could potentially release some of the pricing pressure we have been experiencing since the start of the pandemic. They say “potentially” because we haven’t yet seen powerful price drops; in fact, prices in the Greater Toronto Area were up 3.5% in October 2023 when compared to October 2022.
The minor increase in the average price in the GTA can be equated to the neverending buyer competition according to Jason Mercer, TRREB’s Chief Market Analyst. The Bank of Canada, in its October statement, also recognized the market’s resilience. However, it’s important to highlight that home prices remain considerably lower than the record high they reached at the beginning of 2022. Consequently, this has mitigated the effect of rising borrowing costs on the housing market, as observed in this month’s Toronto Market Update.
Average Home Price in the GTA By Month
Market Stats by Region:
GTA Real Estate Market Stats
In October 2023, the GTA saw a 5.9% year-to-date decrease in the average sale price of all home types, settling at $1,132,681. Meanwhile, year-over-year prices in the GTA increased by 3.5%, reaching $1,125,928. Condo prices in the GTA dropped by 1.1% year-over-year to $708,780. There was a 3.1% decrease in condo sales in October, totalling 1,296 units sold.
Toronto Real Estate Market Stats
In October 2023, Toronto saw a 4.3% year-to-date decrease in the average sale price of all home types, settling at $1,103,138. Meanwhile, year-over-year prices in Toronto increased by 3.2%, reaching $1,127,635. Condo prices in Toronto dropped by 1.5% year-over-year to $729,160. There was a 0.6% decrease in condo sales in October, totalling 883 units sold.
Mississauga Real Estate Market Stats
In October 2023, Mississauga saw a 5.5% year-to-date decrease in the average sale price of all home types, settling at $1,068.367. Meanwhile, year-over-year prices in Mississauga increased by 12%, reaching $1,106,263. Condo prices in Mississauga dropped by 3.4% year-over-year to $626,630. There was a 33.3% decrease in condo sales in October, totalling 102 units sold.
Oakville Real Estate Market Stats
In October 2023, Oakville saw a 6.6% year-to-date decrease in the average sale price of all home types, dipping to $1,536,537. Meanwhile, year-over-year prices in Oakville decreased by 6.2%, dropping to $1,395,752. Condo prices in Oakville dropped by 1.6% year-over-year to $811,372. There was an 11.1% increase in condo sales in October.
Durham Region Real Estate Market Stats
In October 2023, the Durham Region saw a 9.1% year-to-date decrease in the average sale price of all home types, settling at $944,681. Meanwhile, year-over-year prices in the Durham Region increased by 4.2%, reaching $931,548. Condo prices in the Durham Region were up by 13.5% year-over-year to $627,911. There was a 5.7% increase in condo sales in October.
York Region Real Estate Market Stats
In October 2023, the York Region saw a 3.9% year-to-date decrease in the average sale price of all home types, settling at $1,347,002. Meanwhile, year-over-year prices in the York Region increased by 2.7%, reaching $1,293,179. Condo prices in the York Region were consistent with last year with an average price of $690,776. There was a 14% increase in condo sales in October.
Brampton Real Estate Market Stats
In October 2023, Brampton saw an 11% year-to-date decrease in the average sale price of all home types, dipping to $1,057,077. Meanwhile, year-over-year prices in Brampton decreased by 0.4%, dropping to $999,458. Condo prices in Brampton dropped by 4.4% year-over-year to $519,000. There was a 41.7% decrease in condo sales in October.
If you or someone you know is looking to buy, sell, or invest, our team of Toronto real estate experts is here to help. Feel free to book a no-obligation chat. Book Consultation.
Danielle Demerino
ddemerino@royallepage.ca
416-728-5401
Brittany Huggins
bhuggins@royallepage.ca
