Hello everyone! I am back with another Toronto Real Estate Market Watch update. As a Toronto real estate agent, I have been very excited to see the April stats, since the market has slowly been heating up again. Though when we compare 2023 stats to 2022, sale prices are still down; however, since January 2023, we have seen the prices grow for the first time consistently since the interest rates were increased.
According to the Toronto Regional Real Estate Board, As of April 2023, the average price of a home (all types included) in the Greater Toronto Area was $1,153,269. Though this number was down 7.8% when we compare it to April 2022 at $1,250,704, prices were up 11% when we compare the average sale price to January of this year at $1,038,668. An 11% increase in average price over four months is quite dramatic as you can see by the graph below.
There was a total of 7,531 transactions in April 2023, down 5.2% compared to the same time last year with 7,940 transactions recorded by the Toronto Regional Real Estate Board. With the number of new listings in the GTA down year-over-year by 38.3% (11,364 compared to 18,413), the drop in transactions, demand for homes and increase in sales prices makes sense. Though the market experienced a drop in pricing during the increase in interest rates, it appears buyers have accepted the new borrowing costs and the race is back on.
Let’s take a dive into the regional stats across the Greater Toronto Area, Toronto, Durham Region, York Region, Mississauga, Oakville and Brampton. If you would like a detailed look into a particular area, please feel to email me by clicking here.
GTA Real Estate Market Stats
The GTA’s average sale price (all home types) was down 13.8% in April 2023 to $1,111,213 (year-to-date) when compared to April 2022, $1,254,436. However, when we compare to last month’s $1,089,819, April 2023 prices are slightly up. Condo 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 price of $703,566.
Toronto Real Estate Market Stats
Toronto’s average sale price (all home types) was down 10.5% in April 2023 to $1,071,3683 (year-to-date) when compared to April 2022, $1,196,454. However, when we compare to last month’s $1,046,656, April 2023 prices are slightly up. Condo 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 price of $732,944.
Durham Region Real Estate Market Stats
Durham Region’s average sale price (all home types) was down 20.2% in April 2023 to $921,667 (year-to-date) when compared to April 2022, $1,154,476. However, when we compare to last month’s $905,175, April 2023 prices are slightly up. Condo 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
York Region’s average sale price (all home types) was down 12% in April 2023 to $1,335,726 (year-to-date) when compared to April 2022, $1,517,487. However, when we compare to last month’s $1,318,479, April 2023 prices are slightly up. Condo 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.
Mississauga Real Estate Market Stats
Mississauga’s average sale price (all home types) was down 13.3% in April 2023 to $1,028,734 (year-to-date) when compared to April 2022, $1,187,122. However, when we compare to last month’s $1,003,705, April 2023 prices are slightly up. Condo 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
Oakville’s average sale price (all home types) was down 13.6% in April 2023 to $1,545,421 (year-to-date) when compared to April 2022, $1,788,343. However, when we compare to last month’s $1,527,827, April 2023 prices are slightly up. Condo prices were down 9.2% to $736,516 (year-to-date) when compared to this time last year.
Brampton Real Estate Market Stats
Brampton’s average sale price (all home types) was down 20.6% in April 2023 to $1,045,159 (year-to-date) when compared to April 2022, $1,315,910. However, when we compare to last month’s $1,033,797, April 2023 prices are slightly up. Condo 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 or someone you know is looking to buy, sell or simply need some advice regarding the real estate market, feel free to reach out to our team to see what opportunities are available.
Danielle Demerino
ddemerino@royallepage.ca
416-728-5401
Brittany Huggins
bhuggins@royallepage.ca
647-863-7234
