My name is Danielle Demerino and I’m a Toronto Real Estate Agent. My goal is to educate my clients, friends and family about building wealth through real estate and keep them up-to-date on the latest real estate trends in Toronto and the surrounding areas. When comparing July 2023 to last year at the same time, prices and sales volume in the GTA were up by 4.2% and 7.8% respectively.
Sales appear to be slightly slowing due to the high borrowing costs, but sales are still happening. Buyers have accepted the rates and inventory continues to be an issue. Currently, in the Greater Toronto Area, there are three months of inventory for sale. That means if nothing new were to go up for sale, we would sell out of properties in the GTA in three months.
As our population continues to set growth records, the demand for housing will continue to remain strong. The increase of borrowing costs has caused new construction to slow which creates concern for the future of Canada’s housing supply. The Toronto real estate (and surrounding areas) prices are expected to remain consistent and/or continue to appreciate based on the size and growth in our population.
Let’s dive into the regional stats across the GTA, Toronto, Mississauga, Oakville, Durham Region, York Region and Brampton.
Toronto Real Estate Market Stats
Toronto’s average sale price (all home types) was down 5.8% in July 2023 to $1,110,587 (year-to-date) when compared to July 2022, however, when comparing the year-over-year average, prices were up at an average of $1,066,184. Condo 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
Mississauga’s average sale price (all home types) was down 7.6% in June 2023 to $1,070,630 (year-to-date) when compared to July 2022, however, when comparing the year-over-year average, prices were slightly down by 1% with an average of $1,057,640. Condo prices were down 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
Oakville’s average sale price (all home types) was down 7.7% in July 2023 to $1,549,0956 (year-to-date) when compared to July 2022, however, when comparing the year-over-year average, prices were up by 0.3% with an average price of $1,528,833. Condo prices were down 12.3% to $823,263 (year-over-year) while the number of sales was up by 36.4%.
Durham Region Real Estate Market Stats
Durham Region’s average sale price (all home types) was down 11.6% in July 2023 to $953,113 (year-to-date) when compared to July 2022, however, when comparing the year-over-year average, prices were up by 6.7% with an average price of $961,852. Condo 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
York Region’s average sale price (all home types) was down 6.5% in July 2023 to $1,355,778 (year-to-date) when compared to July 2022, however, when comparing the year-over-year average, prices remained up by 6.4% with an average of $1,356,977. Condo prices were up 9.6% to $753,666 (year-over-year) while the number of sales was up by 24.8%.
Brampton Real Estate Market Stats
Brampton’s average sale price (all home types) was down 13.5% in July 2023 to $1,069,532 (year-to-date) when compared to July 2022, however, when comparing the year-over-year average, prices were up by 2.4% with an average of $1,052,059. Condo prices were down 0.9% to $556,481 (year-over-year) while the number of sales remained consistent.
If you or someone you know is looking to buy, sell, or invest, 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
