For those of you that don’t know me, my name is Danielle Demerino and I am a Toronto real estate agent. My goal is to educate my clients about the market and help them achieve their real estate goals. Let’s check out the latest stats reported by the Toronto Regional Real Estate Board. In June 2023, we saw prices in the GTA increase by 14 percent since January 2023.
Even with the variables working against buyers such as rates and inventory issues, demand is still flying high. When looking at the average price and number of sales, they both dropped in June 2023 when compared to May 2023 due to the Bank of Canada’s future decisions on rates and inflation.
According to the Toronto Regional Real Estate Board, the number of transactions (sales) in June 2023 was up 16.5% to 7,481 when compared to the same time last year. During the same period, the number of active listings was down 12.3%. The increased demand paired with the decreased supply has put even more pressure on the market conditions with the average sale price up 3.2% ($1,182,120) when compared to this time last year.
According to the Toronto Regional Real Estate Board (TRREB) President Paul Baron:
“The demand for ownership housing is stronger than last year, despite higher borrowing costs. With this said, home sales were hampered last month by uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates. Furthermore, a persistent lack of inventory likely sidelined some willing buyers because they couldn’t find a home meeting their needs. Simply put, you can’t buy what is not available,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.”
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 6.6% in June 2023 to $1,116,697 (year-to-date) when compared to June 2022, however, when comparing the year-over-year average, prices remained consistent with an average of $1,152,424. Condo prices were down 0.1% to $770,423 (year-over-year) while the number of sales was up by 23.3%.
Mississauga Real Estate Market Stats
Mississauga’s average sale price (all home types) was down 8.2% in June 2023 to $1,072,651 (year-to-date) when compared to June 2022, however, when comparing the year-over-year average, prices remained slightly up by 1.7% with an average of $1,112,531. Condo prices were down 3.6% to $636,012 (year-over-year) while the number of sales was up by 9.2%.
Oakville Real Estate Market Stats
Oakville’s average sale price (all home types) was down 8.4% in June 2023 to $1,551,596 (year-to-date) when compared to June 2022, however, when comparing the year-over-year average, prices remained up by 9.2% with an average of $1,568,200. Condo prices were down 6.5% to $791,898 (year-over-year) while the number of sales was up by 68.8%.
Durham Region Real Estate Market Stats
Durham Region’s average sale price (all home types) was down 13.4% in June 2023 to $951,612 (year-to-date) when compared to June 2022, however, when comparing the year-over-year average, prices remained up by 3.1% with an average of $999,787. Condo prices were down 4.7% to $609,667 (year-over-year) while the number of sales was up by 34.1%.
York Region Real Estate Market Stats
York Region’s average sale price (all home types) was down 7.8% in June 2023 to $1,355,781 (year-to-date) when compared to June 2022, however, when comparing the year-over-year average, prices remained up by 6.4% with an average of $1,391,215. Condo prices were down 1.1% to $719,400 (year-over-year) while the number of sales was up by 39.2%.
Brampton Real Estate Market Stats
Brampton’s average sale price (all home types) was down 14.8% in June 2023 to $1,071,962 (year-to-date) when compared to June 2022, however, when comparing the year-over-year average, prices remained up by 4.7% with an average of $1,113,948. Condo prices were up 2.8% to $610,473 (year-over-year) while the number of sales was up by 23.3%.
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
647-863-7234