Hello everyone! As you know, my name is Danielle Demerino and I am a Toronto real estate agent looking to educate and assist my clients to achieve their real estate dreams. In recent years, the residential real estate market has taken buyers and sellers on quite a turbulent ride. After the incredible high we experienced during the pandemic, interest hikes led the market to a low, and we are now just starting to see some consistency in growth. For the first time since May 2022, we’ve seen the average sale price in the GTA higher than the average list price. The demand for home ownership continues to grow as rental prices soar, and the gap between renting and home ownership is shrinking.
There were 6,896 sales (real estate transactions) in the GTA in March 2023, down 36.5% compared to the same time last year. This points to a more compressed market with only a month and a half of inventory available. When comparing month-over-month stats, the average price of a home in the GTA was up in March 2023 to $1,108,606 when compared to $1,095,617 in February 2023. However, when we compare the average sale price (all home types in the GTA) from March 2023 to March 2022, sales in 2023 were down 14.6%.
Let’s take a closer look at some regional statistics to get an idea of how the market performed in March in the GTA, Toronto, Mississauga, Oakville, York Region, Durham Region and Brampton.
GTA Real Estate Market Stats
The GTA’s average sale price (all home types) was down 16.1% in March 2023 to $1,089,819 (year-to-date) when compared to March 2022. Condo prices were down 13% to $703,566 (year-to-date) when compared to this time last year.
Toronto Real Estate Market Stats
Toronto’s average sale price (all home types) was down by 11.4 in March 2023 to $1,046,656 (year-to-date) when compared to March 2022. Condo prices were down 11.8% to $732,944 (year-to-date) when compared to this time last year.
Mississauga Real Estate Market Stats
Mississauga’s average sale price (all home types) was down by 15.8% in March 2023 to $1,003,705 (year-to-date) when compared to March 2022. Condo prices were down 16.4% to $614,758 (year-to-date) when compared to this time last year.
Oakville Real Estate Market Stats
Oakville’s average sale price (all home types) was down by 15.9% in March 2023 to $1,527,827 (year-to-date) when compared to March 2022. Condo prices were down 9.5% to $811,418 (year-to-date) when compared to this time last year.
York Region Real Estate Market Stats
York Region’s average sale price (all home types) was down by 14.6% in March 2023 to $1,318,479 (year-to-date) when compared to March 2022. Condo prices were down 11.8% to $698,057 (year-to-date) when compared to this time last year.
Durham Region Real Estate Market Stats
Durham Region’s average sale price (all home types) was down by 23.4% in March 2023 to $905,175 (year-to-date) when compared to March 2022. Condo prices were down 19.7% to $560,118 (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 by 23.5% in March 2023 to $1,022,579 (year-to-date) when compared to March 2022. Condo prices were down 18% to $564,944 (year-to-date) when compared to this time last year.
If you are looking to buy, sell, or shop the market, feel free to reach out to our team to see what opportunities are on the market. Looking forward to hearing from you!
Danielle Demerino
ddemerino@royallepage.ca
416-728-5401
Brittany Huggins
bhuggins@royallepage.ca
647-863-7234
