It’s time for another real estate market update with yours truly, Danielle Demerino! As a Toronto real estate agent, I always have my pulse on what’s going on with the market; but I get excited to check out the official numbers reported by the Toronto Regional Real Estate Board. So, let’s get to it!
The GTA housing market continues to show signs of growth. When looking at the number of sales last month in May and comparing it to the number of sales in May of 2022, the number of transactions has increased by nearly 25%. The competition in purchasing continues to grow as a result of supply issues. There are simply more buyers than there are sellers, which has caused the average price of a home in the GTA to increase to approximately $1.2 million as of May 2023. Though we saw the average price drop after the 2022 peak in March, May of 2023 is approaching the average price of May 2022, coming in at $1,196,101.
When looking at the latest stats (May 2023) active listings in the GTA are down 23% to 11,868 compared to this time last year coming in at 15,433. The price pressure is currently due to the lack of inventory, which is currently around 1.3 months in the Greater Toronto Area. This means, if no new listings were available, we would run out of properties to purchase in just over a month. The previous increase in borrowing costs were accepted by buyers and now we wait to see what the latest increase in interest rates will do with buyers.
Jason Mercer, TRREB’s Chief Market Analyst has confirmed the high rent rates and increase in population due to immigration have contributed to the increase and the number of sellers has simply not maintained the same pace as the number of buyers which leads to increased price pressure.
Let’s 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 1.2% in May 2023 to $1,135,595 (year-to-date) when compared to May 2022, $1,254,436. However, when we compare to last month’s $1,089,819, May’s 2023 prices are up. Condo prices were down 2.9% to $748,483 (year-to-date) when compared to this time last year, but up when compared to April’s 2023 average price of $724,118.
Toronto Real Estate Market Stats
Toronto’s average sale price (all home types) was down 7.9% in May 2023 to $1,107,696 (year-to-date) when compared to May 2022, $1,202,309. However, when we compare to last month’s $1,071,368, May 2023 prices are up. Condo prices were down 1% to $784,914 (year-to-date) when compared to this time last year, but up when compared to April’s 2023 average price of $751,916.
Durham Region Real Estate Market Stats
Durham Region’s average sale price (all home types) was down 16.3% in May 2023 to $940,345 (year-to-date) when compared to May 2022. However, when we compare to last month’s $921,667, May 2023 prices are up. Condo prices were down 7.7% to $584,935 (year-to-date) when compared to this time last year, but slightly up when compared to April’s 2023 average condo price of $579,025.
York Region Real Estate Market Stats
York Region’s average sale price (all home types) was down 9.8% in May 2023 to $1,347,725 (year-to-date) when compared to May 2022. However, when we compare to last month’s $1,335,726, May 2023 prices are slightly up. Condo prices were down 8.1% to $717,618 (year-to-date) when compared to this time last year, but slightly up when compared to April’s 2023 average condo price of $715,934.
Mississauga Real Estate Market Stats
Mississauga’s average sale price (all home types) was down 10% in May 2023 to $1,063,002 (year-to-date) when compared to May 2022. However, when we compare to last month’s $1,028,734, May 2023 prices are slightly up. Condo prices were down 5.4% to $635,856 (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 10.8% in May 2023 to $1,547,834 (year-to-date) when compared to May 2022. However, when we compare to last month’s $1,545,421, May 2023 prices are slightly up. Condo prices were down 4% to $798,507 (year-to-date) when compared to this time last year (but up when compared to April’s 2023 average condo price of $736,516).
Brampton Real Estate Market Stats
Brampton’s average sale price (all home types) was down 17.2% in May 2023 to $1,063,538 (year-to-date) when compared to May 2022. However, when we compare to last month’s $1,045,159, May 2023 prices are slightly up. Condo prices were down 7.5% to $569,953 (year-to-date) when compared to this time last year.
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