Last month buyers and sellers awaited the September announcement from the Bank of Canada to learn whether interest rates would increase yet again or hold. Luckily, the BOC decided to hold its rates at five percent as the economy has been showing signs of cooling, this is not to say further hikes will be ruled out. With buyers and sellers sitting on the sidelines in August waiting to hear about rates, the number of homes that sold in the GTA was down 5.2% compared to August 2022.
As a Toronto real estate agent, I know what a difficult time it’s been for not only buyers but sellers as well. If you or someone you know has questions about how to navigate the current residential real estate market, please feel free to set up a chat with me or one of my team members, no obligation. Click here to book a call.
Though the average number of homes sold in August was down, new listings were up by 16.2 percent year-over-year. The increase in homes for sale in the GTA will relieve a bit of the pressure on supply issues for the time being. The average price of a residential home in the Greater Toronto Area was $1,082,496 as of August 2023, on par with last years numbers.
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 $1,099,063 (year-to-date) when compared to August 2022, however, when comparing the year-over-year average, prices were down at an average of $1,005,945. Condo prices were down 1.7% to $724,549 (year-over-year) while the number of sales was up 5.6% (1,086 condo sales).
Mississauga Real Estate Market Stats
Mississauga’s average sale price (all home types) was down 8.3% in June 2023 to $1,069,206 (year-to-date) when compared to August 2022, however, when comparing the year-over-year average, prices were only slightly down by 1.8% with an average of $1,057,232. Condo prices were up 2.8% to $629,894 (year-over-year) while the number of sales was up 32.5% (155 condo sales).
Oakville Real Estate Market Stats
Oakville’s average sale price (all home types) was down 7.5% in July 2023 to $1,545,241 (year-to-date) when compared to August 2022, however, when comparing the year-over-year average, prices were down by 6% with an average price of $1,492,687. Condo prices were down 18.5% to $824,568 (year-over-year) while the number of sales was up by 64%.
Durham Region Real Estate Market Stats
Durham Region’s average sale price (all home types) was down 10.5% in August 2023 to $950,488 (year-to-date) when compared to August 2022, however, when comparing the year-over-year average, prices were slightly up by 1.1% with an average price of $930,852. Condo prices were up 6.2% to $586,424 (year-over-year) while the number of sales was up 2.3%.
York Region Real Estate Market Stats
York Region’s average sale price (all home types) was down 5.3% in August 2023 to $1,353,864 (year-to-date) when compared to August 2022, however, when comparing the year-over-year average, prices remained up by 5.9% with an average of $1,339,742. Condo prices were up 3.5% to $703,935 (year-over-year) while the number of sales was down by 4.7%.
Brampton Real Estate Market Stats
Brampton’s average sale price (all home types) was down 12.5% in August 2023 to $1,063,319 (year-to-date) when compared to August 2022, however, when comparing the year-over-year average, prices were down by 0.5% with an average of $1,013,744. Condo prices were down 1.7% to $549,632 (year-over-year) while the number of sales was up 15.6%.
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