GTA REAL ESTATE MARKET UPDATE - APRIL 2023
Tags: HOMES FOR SALE, TORONTO, MISSISSAUGA, MILTON, BRAMPTON, OAKVILLE, VAUGHAN, GTA
The Resale Real Estate Statistics for the Month of March 2023 are in and Here are the Key Facts
- 6,896 sales reported through Toronto Real Estate Board’s MLS (down 36.5% from March 2022).
- Average selling price of all home types was down 14.6% year over year.
- 1.47 months of standing inventory.
Here are some additional years over year statistics based on area and type of home, that will shed some more light on the overall market conditions.
Toronto Statistics - Year over Year Average price change
| Yr/Yr Change | Monthly Change | |
| Detached | -11.0% | -0.2% |
| Semi Det | -18.3% | -1.4% |
| Townhouse | -15.8% | -6.7% |
| Condo Towns | -12.3% | 1.7% |
| Condo Apartment | -11.8% | 0.6% |
Mississauga Statistics – Year over Year Average Price change
| Yr/Yr Change | Monthly Change | |
| Detached | -11.6% | 0.6% |
| Semi Det | -16.7% | 2.3% |
| Townhouse | -11.3% | 7.0% |
| Condo Towns | -14.1% | 3.1% |
| Condo Apartment | -16.4% | 0.4% |
Brampton Statistics - Year over Year Average Price change
| Yr/Yr Change | Monthly Change | |
| Detached | -21.1% | 0.8% |
| Semi Det | -19.0% | 4.5% |
| Townhouse | -18.0% | 1.8% |
| Condo Towns | -18.4% | 5.9% |
| Condo Apartment | -18.0% | 5.2% |
Milton Statistics - Year over Year Average Price change
| Yr/Yr Change | Monthly Change | |
| Detached | -17.6% | 7.1% |
| Semi Det | -20.1% | -0.6% |
| Townhouse | -14.4% | 2.7% |
| Condo Towns | -9.1% | 4.8% |
| Condo Apartment | -11.4% | 6.7% |
Vaughan Statistics - Year over Year Average Price change
| Yr/Yr Change | Monthly Change | |
| Detached | -10.0% | -3.4% |
| Semi Det | -15.3% | 4.8% |
| Townhouse | -12.0% | 3.0% |
| Condo Towns | -11.5% | -4.3% |
| Condo Apartment | -12.5% | 3.6% |
The sales volume for the GTA Market was down by 36.5% when compared to March 2022. However, the number of sales were up 43% when compared to last month. The number of new listings were down 44.3%, keeping the inventory level at 1.47 months at the end of March 2023.
The year over year average sale price for all home types was down by 14.6%, but the average price is up 6.7% since January 2023. This month over month growth can be attributed to a lack of new listings which seems to have created a surge in demand.
The average price of a home in the GTA for March 2023 was $1,108,606 which is the highest average price recorded since June 2022. The year over year average home price will continue to be lower, as the next few months of this year will be compared to the peak of the market from January to March, 2022.
If you are a first time Buyer, this might be a good time to take advantage of the sluggish market conditions and buy your first home. The interest rates may be higher now, but the prices have stabilized and come down an average of $200,000. Also, in most cases the gap between the average price of a condo and a detached home is at least $250,000 lower than it was at the peak of the market, so this is a great opportunity for move up buyers.
If you need to sell, the key in the present market is to price effectively and strategically market the property, staging and presentation play a key role as well. Also, we can arrange for 3D Virtual tours to facilitate virtual showings to reduce the number of in-person showings.
Please feel free to contact me if you would like me to provide you with detailed market statistics for your area or property.
