The Toronto real estate market as of November 2023 exhibits the following trends:
- Average Sold Prices: The average home sold price in the Greater Toronto Area (GTA) for October 2023 was $1,125,928, a 3.4% increase year-over-year. This reflects a steady growth trend, with prices increasing by 1% from the previous month and by 4% since August 2023.
- Property Type Price Trends: The price trends varied by property type:
- Detached homes saw an average price increase of 5.7% year-over-year to $1.45M.
- Semi-detached homes experienced a 2.2% year-over-year increase to an average price of $1.10M.
- Freehold townhouses showed a 1.8% year-over-year increase to $1.04M.
- Condo apartments, however, witnessed a decrease in average price by 1.1% year-over-year to $709k.
- Buyer’s Market Conditions: Despite the price increases, the GTA has been in a buyer’s market for the past two months, with a sales-to-new-listings ratio (SNLR) of 32%. This indicates more properties are available than buyers, giving buyers more leverage in negotiations. The benchmark home price for October 2023 was $1,103,600, up 1% year-over-year but slightly down 2% from the previous month.
- Home Sales and Listings: There were 4,646 home sales in the GTA in October 2023, down 6% from the same period last year and relatively unchanged from the previous month. New listings in the GTA are up 39% year-over-year to 14,397, with active listings increasing by 50% to 19,540 in October 2023.
- Regional Variations:
- The City of Toronto’s average home sold price was $1,127,635 in October 2023, nearly identical to the GTA’s average, with sales numbers showing a 5% monthly increase and a 3% year-over-year decrease.
- York Region (including Markham, Vaughan, and Richmond Hill) saw a 3% month-over-month decrease in home prices to $1,293,179.
- Halton Region (including Burlington, Oakville, and Milton) experienced a 4% month-over-month increase to $1,199,254.
- Durham Region saw a significant 6% month-over-month increase to $804,047.
- Brampton’s housing market observed a 4% monthly decrease to $999,458, while Mississauga experienced an 8% monthly increase to $1,106,263, up 12% year-over-year.
These trends indicate a market that is strong and resilient, yet currently favoring buyers, with varying dynamics across different regions and property types in the Greater Toronto Area.