July Toronto Real Estate Market Stats: Down 4% over June because of summer or Bank of Canada?

As a dedicated Toronto real estate agent, I eagerly anticipate dissecting the latest monthly statistics to keep my valued clients informed about the prevailing market trends. The recent release of the July 2023 figures by the Toronto Regional Real Estate Board offers us a valuable window into the evolving landscape. In this comprehensive report, we'll delve into seven distinct regions, providing you with an insightful breakdown. If you're seeking more granular information about specific neighbourhoods or regions, don't hesitate to reach out to our proficient team. Let's embark on this informative journey!

In the expansive Greater Toronto Area (GTA), the period spanning July 2022 to July 2023 showcased notable upswings in both property prices and sales volume. Property values experienced a robust ascent of 4.2%, while sales volume registered a commendable 7.8% increase. This growth, however, is slightly tapering due to the heightened borrowing costs. While these elevated rates have prompted a modest deceleration in sales, today's astute buyers are readily embracing the circumstances, given the persistently limited inventory. The current inventory level stands at approximately three months, implying that if no fresh listings entered the market, available homes would be depleted within this timeframe.

Intriguingly, the burgeoning demand for housing persists, a testament to the record-breaking population growth observed in the region. Yet, the surge in borrowing costs has resulted in a moderation of new construction projects. This shift raises valid concerns about the future trajectory of our housing inventory. The dearth of development initiatives directly translates to fewer new homes available for purchase, thereby perpetuating the challenge of constrained supply. It's thus foreseeable that real estate prices across Toronto and its adjoining regions will maintain stability or continue to appreciate. This projection stems from the substantial scale and expansion of our population.

GTA Real Estate Market Stats:

When we consider all housing categories in July 2023, the average sale price within the GTA experienced an 8% dip, amounting to $1,141,260 (year-to-date). However, juxtaposing the average year-over-year price within the GTA, a contrasting narrative emerges, with prices ascending by 4.2% to reach an average of $1,118,374. Focusing on condominiums within the GTA, an impressive surge of 10.3% in the number of sales (1,505 condo sales) coincided with a 2.2% price uptick, resulting in an average of $735,171 (year-over-year).

Toronto Real Estate Market Stats:

In the dynamic city of Toronto, an examination of all home types during July 2023 revealed a 5.8% downturn in the average sale price, settling at $1,110,587 (year-to-date). However, when we contrast this with the average year-over-year price, an encouraging uptick becomes evident, with prices averaging $1,066,184. Focusing on condos within Toronto, a noteworthy 5.2% surge in the number of sales (1,013 condo sales) corresponded with a 9% price decrease, translating to an average of $676,903 (year-over-year).

Mississauga Real Estate Market Stats:

Turning our attention to Mississauga, the panorama was marked by an average sale price reduction of 7.6% in July 2023, reaching $1,070,630 (year-to-date). Nonetheless, when analyzing the average year-over-year price in Mississauga, the impact was a mere 1% decline, resulting in an average price of $1,057,640. Delving into condos within Mississauga, the stage was set for a remarkable 7.8% increase in prices (year-over-year), coupled with an impressive 7.8% upswing in the number of sales (138 condo sales).

Oakville Real Estate Market Stats:

In Oakville, the narrative unveiled a 7.7% dip in the average sale price for all home types during July 2023, leading to a valuation of $1,549,095 (year-to-date). However, when we scrutinize the average year-over-year price for Oakville, a different trajectory emerges, with prices climbing by 0.3% to an average of $1,528,833. Focusing on condominiums in Oakville, we note a substantial 36.4% surge in the number of sales, which was juxtaposed by a 12.3% decrease in prices (year-over-year), resulting in an average of $823,263.

Durham Region Real Estate Market Stats:

The Durham Region, too, underwent a market shift, witnessing an 11.6% decrease in the average sale price for all home types during July 2023, with prices averaging $953,113 (year-to-date). However, considering the average year-over-year price, the outlook was different, with a 6.7% uptick leading to an average price of $961,852. The condominium segment within the Durham Region exhibited a compelling 39.5% surge in the number of sales and a 7.1% price increase (year-over-year), setting the average price at $582,722.

York Region Real Estate Market Stats:

York Region displayed a 6.5% average sale price dip for all home types during July 2023, resulting in a valuation of $1,355,778 (year-to-date). Yet, assessing the average year-over-year price, an impressive 6.4% surge was witnessed, positioning prices at an average of $1,356,977. Focusing on condos within the York Region, the stage was set for a notable 24.8% surge in the number of sales and a substantial 9.6% price increase (year-over-year), bringing the average price to $753,666.

Brampton Real Estate Market Stats:

Shifting our focus to Brampton, the landscape revealed an average sale price downturn of 13.5% for all home types in June 2023, leading to an average valuation of $1,069,532 (year-to-date). Nonetheless, when comparing the average year-over-year price, a positive trajectory emerged, with prices ascending by 2.4% to an average of $1,052,059. Turning our attention to condos in Brampton, prices experienced a modest 0.9% decrease (year-over-year), while the number of sales remained stable.

Ready to go beyond the stats!?

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Feel free to explore our process for purchasing, selling, and investing with us, and get in touch with our experienced Toronto real estate agents to discuss your unique aspirations and goals. Your real estate journey awaits!