June Toronto Real Estate Market Stats: Up 14% since January (2023)

Welcome to our latest market update! It's hard to believe that we're already halfway through 2023. The Toronto real estate market continues to be dynamic and exciting. In the GTA, residential real estate prices have seen a significant 14% increase since January 2023.

Despite the rise in prices, the demand for real estate remains high. Although June 2023 experienced a slight drop in the number of transactions and average prices compared to May 2023, this can be attributed to the uncertainty surrounding the Bank of Canada's future decisions on inflation and interest rates, as well as the seasonal dips that typically occur during this time of year.

According to the Toronto Regional Real Estate Board (TRREB), sales in the GTA were up 16.5% to 7,481 in June 2023 compared to the same period last year. However, the number of active listings decreased by 12.3% during this time. The increase in demand coupled with the decrease in supply has led to tighter market conditions this June, resulting in an average selling price of $1,182,120, representing a 3.2% increase compared to last year.

TRREB President Paul Baron emphasizes, "The demand for ownership housing is stronger than last year, despite higher borrowing costs. However, uncertainty surrounding the Bank of Canada's outlook on inflation and interest rates, along with a persistent lack of inventory, likely sidelined some willing buyers who couldn't find a home that met their needs. It's simple: you can't buy what isn't available."

Now, let's delve into the regional statistics across the GTA, including Toronto, Mississauga, Oakville, Durham Region, York Region, and Brampton.

GTA Real Estate Market Stats:

In June 2023, the average sale price for all home types in the GTA decreased by 9% to $1,144,512 (year-to-date). However, when comparing the average year-over-year price in the GTA, prices increased by 3.2% to $1,182,120. When focusing on condos in the GTA, prices experienced a slight decline of 1% to $739,395 (year-over-year), but the number of sales increased by 26.5% (2,122 condo sales).

Toronto Real Estate Market Stats:

In June 2023, the average sale price for all home types in Toronto declined by 6.6% to $1,116,697 (year-to-date). However, when comparing the average year-over-year price in Toronto, prices remained consistent with last year, averaging $1,152,424. When examining condos in Toronto, prices saw a marginal decrease of only 0.1% to $770,423 (year-over-year), while the number of sales increased by 23.3%.

Mississauga Real Estate Market Stats:

Ithe average sale price for all home types in Mississauga decreased by 8.2% to $1,072,651 (year-to-date). However, when comparing the average year-over-year price in Mississauga, prices slightly increased by 1.7% to an average of $1,112,531. Condo prices in Mississauga experienced a decline of 3.6% to $636,012 (year-over-year), while the number of sales increased by 9.2%.

Oakville Real Estate Market Stats:

In June 2023, the average sale price for all home types in Oakville decreased by 8.4% to $1,551,596 (year-to-date). However, when comparing the average year-over-year price in Oakville, prices rose by 9.2% to an average of $1,568,200. Condo prices in Oakville dropped by 6.5% to $791,898 (year-over-year), but the number of sales increased by a significant 68.8%.

Durham Region Real Estate Market Stats:

When examining all home types in June 2023, the average sale price for all home types in the Durham Region decreased by 13.4% to $951,612 (year-to-date). However, when comparing the average year-over-year price in the Durham Region, prices increased by 3.1% to an average of $999,787. Condo prices in the Durham Region declined by 4.7% to $609,667 (year-over-year), while the number of sales increased by 34.1%.

York Region Real Estate Market Stats:

York Region experienced a 7.8% decrease in the average sale price of all home types, amounting to $1,355,781 year-to-date. However, when compared to the average year-over-year price, there was a positive growth of 6.4%, bringing the average price to $1,391,215. As for condo prices in the York Region, there was a slight decline of 1.1% to $719,400 year-over-year, but this was accompanied by a significant increase in the number of sales, which rose by an impressive 39.2%.

Brampton Real Estate Market Stats:

Lastly, let's explore Brampton, where all home types in June 2023, the average sale price for all home types in Brampton decreased by 14.8% to $1,071,962 (year-to-date). However, when comparing the average year-over-year price in Brampton, prices increased by 4.7% to an average of $1,113,948. Condo prices in Brampton rose by 2.8% to $610,473 (year-over-year), while the number of sales increased by 23.3%.

If you're interested in diving deeper into these stats please let me know. Happy to provide more details on specific property types and their current price averages. Want to know how much your property is worth in the current real estate climate? Reach out and we can provide a free value estimate. The market is ever-changing, so if you’re considering buying, selling, or investing in real estate or simply want to discuss the current market conditions, please reach out to our experienced team of Toronto real estate agents. We're here to help you achieve your real estate goals.