GTA Real Estate Market July 2023 Summary
As per the July 2023 TRREB Market Watch Report, there were more houses listed for sale and their prices were higher compared to July 2022. The housing market was more balanced in July than in June, with fewer sales happening but more new listings being added.
The strong sales momentum we saw in the spring has slowed down since the Bank of Canada started raising interest rates again in June.
In July 2023, there were 5,250 home sales reported by GTA REALTORS®, which is 7.8% more than in July 2022. During the same period, new listings also increased, but at a higher rate of 11.5%. The average selling price also went up by 4.2% to $1,118,374 during the same time.
In terms of comparison with the GTA real estate market performance in June 2023, the average selling price was $64K lower in July and the number of sales were also down by 2,231 (see chart below).
When considering the seasonal adjustments on a monthly basis, the number of sales declined for the second consecutive month, while new listings increased. The average selling price also slightly decreased after seasonal adjustments.
Uncertainty about borrowing costs, job opportunities, and the overall economy has affected home sales in the last two months. In the long term, there will be strong demand for homes due to the record population growth. However, in the short term, many potential buyers may wait until there is more clarity about monetary policy and the economy.
The government is planning for high levels of immigration in the future, but not much progress has been made in creating more affordable homes to accommodate this growth. Population growth is important for the economy, but it won’t be sustainable if people can’t find affordable places to live.
Planning to Sell Your Mississauga & Area Property?
Read our last blog post on Home Selling Tips in Buyer’s Market. View our latest SOLD listing: Semi-detached home for sale in the Meadowvale neighbourhood of Mississauga. Here you can see an example of our full home staging service as well as top photography, videography and drone filming. Here is what our Seller clients have to say about our service:
“We highly recommend Amit Kalia for his outstanding services. Despite the challenges of the market, Amit and Team managed to sell our home within an impressive 40 days. His dedication to our success was evident through his weekly open houses, full home staging, and innovative use of videos and drone videography. Amit’s commitment extended beyond marketing strategies. His regular follow-up with buyer agents, strong negotiation skills, and excellent networking with local realtors proved invaluable. Throughout the process, Amit’s patience and regular communication made the entire experience stress-free. For an exceptional real estate experience, choose Team Kalia. You won’t be disappointed”. – Pratik and Karla
Need a consultation for Selling Your Home or Condo in the current market? Simply pick up the phone and give us a call at 905-339-5111 for a Free Seller Session & Home Evaluation.
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If you are planning to buy your first home, invest in real estate or downsize, Team Kalia is just a phone call away.
In addition to Square One Condos in Mississauga, Downtown & Midtown Toronto Condos are gaining momentum and make for a great investment in the current market.
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Team Kalia is among one of the top performing REALTOR® Teams in the City of Mississauga. Take advantage of our superior selling to asking price ratio and fewer number of days on market to net more dollars in your pocket and to sell your home faster.
We serve Mississauga, Milton, Brampton, Oakville, Burlington, Hamilton, Ancaster, Toronto markets and serve other markets too in & around the GTA, based on client requirement.
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