GTA Real Estate Market June 2023

GTA Real Estate Market June 2023 Summary

As per the June 2023 TRREB Market Watch Report, home sales and the average price at which homes were sold in the GTA in June 2023 remained higher than last year. Adjusted for seasonal variations, sales decreased compared to the previous month.

According to the TRREB report, demand for owning homes is stronger than last year, despite higher borrowing costs. However, uncertainty surrounding the Bank of Canada’s stance on inflation and interest rates, along with a persistent lack of available homes, affected sales last month.

While home sales across the GTA for the month of June were about 20% less than May (7,481 vs. 8,997), the average June home price was only about 1% lower than May ($1,182K vs. $1,195K).

TRREB reported 7,481 sales in June 2023, which is a 16.5% increase compared to June 2022. The number of listings decreased by 3% during the same period. The increase in sales compared to last year, coupled with the decrease in new listings, created tighter market conditions in June. The average selling price rose by 3.2% to $1,182,120.

TRREB report further adds that a strong economy, a tight labor market, and a growing population contributed to the higher sales compared to last year. The Bank of Canada’s interest rate decision and its guidance on inflation and borrowing costs for the rest of 2023 will determine the extent of sales and price recovery.

GTA Real Estate Market June 2023 Stats

Average Home Prices by City June 2023
Detached   Semi 
City of Toronto$1,785,128$1,408,550$892,843$770,423
GTA Monthly Statistics as per TRREB Reports

Avg. Price

Home Sales
January$966K$1,242K$1,037K (BOTTOM)6,8875,5933,087
February$1,044K$1,334K (PEAK)$1,096K10,9259,0284,754

Year-Over-Year Summary

GTA20232022%age Change
Sales (All Home Types)7,4816,42216.5%
New Listings15,86516,353-3%
Active Listings14,10716,087-12.3%
Average Price$1,182,120$1,145,7963.2%
Average LDOM1415-6.7%
Average PDOM1924-20.8%

Average Listing Days on Market (Avg. LDOM) refers to the average number of days sold listings were on the market. Average Property Days on Market (Avg. PDOM) refers to the average number of days a property was on the market before selling, irrespective of whether the property was listed more than once by the same combination of seller and brokerage during the original listing contract period.

Planning to Sell Your Mississauga & Area Property?

Read our last blog post on Home Selling Tips in Buyer’s Market. View our latest 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.

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 homeinvest 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.

Take Advantage of Our Experience since 2003!

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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