GTA Real Estate Market October 2023
GTA Real Estate Market October 2023 Summary
As per the October 2023 TRREB Market Watch Report, the Greater Toronto Area (GTA) faced issues of affordability and uncertainty for potential home buyers, leading to a decrease in sales compared to the previous year.
- However, housing prices remained higher than the previous year.
- Factors such as population growth and a resilient economy kept the overall demand for housing strong, but more interest was directed towards the rental market due to high borrowing costs and interest rate uncertainty.
- When mortgage rates decrease, it is expected that home sales will pick up.
- GTA had 5.8% fewer home sales in October 2023 compared to October 2022.
- New listings increased in October 2023 compared to the previous year but were more modest when compared to the 10-year average for October.
- Home prices, as indicated by the MLS® Home Price Index Composite benchmark and the average selling price, increased year-over-year.
- Prices remained above the lows experienced at the beginning of 2023.
- Competition among buyers helped keep the average selling price above last year’s level.
- However, home prices were still below the record peak from early 2022, mitigating the impact of higher borrowing costs to some extent.
- The absence of relief for uninsured mortgage holders at the end of their terms, in the current high borrowing cost environment, was noted as disappointing.
- The Office of the Superintendent of Financial Institutions was suggested to eliminate qualification rules for renewing mortgages with a different institution following recent consultations.
GTA Real Estate Market October 2023 Stats
| Average Home Prices by City October 2023 | ||||
| Detached | Semi Detached | Condo Townhouse | Condo Apartment | |
| Mississauga | $1,564,286 | $980,912 | $791,564 | $626,630 |
| Milton | $1,334,432 | $1,009,042 | $757,100 | $652,044 |
| Oakville | $1,784,427 | $1,078,296 | $921,014 | $811,372 |
| Burlington | $1,455,498 | $963,500 | $845,843 | $625,759 |
| Brampton | $1,146,658 | $916,339 | $712,537 | $519,000 |
| City of Toronto | $1,718,440 | $1,278,347 | $827,644 | $729,160 |
| GTA Monthly Statistics as per TRREB Reports | ||||||
|---|---|---|---|---|---|---|
Avg. Price | Home Sales | |||||
| 2021 | 2022 | 2023 | 2021 | 2022 | 2023 | |
| January | $966K | $1,242K | $1,037K (BOTTOM) | 6,887 | 5,593 | 3,087 |
| February | $1,044K | $1,334K (PEAK) | $1,096K | 10,925 | 9,028 | 4,754 |
| March | $1,097K | $1,298K | $1,108K | 15,627 | 10,864 | 6,876 |
| April | $1,090K | $1,250K | $1,153K | 13,613 | 7,941 | 7,501 |
| May | $1,108K | $1,210K | $1,195K | 11,902 | 7,229 | 8,997 |
| June | $1,089K | $1,145K | $1,182K | 11,052 | 6,424 | 7,481 |
| July | $1,061K | $1,073K | $1,118K | 9,338 | 4,871 | 5,250 |
| August | $1,070K | $1,079K | $1,082K | 8,550 | 5,591 | 5,281 |
| September | $1,135K | $1,086K | $1,119K | 9,010 | 5,008 | 4,642 |
| October | $1,155K | $1,087K | $1,125K | 9,743 | 4,930 | 4,646 |
| November | $1,162K | $1,079K | 8,979 | 4,534 | ||
| December | $1,157K | $1,051K | 6,013 | 3,117 | ||
| Annual | $1,095K | $1,189K | $1,132K | 121,639 | 75,140 | 58,367 |
Year-Over-Year Summary
| GTA | 2023 | 2022 | %age Change |
|---|---|---|---|
| Sales (All Home Types) | 4,646 | 4,930 | -5.8% |
| New Listings | 14,397 | 10,433 | 38.0% |
| Active Listings | 19,540 | 13,019 | 50.1% |
| Average Price | $1,125,928 | $1,087,590 | 3.5% |
| Average LDOM | 21 | 21 | 0.0% |
| Average PDOM | 32 | 33 | -3.0% |
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.
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