In March 2023, the Toronto housing market became more competitive as sales made up a bigger portion of listings compared to the same month last year. This means that homebuyers are facing more competition than before. For the first time since May 2022, the average selling price was higher than the average listing price.
Real estate professionals in the Greater Toronto Area (GTA) have noticed increased competition among buyers in many neighborhoods. Recent surveys indicate that the demand for homes will keep growing this year, with first-time buyers leading the way. This is partly because high rent prices are pushing more people towards home ownership.
In March 2023, there were 6,896 home sales reported in the GTA, a 36.5% decrease compared to March 2022. However, both actual and seasonally adjusted sales increased month-over-month. New listings also decreased compared to last year, but at a much higher rate, making the market tighter than before.
Lower inflation and uncertainty in financial markets have caused borrowing costs to decrease. This makes it easier for people to afford homes, especially as prices are expected to rise in the second half of 2023 due to tighter market conditions.
The MLS® Home Price Index showed a 16.2% decrease in home prices year-over-year, but an increase month-over-month. The average selling price dropped 14.6% year-over-year to $1,108,606, but increased on a month-over-month basis.
With population growth and immigration driving demand, first-time homebuyers will continue to be a strong force in the market. However, it’s important to also have enough rental options available since there’s currently a shortage of rental supply.
This comprehensive market update highlights sales data and average home prices for each region within the Greater Toronto Area (GTA) and beyond.
Halton Region saw a total of 731 sales, with an average home price of $1,267,636. This resulted in a dollar volume of $926,641,693. Within Halton Region, the sales and average home prices for each city were as follows:
- Burlington: 239 sales, $1,040,336 average price
- Halton Hills: 68 sales, $1,113,887 average price
- Milton: 146 sales, $1,133,210 average price
- Oakville: 278 sales, $1,571,254 average price
Peel Region recorded 1,281 sales, with an average home price of $1,053,738 and a total dollar volume of $1,349,838,793. The city-specific breakdown for Peel Region is:
- Brampton: 604 sales, $1,030,637 average price
- Caledon: 89 sales, $1,324,050 average price
- Mississauga: 588 sales, $1,036,553 average price
City of Toronto saw 2,521 sales and an average home price of $1,054,563, which amounted to a dollar volume of $2,658,553,448. The city was divided into three regions:
- Toronto West: 655 sales, $984,046 average price
- Toronto Central: 1,266 sales, $1,117,383 average price
- Toronto East: 600 sales, $998,993 average price
York Region reported 1,248 sales with an average home price of $1,344,511, leading to a dollar volume of $1,677,949,469. The sales and average prices for each city within York Region were:
- Aurora: 91 sales, $1,452,295 average price
- East Gwillimbury: 49 sales, $1,385,635 average price
- Georgina: 96 sales, $1,049,603 average price
- King: 21 sales, $1,925,399 average price
- Markham: 311 sales, $1,319,552 average price
- Newmarket: 118 sales, $1,200,178 average price
- Richmond Hill: 200 sales, $1,449,154 average price
- Vaughan: 327 sales, $1,340,955 average price
- Stouffville: 69 sales, $1,334,216 average price
Durham Region experienced a total of 864 home sales in March 2023, with the average property price being $926,142. This brought the overall dollar volume to $800,186,267 for the region. Here’s a detailed breakdown of sales and average home prices for each city within Durham Region:
- Ajax: 134 sales, $996,001 average price
- Brock: 19 sales, $738,218 average price
- Clarington: 137 sales, $838,373 average price
- Oshawa: 250 sales, $813,747 average price
- Pickering: 118 sales, $1,000,173 average price
- Scugog: 18 sales, $887,403 average price
- Uxbridge: 25 sales, $1,329,780 average price
- Whitby: 163 sales, $1,025,545 average price