GTA Real Estate Market Update - October 2023

Dated: October 13 2023

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The Resale Real Estate Statistics for the Month of September 2023 are in and here are the Key Facts

- 4,642 sales reported through Toronto Real Estate Board’s MLS (down 7.1% from Sep 2022).


- Average selling price of all home types was up 3.0% year over year.


- 4.0 months of standing inventory.


Here are some additional years over year statistics based on area and type of home, that will shed some more light on the overall market conditions.


Toronto Statistics - Year over Year Average price change

Yr/Yr Change

Monthly Change

Detached

8.7%

5.4%

Semi Det

5.9%

3.7%

Townhouse

2.9%

2.5%

Condo Towns

1.5%

-5.1%

Condo Apartment

-4.8%

1.0%

Mississauga Statistics – Year over Year Average Price change

 

Yr/Yr Change

Monthly Change

Detached

-0.1%

-7.9%

Semi Det

8.7%

3.7%

Townhouse

6.7%

7.5%

Condo Towns

-2.6%

-6.9%

Condo Apartment

2.2%

3.6%

Brampton Statistics - Year over Year Average Price change

 

Yr/Yr Change

Monthly Change

Detached

2.8%

-1.3%

Semi Det

-0.8%

0.4%

Townhouse

-1.8%

-1.3%

Condo Towns

-1.7%

-2.7%

Condo Apartment

-4.5%

-1.5%

Milton Statistics - Year over Year Average Price change

Yr/Yr Change

Monthly Change

Detached

-6.6%

-4.9%

Semi Det

-0.5%

0.0%

Townhouse

1.3%

-4.9%

Condo Towns

14.7%

-0.8%

Condo Apartment

-4.2%

-6.3%

Oakville Statistics - Year over Year Average Price change

Yr/Yr Change

Monthly Change

Detached

1.8%

0.0%

Semi Det

-11.0%

-3.2%

Townhouse

-0.3%

-4.9%

Condo Towns

11.2%

-2.7%

Condo Apartment

2.5%

-8.9%

The sales volume for the GTA Market was down by 7.1% when compared to September 2022. The number of new listings was up 44%, raising the inventory level to 4.0 months at the end of September 2023.

The year over year average sale price for all home types was up by 3.0%, and up 3.4% compared to August 2023 (last month), showing a strong recovery going into the fall market.  The average price for all home types is down 6.4% since the peak in May this year.

The average price of a home in the GTA for Sep 2023 was $1,119,428, which is up 7.8% since January 2023. The year over year average home price will stabilize for the next few months due to a spike in inventory levels across all home types.

If you are a first time Buyer, this might be a good time to take advantage of the sluggish market conditions and buy your first home. In most cases the gap between the average price of a condo and a detached home is at least $200,000 lower than it was at the peak of the market, so this is a great opportunity for move up buyers.

If you need to sell, the key in the present market is to price effectively and strategically market the property, staging and presentation play a key role as well.   

Please feel free to contact me if you would like me to provide you with detailed market statistics for your area or property.

Blog author image

Gary Singh

Gary has been providing real estate services to his clients since 2001.  With over 80% of his business coming through referrals & repeat customers, its obvious that his commitment to his clie....

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