June 2023 saw an increase of 16.5% in sales reported on the Toronto Regional Real Estate Board (TRREB) across the Greater Toronto Area (GTA) compared to June 2022. What is interesting to note here is that while the number of sales increased, the number of new listings were down 3% across all housing styles. The average selling price also saw a jump this past month 3.2% to $1,182,120. 

Here's how the market looked across the GTA last month:

Mississauga Stats

Oakville Stats

Burlington Stats

Brampton Stats

Toronto-West Stats

“The demand for ownership housing is stronger than last year, despite higher borrowing costs. With this said, home sales were hampered last month by uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates. Furthermore, a persistent lack of inventory likely sidelined some willing buyers because they couldn't find a home meeting their needs. Simply put, you can't buy what is not available,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.

What we can take from this is that there are a lot of motivated buyers in the market who are looking for their right home. Demand is ever-present, now is a good time to think about taking advantage of a large surplus of buyers. 

*DOM = Days on Market

Looking for more data on the market? 

Take a look at our MARKET STATISTICS here!