This Month in Real Estate | June 2023

Stats

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

	Sales	Sale Price	DOM	Average Sale to List Price
Detached	253	$1,602,425	13	101%
Semi-Detached	89	$1,105,754	11	106%
Condo Townhomes	122	$855,074	13	104%
Condo Apartments	189	$636,012	16	100%

Oakville Stats

	Sales	Sale Price	DOM	Average Sale to List Price
Detached	132	$2,140,659	15	101%
Semi-Detached	6	$1,258,833	6	100%
Condo Townhomes	24	$991,550	12	103%
Condo Apartments	54	$791,898	30	98%
Freehold Townhomes	51	$1,233,466	9	106%

Burlington Stats

	Sales	Sale Price	DOM	Average Sale to List Price
Detached	139	$1,491,135	14	100%
Semi-Detached	11	$1,099,303	6	105%
Condo Townhomes	33	$869,521	11	102%
Condo Apartments	54	$667,668	24	99%

Brampton Stats

	Sales	Sale Price	DOM	Average Sale to List Price
Detached	318	$1,307,542	12	103%
Semi-Detached	103	$1,019,653	9	106%
Condo Townhomes	50	$756,195	16	103%
Condo Apartments	37	$610,473	20	100%
Freehold Townhomes	87	$940,493	13	104%

Toronto-West Stats

	Sales	Sale Price	DOM	Average Sale to List Price
Detached	266	$1,521,700	11	105%
Semi-Detached	88	$1,197,759	13	107%
Condo Townhomes	50	$837,098	18	100%
Condo Apartments	291	$681,350	21	101%

“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