In March 2023, the average property price in the Greater Toronto Area (GTA) reached $1,108,606, the highest level since June 2022. This comes after a 23-month low in prices was observed in January 2023. The Greater Toronto Area (GTA) saw the sale of 6,896 properties in March 2023 as prices continued to rise.
Toronto home prices and sales peaked in the first quarter of last year, which makes this month’s year-over-year change smaller than it would have been otherwise. The average property price in the Greater Toronto Area is 15% lower than it was a year ago, but 1% higher than it was one month ago. Similarly, Greater Toronto Area property sales are down 37% year-over-year but up 44% month-over-month. The benchmark property price in the Greater Toronto Area decreased 16% year-over-year to $1,118,500 in March 2023.
The average price in Toronto for March 2023 increased by 7% from the start of the year to $1,054,563. Other GTA housing markets, however, have experienced greater year-to-date (YTD) and year-over-year changes in home prices. The average home price in Brampton experienced a 21% annual decline to $1,030,637, up 3% YTD, while the housing market in Mississauga experienced a 12% annual decline to $1,036,555, up 12.5% YTD.
York Region, which consists of Markham, Vaughan, and Richmond Hill, has witnessed an 11% annual decline in home prices to $1,344,511 (up 5% YTD). Halton Region, which includes Burlington, Oakville, and Milton, has experienced a 16% year-over-year decline in property values to $1,267,636 (up 13% YTD). Oshawa’s housing market in Durham Region has experienced a 19.5% annual decline in prices to $813,747 (up 5% YTD).
Even though some property types are experiencing modest month-over-month price increases in the Greater Toronto Area, all property types are experiencing year-over-year price declines. This is due to the fact that last year’s prices increased significantly before reaching their peak in the spring of 2022. This amplifies the disparity when comparing changes from year to year. Greater Toronto Area detached home prices averaged $1,468,651 in March 2023, a 13.5% decrease year-over-year and a 2% increase month-over-month. The average price for semi-detached homes was $1,087,924, down 17% from the previous year and up 2% from the previous month.
The average price of freehold townhomes was $1,036,571, down 14.5% year-over-year and 1% month-over-month. The average price of condominium townhomes was $813,036, a decrease of 14% annually. The average condo price was $703,566, a 13% decrease from the previous year. As mortgage rates in Canada moderate, a cessation of rate rises by the Bank of Canada may result in a reduction in financing costs. Along with renewed demand from buyers, this could support the sustained recovery of the Toronto housing market. This month, the average ratio of sales price to list price was 101 percent, indicating that the average home sold for 1% more than its list price. This is the first time since May 2022 that the ratio has exceeded 100%.