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Toronto and West GTA Market Real Estate Market Update – July 2023

Aug 24, 2023 | Market News

𝐍𝐄𝐖𝐒𝐅𝐋𝐀𝐒𝐇! Here are the real estate market stats you need to know for July 2022 vs. 2023 home sales in Toronto, Mississauga, Oakville, Burlington 📢

New listings and home prices were up in July 2023 in comparison to July 2022 as many households have adjusted to higher borrowing costs.

On a month-over-month basis, the market experienced more balance in July compared to June with sales trending lower while new listings were up.

𝗛𝗲𝗿𝗲 𝗮𝗿𝗲 𝗼𝘂𝗿 𝗻𝗼𝘁𝗮𝗯𝗹𝗲 𝘁𝗮𝗸𝗲 𝗮𝘄𝗮𝘆’𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗝𝘂𝗹𝘆 𝟮𝟬𝟮𝟯 𝗿𝗲𝗮𝗹 𝗲𝘀𝘁𝗮𝘁𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝗮𝗰𝘁𝗶𝘃𝗶𝘁𝘆 𝗮𝗻𝗱 𝗵𝗼𝘄 𝗶𝘁 𝗰𝗼𝗺𝗽𝗮𝗿𝗲𝘀 𝗺𝗼𝗻𝘁𝗵 𝗼𝘃𝗲𝗿 𝗺𝗼𝗻𝘁𝗵 𝘄𝗶𝘁𝗵 𝗝𝘂𝗻𝗲 𝟮𝟬𝟮𝟯 📑

◼️ It’s an opportune time to buy a freehold home in the city of Toronto! The average detached home price was down $144,000 month over month, and is $272,000 less than the average price in May 2023

◼️ Semi-detached homes and freehold townhouses in Toronto both down approximately $150,000 month over month

◼️ Condo townhouses up in Toronto by $80,000 month over month – and an almost 14% increase over last year which was the largest category increase year/year. Condo apartments flat month over month and same for year/year.

◼️ Mississauga property values slightly down month over month with the most significant dip in detached homes, with the average price down $70,000. Additionally, Mississauga is the only area in our report where detached home values were down compared to last year, 3.7% to be exact.

◼️ Oakville detached home values slightly down month over month with a $39,000 decrease compared to June. Semi-detached homes down $120,000 however only 2 semis were sold thus not a fair representation.

⁣◼️ The largest jump in Oakville was in condo townhouses – up a whopping 36% year/year and $137,000 more than the average price in June

◼️ Burlington values holding steady across the board as compared to June. Detached homes up by $50,000 month over month and up 7% year/year.

◼️ Burlington semi-detached and freehold townhomes average price dipped $50,000 compared to June, however semis are up 13% over last year, while towns are up 6%. Burlington condo apartments up by $40,000 month over month and flat to last year.

Be sure to view the full details of each area within our update. Click on each image to view.⁣⁣⁣

Toronto real estate market update July 2023Mississauga real estate market update July 2023Oakville real estate market update July 2023Burlington real estate market update July 2023