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

Nov 20, 2023 | Market News

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

Balanced market conditions continued in October while supply became more abundant. For context, across all of the Toronto Regional Real Estate Board new listings were up 38% year over year, and there were 50% more active listings on the market as compared to October 2022.

Note that we were at a 12 year historic inventory low in October 2022.

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

◼️ Toronto home values trending at the same pace month over month with values flat. Toronto average freehold detached home price up 6.7% year/year. Condo townhouses down 4% and condo apartments down 1.5%

◼️ Mississauga detached home sales outperformed all of the other areas in our report with values up $120,000 month over month and 12.6% year/year.

◼️ Oakville experienced the largest drop in month over month average detached home prices down $200,000 from September 2023 and down 4.3% year/year. It’s been a long time since we’ve seen the Oakville average detached home price under $1.8 million. This is a great opportunity for those who may have been priced out of Oakville in the past.

◼️ Steep drop in Oakville condo townhouses down $230,000 month over month and down a whopping 20% year/year. This is a terrific category for investors to buy in at these prices and rent as the rental market has shot up.

◼️ Burlington average detached home prices up a healthy $100,000 month over month and a more modest 2.2% year/year. Condo apartments down slightly month/month however they took a dive in values year/year down almost 18%. Another excellent opportunity for investors.

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

𝗪𝗮𝗻𝘁 𝘁𝗼 𝗸𝗻𝗼𝘄 𝘄𝗵𝗮𝘁’𝘀 𝗵𝗮𝗽𝗽𝗲𝗻𝗶𝗻𝗴 𝗶𝗻 𝘆𝗼𝘂𝗿 𝗻𝗲𝗶𝗴𝗵𝗯𝗼𝘂𝗿𝗵𝗼𝗼𝗱? Obtain a personalized market analysis by booking a complimentary Buyer or Seller consultation by completing the form below, or give us a call anytime at 647-293-3785

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