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Toronto and West GTA Real Estate Market Update – March 2023

Apr 24, 2023 | Market News

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

Competition between Buyers is on the rise with 𝐭𝐡𝐞 𝐚𝐯𝐞𝐫𝐚𝐠𝐞 𝐬𝐚𝐥𝐞 𝐩𝐫𝐢𝐜𝐞 𝐚𝐛𝐨𝐯𝐞 𝐭𝐡𝐞 𝐚𝐯𝐞𝐫𝐚𝐠𝐞 𝐥𝐢𝐬𝐭 𝐩𝐫𝐢𝐜𝐞 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐟𝐢𝐫𝐬𝐭 𝐭𝐢𝐦𝐞 𝐬𝐢𝐧𝐜𝐞 𝐌𝐚𝐲 𝟐𝟎𝟐𝟐.

News articles talk about the real estate market being on an upward trajectory, which it has been across most home types – however this is specific to the neighbourhood, product type and price point. Price growth has been sensible.

We have been in multiple offers for some of our Buyer clients recently, and have also not been in multiples, successfully negotiating down on the asking price – an example of the tempo in today’s market.

When you look at the year/year numbers they’re down across the board as March 2022 was a record time in the market and not a great comparison to today.

Here are our notable take away’s from March 2023’s real estate market activity which focuses on the month over month comparison from February to March. 📑

◼️ In Toronto, all property type values flat month over month (vs February 2023), except for freehold townhouses – down $90k

◼️ Mississauga property values flat month over month, except for freehold townhouses – up $70k

◼️ Surprising result for Oakville with the average price of a freehold home 𝗱𝗼𝘄𝗻 $𝟭𝟮𝟬𝗸 month over month and a 𝗺𝗮𝘀𝘀𝗶𝘃𝗲 𝗱𝗿𝗼𝗽 𝗶𝗻 𝗢𝗮𝗸𝘃𝗶𝗹𝗹𝗲 𝗰𝗼𝗻𝗱𝗼𝗮𝗽𝗮𝗿𝘁𝗺𝗲𝗻𝘁𝘀 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲 𝗮𝘃𝗲𝗿𝗮𝗴𝗲 𝗽𝗿𝗶𝗰𝗲 𝗱𝗼𝘄𝗻 $𝟯𝟬𝟬𝗸 𝘃𝘀. 𝗙𝗲𝗯𝗿𝘂𝗮𝗿𝘆

◼️ Burlington with the majority of increase in home values month over month: Detached up $50k, townhouses up $48k, condo townhouses up $90k, however 𝗮 𝗯𝗶𝗴 𝗱𝗿𝗼𝗽 𝗳𝗼𝗿 𝗰𝗼𝗻𝗱𝗼 𝗮𝗽𝗮𝗿𝘁𝗺𝗲𝗻𝘁𝘀 – 𝗱𝗼𝘄𝗻 $𝟭𝟰𝟬𝗸 𝗼𝘃𝗲𝗿 𝘁𝗵𝗲 𝗺𝗼𝗻𝘁𝗵 𝗽𝗿𝗶𝗼𝗿

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

𝗪𝗮𝗻𝘁 𝘁𝗼 𝗸𝗻𝗼𝘄 𝘄𝗵𝗮𝘁’𝘀 𝗵𝗮𝗽𝗽𝗲𝗻𝗶𝗻𝗴 𝗶𝗻 𝘆𝗼𝘂𝗿 𝗻𝗲𝗶𝗴𝗵𝗯𝗼𝘂𝗿𝗵𝗼𝗼𝗱?  Stay up to date with our detailed market analysis by booking a complimentary Buyer or Seller consultation with us via the form below.

Toronto Real Estate Market Update March 2023Mississauga Real Estate Market Update March 2023Oakville Real Estate Market Update March 2023Burlington Real Estate Market Update March 2023