Column Toronto Real Estate Brokerage Royal LePage RES Ltd/Johnston and Daniel Division Toronto REALTORS® Louise Dodd and Jason Dodd
Column Middle Toronto REALTOR® Louise Dodd Toronto REALTOR® Jason Dodd Toronto Real Estate Services Toronto Real Estate for Sale Previous Toronto Real Estate Sales Toronto Real Estate Information and Other Information

February Real Estate Market

Toronto Real Estate Board February MLS sale statistics:

  • GTA single family home sales including condominiums - 4783.
  • Volume - down 47%, compared to February 2022 9028 sales.
  • Volume - up 54% compared to January 2023 3100 sales.
  • Average price of a GTA single family home - $1,073,138.
  • Down 9.8% from 2022's average price of $1,189,917.

(The GTA is Burlington to Clarington, Lake Ontario to Lake Scugog)

“New listings continued to drop year-over-year in the GTA. Recently released Ipsos polling suggests buying intentions have picked up for 2023. This increased demand will run up against a constrained supply of listings and lead to increased competition between buyers. This will eventually lead to renewed price growth in many segments of the market, especially those catering to first-time buyers facing increased rental costs,” said TRREB Chief Market Analyst Jason Mercer.

We track MLS sales daily.

  • November 2016 to May 30th 2017, 90% of central district properties sold over asking price.
  • February 2023 45-85% of central district properties sold for over asking price daily.

(Central districts cover the Lake to York Mills, and the Humber River to Victoria Park.)

The February residential resale market was a slow market and "mixed".

  • Central Toronto freehold inventory was limited.
  • Some properties are unsold after 2, 3 months or more.
  • Some under priced or reasonably priced homes sell in "bidding wars".
  • A few homes sell within a day or two of coming to market on MLS.
  • Buyers will pay a premium for recently and well renovated homes, whether freehold or condominium.

Average GTA Prices 1989 to 2022

1989
$273,688
2006
$351,941
1990
$255,020
2007
$376,236
1991
$234,313
2008
$379,347
1992
$214,971
2009
$395,460
1993
$206,490
2010
$431,276
1994
$208,921
2011
$465,014
1995
$203,028
2012
$497,130
1996
$198,150
2013
$522,958
1997
$211,307
2014
$566,624
1998
$216,815
2015
$622,120
1999
$228,372
2016
$729,837
2000
$243,255
2017
$822,572
2001
$251,508
2018
$787,865
2002
$275,231
2019
$819,279
2003
$293,067
2020
$929,636
2004
$315,231
2021
$1,095,333
2005
$335,907
2022
$1,189,917
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