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

August Real Estate Market

Toronto Real Estate Board August MLS sale statistics:

  • GTA single family home sales including condominiums - 5294.
  • Volume - down 5.2%, compared to August 2022 5584 sales.
  • Volume - up 0.1% compared to July 2023 5245 sales.
  • Average price of a GTA single family home - $1,134,781.
  • Down 4.6% from 2022's average price of $1,189,746.

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

“More balanced market conditions this summer compared to the tighter spring market resulted in selling prices hovering at last year’s levels and dipping slightly compared to July. As interest rates continued to increase in May, after a pause in the winter and early spring, many buyers have had to adjust their offers in order to qualify for higher monthly payments. Not all sellers have chosen to take lower than expected selling prices, resulting in fewer sales,” 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.
  • August 2023 0-65% of central district properties sold for over asking price daily. (Based on district.)

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

The August residential resale market was a slow and mixed market.

  • Central Toronto freehold inventory remained limited, although new listings were up.
  • Some properties are unsold after 2, 3 months or more.
  • Some under priced or reasonably priced homes sold in "bidding wars".
  • The 3.4 months of condo resale supply on the market was the highest level since 2014 and above the 10 year average of 2.4 months.
  • Condo prices decreased 0.9% annually to an average of $705,572.
  • Condominium apartment assignment sales are now selling for what the value was four years ago.

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
$1,189,746
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