- The average home sold price in the Greater Toronto Area (GTA) increased 0.3% year-over-year to $1,082,496 for August 2023.
- Strong growth in new listings, along with sluggish sales, is helping to bring down home prices as supply increases.
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Detached home average price increased by 2.7% year-over-year to $1.42M.
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Semi-detached home average price increased by 7% year-over-year to $1.07M.
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Freehold townhouse average price increased by 3.6% year-over-year to $1.02M.
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Condo apartment average price decreased by 0.8% year-over-year to $706k.
In August 2023, home prices in the City of Toronto took a notable dip, falling by 6% compared to the previous month and showing a 2.5% decrease year-over-year. This brought the average home price in the city for August to $1,005,945. This decline was more significant than what was observed in other Greater Toronto Area (GTA) cities, such as Brampton, where prices decreased by 4% monthly, or Mississauga, which experienced nearly no change in prices for the month. Consequently, the City of Toronto's annual price growth shifted to -2.5%, a stark contrast to the 5% year-over-year increase reported just last month.
Turning our attention to other regions, home prices in York Region, encompassing areas like Markham, Vaughan, and Richmond Hill, slipped by 1% on a month-to-month basis, resulting in an average price of $1,339,742. Similarly, Halton Region, which includes Burlington, Oakville, and Milton, saw a 2% monthly decrease in home prices, bringing the average to $1,230,389. In Durham Region, specifically in Oshawa, housing prices dipped by 2% on a monthly basis, with the average price reaching $815,098.
Across the Greater Toronto Area, various types of properties exhibited price fluctuations on a monthly basis. In August 2023, the average price of a detached home in the GTA was $1,416,366, reflecting a minor 3% increase year-over-year but a 1% decrease compared to the previous month.
Semi-detached homes experienced the most significant annual price change, with a 7% increase year-over-year, resulting in an average price of $1,067,980. However, this marked a 3% decrease from the previous month.
Condominiums witnessed a more substantial 4% monthly decline in average prices, also showing a 1% decrease year-over-year, with an average price of $705,572