Average price — Mean sale price across all transactions. Sensitive to the mix of homes that sold.
$1,196,101
MoM +$42,832 +3.7% up $42,832, 3.7% versus April 2023 YoY −1.4% down 1.4% versus May 2022
Source: TRREB MarketWatch, May 2023
Greater Toronto Area · TRREB MarketWatch
GTA Real Estate Market Report
May 2023
In May 2023 the average selling price across the Greater Toronto Area rose 3.7% to $1,196,101 versus April 2023, and sales jumped 19.7% to 9,012.
Headline indicators
All TRREB areas · all home types
Median price — The midpoint sale price. Less affected by a few very high or low sales than the average.
$1,035,000
MoM +$35,001 +3.5% up $35,001, 3.5% versus April 2023 YoY −1.4% down 1.4% versus May 2022
MLS® HPI benchmark — Quality-adjusted price for a typical home. The cleanest like-for-like price signal.
$1,164,400
MoM +$18,700 +1.6% up $18,700, 1.6% versus April 2023 YoY −6.8% down 6.8% versus May 2022
Sales — Firm transactions reported through the MLS® System during the month.
9,012
MoM +1,481 +19.7% up 1,481, 19.7% versus April 2023 YoY +23.7% up 23.7% versus May 2022
Dollar volume — Total value of all sales in the month.
$10.78B
MoM +$2,093,989,121 +24.1% up $2,093,989,121, 24.1% versus April 2023 YoY +22.0% up 22.0% versus May 2022
New listings — Properties newly listed during the month.
15,194
MoM +3,830 +33.7% up 3,830, 33.7% versus April 2023 YoY −18.7% down 18.7% versus May 2022
Active listings — Listings available at month end.
11,868
MoM +1,495 +14.4% up 1,495, 14.4% versus April 2023 YoY −23.1% down 23.1% versus May 2022
Avg. LDOM — Average days on market for the current listing. Not reported before 2020.
14
MoM −3 days −17.6% down 3 days, 17.6% versus April 2023 YoY +16.7% up 16.7% versus May 2022
Avg. PDOM — Average days on market across the property’s consecutive listings. Not reported before 2020.
20
MoM −4 days −16.7% down 4 days, 16.7% versus April 2023 YoY +11.1% up 11.1% versus May 2022
Avg. SP/LP — Average sale price as a share of list price. Above 100% means competing offers were common.
105%
MoM +2.0 pp +1.9% up 2.0 pp, 1.9% versus April 2023 YoY +1.9% up 1.9% versus May 2022
SNLR — Sales-to-new-listings ratio, computed here from this month’s counts. Below 40% favours buyers, above 60% favours sellers.
59.3%
MoM −7.0 pp −10.5% down 7.0 pp, 10.5% versus April 2023 YoY +52.1% up 52.1% versus May 2022
Months of inventory — Active listings divided by monthly sales — how long the current stock would take to sell. Computed here, not TRREB’s trend figure.
1.3
MoM −0 −4.4% down 0, 4.4% versus April 2023 YoY −37.9% down 37.9% versus May 2022
The month in 60 seconds
- Across all TRREB areas, new listings jumped 33.7% to 15,194 versus April 2023.
- Across all TRREB areas, sales jumped 19.7% to 9,012 versus April 2023.
- Across all TRREB areas, active listings jumped 14.4% to 11,868 versus April 2023.
- Across all TRREB areas, the average selling price rose 3.7% to $1,196,101 versus April 2023.
- Across all TRREB areas, the median selling price rose 3.5% to $1,035,000 versus April 2023.
Generated from the figures above. Ordered by size of month-over-month move.
Economy
Indicators published with this edition
Real GDP growth
3.1%
Q1 2023
Toronto employment growth
2.4%
April 2023
Toronto unemployment rate
5.6%
April 2023
Inflation (CPI, year-over-year)
4.4%
April 2023
Bank of Canada overnight rate
4.5%
May 2023
Prime rate
6.7%
May 2023
1-year mortgage rate
6.29%
May 2023
3-year mortgage rate
6.14%
May 2023
5-year mortgage rate
6.49%
May 2023
By home type
All TRREB areas
| Home type | Sales | MoM | Average price | MoM | YoY |
|---|---|---|---|---|---|
| Detached | 4,049 | +601 +17.4% up 601, 17.4% versus April 2023 | $1,556,566 | +$67,308 +4.5% up $67,308, 4.5% versus April 2023 | +0.5% up 0.5% |
| Semi-detached | 787 | +157 +24.9% up 157, 24.9% versus April 2023 | $1,198,185 | +$62,586 +5.5% up $62,586, 5.5% versus April 2023 | −0.6% down 0.6% |
| Att/row/townhouse | 824 | +183 +28.5% up 183, 28.5% versus April 2023 | $1,117,696 | +$24,136 +2.2% up $24,136, 2.2% versus April 2023 | +5.1% up 5.1% |
| Condo townhouse | 700 | +112 +19.0% up 112, 19.0% versus April 2023 | $868,318 | −$679 −0.1% down $679, 0.1% versus April 2023 | +1.3% up 1.3% |
| Condo apartment | 2,568 | +408 +18.9% up 408, 18.9% versus April 2023 | $748,483 | +$24,365 +3.4% up $24,365, 3.4% versus April 2023 | −2.9% down 2.9% |
| Link | 43 | +4 +10.3% up 4, 10.3% versus April 2023 | $1,075,188 | −$676 −0.1% down $676, 0.1% versus April 2023 | +2.3% up 2.3% |
| Co-op apartment | 15 | +4 +36.4% up 4, 36.4% versus April 2023 | $540,600 | +$43,236 +8.7% up $43,236, 8.7% versus April 2023 | −32.9% down 32.9% |
| Detached condo | 19 | +8 +72.7% up 8, 72.7% versus April 2023 | $1,327,289 | +$443,980 +50.3% up $443,980, 50.3% versus April 2023 | +28.9% up 28.9% |
| Co-ownership apartment | 7 | +4 +133.3% up 4, 133.3% versus April 2023 | $469,271 | −$97,029 −17.1% down $97,029, 17.1% versus April 2023 | +7.8% up 7.8% |
Average price by home type
13 months to May 2023
| Month | Detached | Semi-detached | Att/row/townhouse | Condo townhouse | Condo apartment |
|---|---|---|---|---|---|
| May '22 | 1549498 | 1204893 | 1063177 | 857113 | 770894 |
| Jun '22 | 1454902 | 1124723 | 1028977 | 825447 | 747216 |
| Jul '22 | 1362598 | 1077750 | 997668 | 799953 | 719273 |
| Aug '22 | 1379700 | 998490 | 987308 | 789386 | 711321 |
| Sep '22 | 1369186 | 1043120 | 990242 | 803964 | 730818 |
| Oct '22 | 1372438 | 1079393 | 1023934 | 802969 | 716515 |
| Nov '22 | 1390162 | 1039200 | 993557 | 799029 | 708636 |
| Dec '22 | 1384586 | 1009479 | 954312 | 772038 | 705659 |
| Jan '23 | 1341848 | 1019668 | 976500 | 776698 | 687696 |
| Feb '23 | 1439735 | 1069266 | 1050342 | 785448 | 705472 |
| Mar '23 | 1468651 | 1087924 | 1036571 | 813036 | 703566 |
| Apr '23 | 1489258 | 1135599 | 1093560 | 868997 | 724118 |
| May '23 | 1556566 | 1198185 | 1117696 | 868318 | 748483 |
Movers this month
Ranked across 55 of the 55 required areas · minimum 10 sales to qualify
Average price, month-over-month
Top 5
- Toronto C09 +41.8% up 41.8%
- Toronto C06 +27.4% up 27.4%
- Toronto W01 +18.6% up 18.6%
- Uxbridge +17.8% up 17.8%
- Toronto C13 +16.9% up 16.9%
Bottom 5
- Toronto C11 −15.5% down 15.5%
- Whitchurch-Stouffville −10.2% down 10.2%
- Toronto W06 −6.1% down 6.1%
- Georgina −5.3% down 5.3%
- Caledon −4.8% down 4.8%
Sales, month-over-month
Top 5
- Scugog +87.0% up 87.0%
- Toronto C12 +72.7% up 72.7%
- Georgina +71.9% up 71.9%
- Toronto W02 +58.9% up 58.9%
- Toronto C09 +54.2% up 54.2%
Bottom 5
- Toronto E07 −8.0% down 8.0%
- Toronto E05 −6.8% down 6.8%
- Toronto C14 −6.8% down 6.8%
- Whitby −6.5% down 6.5%
- Newmarket −5.0% down 5.0%
Areas below the sales threshold are excluded — with a handful of sales, a couple of transactions can invent a swing that is not a market move.
Market balance
Sales-to-new-listings and months of inventory, computed from this month’s counts
All TRREB areas
SNLR
59.3%
prior month 66.3%
Months of inventory
1.3
All TRREB areas reads differently on the two balance measures — balanced conditions at 59.3% sales-to-new-listings, but a seller's market at 1.3 months of inventory. They measure different things, so the split is worth noting.
City of Toronto (416)
SNLR
57.3%
prior month 62.3%
Months of inventory
1.5
City of Toronto (416) reads differently on the two balance measures — balanced conditions at 57.3% sales-to-new-listings, but a seller's market at 1.5 months of inventory. They measure different things, so the split is worth noting.
905 total
SNLR
60.5%
prior month 68.8%
Months of inventory
1.2
905 total sits in a seller's market: 60.5% of new listings sold and 1.2 months of inventory on hand.
These are computed here from the month’s raw counts. TRREB also publishes its own trend-smoothed SNLR and months-of-inventory figures, which are shown separately on the area pages and are not the same measure.
Where I work
Downtown TorontoMidtownScarboroughYork RegionDurham Region
Downtown
$871,468
- Sales
- 684
- SNLR
- 47.8%
- MOI
- 2.1
Aggregated across 2 districts · View →
Midtown
$1,850,602
- Sales
- 452
- SNLR
- 59.2%
- MOI
- 1.5
Aggregated across 6 districts · View →
Scarborough
$970,550
- Sales
- 508
- SNLR
- 60.4%
- MOI
- 1.2
Aggregated across 8 districts · View →
York Region
$1,377,590
- Sales
- 1,702
- SNLR
- 59.8%
- MOI
- 1.2
Region total · View →
Durham Region
$988,644
- Sales
- 1,067
- SNLR
- 64.7%
- MOI
- 1.0
Region total · View →
Average price for a multi-district group is weighted by dollar volume, not an average of averages — that would give a district with three sales the same weight as one with three hundred.