Source: TRREB MarketWatch, May 2023

MLS® Home Price Index

May 2023

What the benchmark is, and why it is the cleaner signal

The average price is the mean of everything that sold, so it moves when the mix of homes changes — a month with more detached sales lifts it even if no individual home got more expensive. The median is the middle sale, which resists outliers but still follows the mix.

The MLS® HPI benchmark instead prices a consistent, typical home for the area and adjusts for its attributes, so a change in the benchmark is closer to a change in price for the same house. That makes its year-over-year figure the most like-for-like price signal on this site — and it is why the benchmark and the average often disagree.

Benchmark against average price

All TRREB areas · 13 months to May 2023

Where these diverge, the gap is mix: the average is being pulled by what sold that month, while the benchmark holds the home constant.

Composite benchmark by region

13 months to May 2023

Movers on the index

Composite, year-over-year

Top 10

  1. Toronto C14 −0.7%
  2. Oakville −1.3%
  3. Milton −2.4%
  4. Markham −2.6%
  5. Richmond Hill −3.3%
  6. Burlington −3.5%
  7. Toronto W10 −3.7%
  8. Toronto C01 −3.7%
  9. Toronto W02 −3.8%
  10. Toronto C02 −4.4%

Bottom 10

  1. Scugog −13.9%
  2. Caledon −13.6%
  3. Uxbridge −13.0%
  4. Essa −12.8%
  5. Innisfil −12.7%
  6. Bradford West Gwillimbury −12.6%
  7. New Tecumseth −12.4%
  8. Pickering −11.8%
  9. Orangeville −11.5%
  10. Toronto W01 −11.3%

Apartment, year-over-year

Top 10

  1. Toronto C02 +0.2%
  2. Toronto C14 −0.9%
  3. Toronto C01 −4.3%
  4. Toronto C08 −5.4%
  5. Toronto E03 −6.1%
  6. Toronto E02 −6.9%
  7. Toronto W09 −7.5%
  8. Toronto W06 −7.7%
  9. Toronto C13 −7.7%
  10. Newmarket −7.9%

Bottom 10

  1. Toronto W05 −19.1%
  2. Toronto E08 −17.0%
  3. Brampton −15.8%
  4. Halton Hills −15.6%
  5. Toronto E10 −15.3%
  6. Ajax −15.1%
  7. Whitby −14.8%
  8. Toronto C06 −14.5%
  9. Clarington −14.4%
  10. Uxbridge −14.4%

Every area

71 areas × five categories · sorted by composite benchmark

Area Composite YoY MoM Single-family detached YoY MoM Single-family attached YoY MoM Townhouse YoY MoM Apartment YoY MoM
Toronto C12 $3,122,300 −8.1% +2.4% $4,090,800 −8.0% +2.7% $1,957,300 +0.2% +16.8% $1,506,900 −10.2% +1.6% $1,363,300 −12.4% −0.9%
Toronto C09 $2,331,600 −6.9% +0.4% $4,163,000 −4.7% +1.1% $2,766,600 −5.7% −0.6% $1,822,800 −13.3% −6.6% $1,179,800 −11.7% +1.9%
Toronto C04 $2,283,400 −6.0% +0.2% $2,868,300 −4.8% +0.6% $1,770,400 −6.5% +3.8% — n/a n/a $781,400 −10.5% −2.8%
King $1,932,700 −7.8% +2.9% $2,147,200 −8.1% +3.2% $1,016,900 −6.6% +1.5% — n/a n/a $753,400 −9.1% +0.4%
Toronto C03 $1,658,200 −6.2% +2.3% $2,096,600 −3.3% +1.1% $1,345,000 −6.3% +3.6% $1,883,900 −11.7% n/a $921,000 −11.7% +1.2%
Toronto W07 $1,550,500 −6.1% −2.2% $1,713,100 −4.7% −6.0% $1,279,300 −10.0% −6.6% $1,028,900 −10.4% −8.9% $813,500 −8.3% +0.3%
Toronto C02 $1,533,500 −4.4% +2.6% $2,964,200 −6.5% +6.7% $2,080,700 −6.3% +0.8% $1,466,300 −17.0% +1.9% $1,044,000 +0.2% +5.2%
Richmond Hill $1,531,900 −3.3% +3.5% $2,005,600 −3.4% +3.3% $1,292,100 −3.1% +2.1% $965,100 −12.1% +6.1% $669,800 −8.7% +1.8%
Oakville $1,486,500 −1.3% +3.0% $1,954,400 +0.7% +4.6% $1,238,300 −0.4% +0.6% $954,100 +3.1% +2.8% $671,600 −13.4% +1.0%
Toronto E02 $1,478,300 −8.8% +2.3% $1,883,200 −8.3% +1.8% $1,468,200 −7.8% +6.1% $1,129,800 −12.2% −1.1% $850,000 −6.9% −8.4%
Whitchurch-Stouffville $1,457,200 −7.3% +0.8% $1,629,400 −7.5% +1.6% $1,123,700 −5.5% +2.1% $850,200 −4.0% −6.9% $655,800 −9.5% −1.8%
Markham $1,431,300 −2.6% +1.5% $1,928,800 −1.9% +2.3% $1,354,500 −2.1% +2.5% $1,011,700 −4.9% +2.8% $727,100 −8.9% +3.0%
Aurora $1,428,400 −5.9% +0.7% $1,687,300 −6.8% +0.1% $1,139,900 −6.0% +1.8% $987,300 −2.0% +2.0% $687,700 −8.7% +5.5%
Caledon $1,417,400 −13.6% +2.9% $1,520,500 −12.7% +3.3% $1,040,700 −14.0% +2.6% $997,800 −12.8% +7.2% $788,500 −12.4% n/a
Vaughan $1,412,800 −7.4% +2.4% $1,835,200 −6.8% +2.8% $1,258,300 −6.5% +2.4% $965,500 −10.0% +1.2% $721,200 −11.5% +2.3%
York Region $1,409,300 −5.2% +2.1% $1,715,700 −5.1% +2.3% $1,237,800 −4.4% +2.4% $971,700 −6.4% +2.2% $707,100 −9.6% +2.4%
East Gwillimbury $1,367,900 −5.2% +1.1% $1,420,500 −5.2% +1.2% $939,000 −6.1% +5.0% — n/a n/a — n/a n/a
Toronto C11 $1,359,900 −7.2% +2.1% $2,674,800 −6.7% +1.1% $1,632,000 −7.7% +2.3% $785,300 −2.2% +2.9% $556,100 −10.1% +1.4%
Toronto W02 $1,354,200 −3.8% +2.7% $1,865,100 −0.1% +2.0% $1,420,200 −1.4% +4.9% $1,095,000 −11.2% +1.3% $735,700 −11.9% −2.9%
Toronto C13 $1,326,500 −5.9% +2.1% $2,148,100 −5.6% +1.9% $1,113,300 −4.8% +1.5% $972,500 −8.7% +2.3% $759,300 −7.7% +1.6%
Newmarket $1,280,800 −5.4% +1.9% $1,409,900 −5.2% +1.6% $1,050,000 −5.3% +3.0% $876,600 −2.6% +0.7% $618,400 −7.9% +3.7%
Toronto E03 $1,280,500 −7.4% +2.7% $1,466,700 −7.3% +3.4% $1,347,000 −7.8% +2.0% — n/a n/a $641,100 −6.1% +1.2%
Toronto E01 $1,266,000 −8.3% −1.3% $1,635,300 −7.4% +0.8% $1,431,900 −8.3% +1.8% $975,200 −9.4% −4.3% $797,800 −8.3% −6.3%
Toronto C07 $1,254,400 −7.9% −0.9% $2,176,800 −6.3% +1.7% $1,314,600 −2.7% +0.7% $825,100 −13.5% +1.9% $740,600 −11.1% −8.1%
Uxbridge $1,248,100 −13.0% +1.1% $1,313,600 −13.4% +2.3% $980,700 −13.3% +9.6% $707,300 −11.8% −1.7% $748,500 −14.4% +0.7%
Halton Region $1,244,600 −2.7% +1.9% $1,610,100 −1.4% +3.2% $1,102,000 −0.9% +2.1% $863,200 +2.5% +1.9% $631,200 −13.4% +1.3%
Toronto C14 $1,228,600 −0.7% +2.7% $2,637,400 −2.3% −0.4% $1,761,700 −0.1% +0.5% $877,800 −8.0% −0.1% $861,100 −0.9% +5.7%
Toronto E06 $1,214,200 −7.7% −1.3% $1,335,600 −7.7% −1.7% $1,049,600 −13.0% −3.8% $794,400 −16.5% −3.8% $773,800 −8.3% +1.7%
Halton Hills $1,207,500 −6.6% +1.7% $1,326,100 −7.2% +4.9% $958,400 −3.4% +3.0% $716,600 +2.3% −1.5% $661,200 −15.6% +1.6%
Toronto C06 $1,185,000 −9.2% +1.6% $1,773,400 −6.6% +1.7% $1,257,700 −6.7% +1.4% $841,800 −13.9% +2.5% $670,300 −14.5% −0.4%
All TRREB Areas $1,164,400 −6.8% +1.6% $1,491,400 −6.3% +2.0% $1,142,700 −5.8% +2.3% $850,500 −8.0% +2.0% $720,800 −8.8% +0.9%
Toronto W01 $1,164,100 −11.3% +2.5% $2,049,300 −12.6% +5.0% $1,480,000 −12.2% +4.5% $903,900 −12.6% +0.3% $688,300 −11.3% −0.5%
Toronto C10 $1,158,100 −10.1% +0.8% $2,447,200 −7.6% +0.5% $1,740,200 −8.6% −0.9% $1,091,700 −13.9% +0.1% $781,800 −9.4% +3.1%
City of Toronto $1,143,200 −6.2% +1.3% $1,766,000 −5.1% +1.1% $1,356,300 −5.6% +2.3% $896,100 −9.9% +0.9% $758,400 −7.3% +1.0%
Milton $1,139,600 −2.4% +2.8% $1,477,700 −1.4% +3.1% $1,047,900 −0.7% +4.8% $840,500 +2.4% +2.2% $639,000 −13.5% +1.0%
Toronto W08 $1,131,300 −9.0% +0.1% $1,896,900 −9.3% −0.3% $1,342,200 −10.6% −2.0% $773,000 −10.7% +5.1% $627,700 −9.8% −0.4%
Bradford West Gwillimbury $1,129,600 −12.6% +1.9% $1,190,500 −12.2% +2.1% $931,800 −12.0% +2.8% $496,600 −35.9% −21.3% $558,800 −9.9% −5.6%
Peel Region $1,109,700 −9.7% +1.7% $1,425,200 −9.1% +2.0% $1,047,800 −8.3% +2.1% $833,600 −10.5% +2.8% $619,500 −13.2% −0.9%
Toronto E10 $1,098,100 −5.3% −0.5% $1,317,400 −5.3% −1.5% $977,900 −3.7% −1.6% $710,500 −2.7% +1.1% $542,400 −15.3% +1.9%
Whitby $1,097,300 −10.7% +1.1% $1,197,300 −10.9% +1.2% $922,600 −10.2% +1.7% $713,400 −10.4% +4.9% $609,000 −14.8% −1.0%
Brampton $1,093,900 −8.1% +1.7% $1,300,300 −7.5% +1.8% $1,020,200 −6.6% +2.1% $743,300 −12.5% +1.3% $583,100 −15.8% +0.8%
Mississauga $1,090,700 −10.6% +1.6% $1,568,400 −10.6% +1.9% $1,096,200 −10.2% +2.2% $872,100 −9.6% +3.3% $625,800 −12.7% −1.3%
Burlington $1,077,100 −3.5% −0.1% $1,414,900 −2.0% +0.0% $1,050,400 −1.0% −0.8% $815,100 +1.8% +1.4% $601,400 −13.4% +1.6%
Pickering $1,062,900 −11.8% −0.9% $1,280,500 −11.1% −0.4% $947,400 −10.8% +0.6% $729,600 −11.2% +4.0% $627,400 −14.2% −0.5%
Ajax $1,048,500 −10.1% +0.7% $1,176,400 −9.7% +1.8% $950,400 −9.7% +2.7% $756,900 −10.9% +6.2% $582,100 −15.1% +1.5%
Toronto C15 $1,043,900 −4.6% +1.8% $2,127,500 −2.1% +1.7% $1,254,500 +0.2% +1.4% $916,000 −6.9% +3.2% $665,800 −10.7% −0.5%
Toronto W09 $1,034,400 −7.1% +2.5% $1,439,300 −7.0% +2.4% $1,081,100 −12.4% +9.9% $856,200 −8.8% −2.0% $517,400 −7.5% +4.3%
Toronto E05 $1,013,600 −9.0% +0.5% $1,456,900 −6.7% +0.1% $1,099,000 −7.5% −0.1% $849,600 −9.2% +2.4% $638,500 −10.9% −0.3%
Toronto W03 $1,011,500 −8.3% +3.1% $1,082,200 −6.8% +2.9% $1,066,300 −8.8% +5.1% $850,800 −10.8% −5.6% $618,400 −12.8% +3.0%
Toronto E07 $1,009,100 −6.5% +2.1% $1,370,700 −3.7% −1.1% $1,115,600 −3.9% +1.5% $937,600 −6.8% +6.6% $656,700 −13.3% +2.4%
Toronto E08 $995,800 −9.8% −1.9% $1,322,800 −6.7% −1.5% $955,200 −12.3% −6.7% $705,900 −15.4% −4.8% $562,100 −17.0% −0.4%
Toronto W06 $983,500 −7.0% +0.0% $1,334,600 −5.4% −2.3% $1,203,600 −8.6% −3.2% $1,033,400 −10.7% −1.6% $794,700 −7.7% +3.4%
Durham Region $981,100 −10.5% +0.9% $1,072,000 −10.4% +1.2% $863,900 −9.1% +2.5% $694,600 −11.7% +3.7% $582,700 −14.6% −1.2%
Scugog $980,700 −13.9% +2.3% $980,200 −14.0% +0.4% $749,200 −17.4% +10.1% — n/a n/a — n/a n/a
Toronto W04 $943,800 −6.3% +1.3% $1,224,200 −4.2% −0.2% $974,800 −9.1% +2.6% $735,300 −11.2% +0.5% $624,300 −11.5% +3.3%
Toronto E04 $938,200 −6.7% −0.2% $1,194,900 −3.3% −0.2% $1,004,000 −8.9% +0.5% $800,700 −17.1% −4.8% $554,300 −13.5% −0.5%
Toronto C01 $920,100 −3.7% +1.5% $1,932,700 +0.9% +5.4% $1,595,100 +0.6% +1.5% $895,400 −12.6% −1.8% $841,500 −4.3% +1.9%
Clarington $904,200 −7.3% +1.5% $995,200 −7.2% +1.5% $790,900 −1.8% +4.2% $713,900 −13.7% +6.0% $541,500 −14.4% −4.9%
Simcoe County $901,500 −12.4% +2.1% $946,500 −11.8% +1.6% $774,300 −11.9% +1.7% $638,900 −16.5% +1.3% $647,600 −9.1% +4.2%
Toronto E09 $898,400 −7.8% +0.5% $1,170,700 −6.4% −0.1% $965,900 −6.8% −0.2% $721,500 −9.0% +1.9% $605,100 −11.1% +1.4%
Toronto W05 $896,700 −6.7% +4.1% $1,300,800 −4.0% +5.2% $1,056,400 −3.8% +7.1% $704,100 −6.9% +3.3% $564,600 −19.1% −0.7%
Toronto E11 $875,000 −7.9% +1.3% $1,167,800 −6.2% +0.3% $975,100 −6.7% +0.4% $786,700 −8.2% +1.7% $544,600 −12.3% +3.5%
Georgina $870,500 −9.3% +3.2% $866,100 −9.2% +1.4% $749,100 −14.0% +3.5% — n/a n/a — n/a n/a
Oshawa $869,300 −10.9% +1.1% $932,400 −10.7% +1.4% $747,900 −9.6% +2.1% $637,300 −12.5% +1.7% $526,000 −13.9% +0.8%
New Tecumseth $853,300 −12.4% +0.4% $952,800 −12.0% −0.3% $706,300 −12.7% +0.9% $712,600 −16.2% +0.9% $623,400 −8.7% +2.1%
Toronto W10 $844,700 −3.7% +4.7% $1,133,700 +1.2% +4.9% $968,800 −7.0% +2.0% $701,300 −13.2% −2.0% $572,900 −11.9% +4.5%
Toronto C08 $843,500 −6.1% −1.3% $2,364,700 −4.4% +1.7% $1,633,800 −8.7% −2.9% $1,154,600 −8.7% −2.6% $779,400 −5.4% −1.1%
Innisfil $830,500 −12.7% +3.2% $843,400 −12.1% +3.5% $671,400 −14.1% −0.1% $325,900 −9.1% +6.6% $712,000 −10.9% +10.0%
Dufferin County $812,300 −11.5% +1.5% $909,900 −11.5% +0.5% $726,900 −10.2% +2.4% $594,300 −11.6% +1.0% $531,900 −13.6% +1.7%
Orangeville $812,300 −11.5% +1.5% $909,900 −11.5% +0.5% $726,900 −10.2% +2.4% $594,300 −11.6% +1.0% $531,900 −13.6% +1.7%
Essa $802,600 −12.8% +4.6% $828,900 −12.2% +1.3% $687,500 −13.1% +1.1% $669,500 −13.9% +7.3% — n/a n/a

Year-over-year is TRREB's own published figure. Month-over-month is computed here from the prior month's benchmark, because TRREB does not print it.