Average price — Mean sale price across all transactions. Sensitive to the mix of homes that sold.
$1,118,374
MoM −$63,746 −5.4% down $63,746, 5.4% versus June 2023 YoY +4.1% up 4.1% versus July 2022
Source: TRREB MarketWatch, July 2023
Greater Toronto Area · TRREB MarketWatch
GTA Real Estate Market Report
July 2023
In July 2023 the average selling price across the Greater Toronto Area fell 5.4% to $1,118,374 versus June 2023, and sales dropped 29.8% to 5,250, though a summer slowdown is the seasonal norm.
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.
$974,000
MoM −$36,000 −3.6% down $36,000, 3.6% versus June 2023 YoY +3.6% up 3.6% versus July 2022
MLS® HPI benchmark — Quality-adjusted price for a typical home. The cleanest like-for-like price signal.
$1,161,200
MoM −$10,100 −0.9% down $10,100, 0.9% versus June 2023 YoY +1.3% up 1.3% versus July 2022
Sales — Firm transactions reported through the MLS® System during the month.
5,250
MoM −2,231 −29.8% down 2,231, 29.8% versus June 2023 YoY +6.9% up 6.9% versus July 2022
Dollar volume — Total value of all sales in the month.
$5.87B
MoM −$2,971,973,021 −33.6% down $2,971,973,021, 33.6% versus June 2023 YoY +11.2% up 11.2% versus July 2022
New listings — Properties newly listed during the month.
13,712
MoM −2,153 −13.6% down 2,153, 13.6% versus June 2023 YoY +13.8% up 13.8% versus July 2022
Active listings — Listings available at month end.
15,371
MoM +1,264 +9.0% up 1,264, 9.0% versus June 2023 YoY +0.2% up 0.2% versus July 2022
Avg. LDOM — Average days on market for the current listing. Not reported before 2020.
17
MoM +3 days +21.4% up 3 days, 21.4% versus June 2023 YoY −10.5% down 10.5% versus July 2022
Avg. PDOM — Average days on market across the property’s consecutive listings. Not reported before 2020.
24
MoM +5 days +26.3% up 5 days, 26.3% versus June 2023 YoY −17.2% down 17.2% versus July 2022
Avg. SP/LP — Average sale price as a share of list price. Above 100% means competing offers were common.
102%
MoM −2.0 pp −1.9% down 2.0 pp, 1.9% versus June 2023 YoY +3.0% up 3.0% versus July 2022
SNLR — Sales-to-new-listings ratio, computed here from this month’s counts. Below 40% favours buyers, above 60% favours sellers.
38.3%
MoM −8.9 pp −18.8% down 8.9 pp, 18.8% versus June 2023 YoY −6.1% down 6.1% versus July 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.
2.9
MoM +1 +55.3% up 1, 55.3% versus June 2023 YoY −6.2% down 6.2% versus July 2022
The month in 60 seconds
- Across all TRREB areas, sales dropped 29.8% to 5,250 versus June 2023.
- Across all TRREB areas, new listings dropped 13.6% to 13,712 versus June 2023.
- Across all TRREB areas, active listings jumped 9.0% to 15,371 versus June 2023.
- Across all TRREB areas, the average selling price fell 5.4% to $1,118,374 versus June 2023.
- Across all TRREB areas, the median selling price fell 3.6% to $974,000 versus June 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
3.1%
June 2023
Toronto unemployment rate
6.1%
June 2023
Inflation (CPI, year-over-year)
2.8%
June 2023
Bank of Canada overnight rate
5%
July 2023
Prime rate
7.2%
July 2023
1-year mortgage rate
7.49%
July 2023
3-year mortgage rate
6.54%
July 2023
5-year mortgage rate
6.49%
July 2023
By home type
All TRREB areas
| Home type | Sales | MoM | Average price | MoM | YoY |
|---|---|---|---|---|---|
| Detached | 2,378 | −999 −29.6% down 999, 29.6% versus June 2023 | $1,427,257 | −$103,740 −6.8% down $103,740, 6.8% versus June 2023 | +4.7% up 4.7% |
| Semi-detached | 445 | −233 −34.4% down 233, 34.4% versus June 2023 | $1,101,876 | −$112,996 −9.3% down $112,996, 9.3% versus June 2023 | +2.2% up 2.2% |
| Att/row/townhouse | 454 | −210 −31.6% down 210, 31.6% versus June 2023 | $1,032,117 | −$55,850 −5.1% down $55,850, 5.1% versus June 2023 | +3.5% up 3.5% |
| Condo townhouse | 420 | −149 −26.2% down 149, 26.2% versus June 2023 | $873,859 | +$22,362 +2.6% up $22,362, 2.6% versus June 2023 | +9.2% up 9.2% |
| Condo apartment | 1,505 | −617 −29.1% down 617, 29.1% versus June 2023 | $735,171 | −$4,224 −0.6% down $4,224, 0.6% versus June 2023 | +2.2% up 2.2% |
| Link | 29 | −14 −32.6% down 14, 32.6% versus June 2023 | $1,044,421 | −$103,121 −9.0% down $103,121, 9.0% versus June 2023 | +9.6% up 9.6% |
| Co-op apartment | 7 | −2 −22.2% down 2, 22.2% versus June 2023 | $618,286 | −$242,270 −28.2% down $242,270, 28.2% versus June 2023 | −8.4% down 8.4% |
| Detached condo | 9 | −5 −35.7% down 5, 35.7% versus June 2023 | $986,767 | −$21,660 −2.1% down $21,660, 2.1% versus June 2023 | +11.4% up 11.4% |
| Co-ownership apartment | 3 | −2 −40.0% down 2, 40.0% versus June 2023 | $526,333 | +$34,433 +7.0% up $34,433, 7.0% versus June 2023 | +18.7% up 18.7% |
Average price by home type
13 months to July 2023
| Month | Detached | Semi-detached | Att/row/townhouse | Condo townhouse | Condo apartment |
|---|---|---|---|---|---|
| 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 |
| Jun '23 | 1530997 | 1214872 | 1087967 | 851497 | 739395 |
| Jul '23 | 1427257 | 1101876 | 1032117 | 873859 | 735171 |
Movers this month
Ranked across 55 of the 55 required areas · minimum 10 sales to qualify
Average price, month-over-month
Top 5
- Toronto C11 +24.8% up 24.8%
- Toronto C03 +20.3% up 20.3%
- Toronto C07 +14.7% up 14.7%
- Uxbridge +10.8% up 10.8%
- Brock +7.0% up 7.0%
Bottom 5
- Toronto C02 −23.6% down 23.6%
- Toronto C15 −18.1% down 18.1%
- Toronto C12 −18.0% down 18.0%
- Toronto W01 −17.9% down 17.9%
- King −16.6% down 16.6%
Sales, month-over-month
Top 5
- Scugog +16.7% up 16.7%
- Brock +5.3% up 5.3%
- Toronto C12 no change no change
- Clarington −3.5% down 3.5%
- Pickering −13.6% down 13.6%
Bottom 5
- Toronto C03 −63.2% down 63.2%
- Toronto C02 −58.3% down 58.3%
- King −53.1% down 53.1%
- Toronto E01 −48.6% down 48.6%
- Toronto E06 −47.9% down 47.9%
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
38.3%
prior month 47.1%
Months of inventory
2.9
All TRREB areas reads differently on the two balance measures — a buyer's market at 38.3% sales-to-new-listings, but a seller's market at 2.9 months of inventory. They measure different things, so the split is worth noting.
City of Toronto (416)
SNLR
36.9%
prior month 48.9%
Months of inventory
3.2
City of Toronto (416) reads differently on the two balance measures — a buyer's market at 36.9% sales-to-new-listings, but a seller's market at 3.2 months of inventory. They measure different things, so the split is worth noting.
905 total
SNLR
39.1%
prior month 46.1%
Months of inventory
2.8
905 total reads differently on the two balance measures — a buyer's market at 39.1% sales-to-new-listings, but a seller's market at 2.8 months of inventory. They measure different things, so the split is worth noting.
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
$848,023
- Sales
- 421
- SNLR
- 29.8%
- MOI
- 4.3
Aggregated across 2 districts · View →
Midtown
$1,592,304
- Sales
- 191
- SNLR
- 37.4%
- MOI
- 3.7
Aggregated across 6 districts · View →
Scarborough
$941,212
- Sales
- 337
- SNLR
- 40.5%
- MOI
- 2.4
Aggregated across 8 districts · View →
York Region
$1,356,977
- Sales
- 919
- SNLR
- 38.7%
- MOI
- 3.0
Region total · View →
Durham Region
$961,852
- Sales
- 770
- SNLR
- 45.9%
- MOI
- 1.8
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.