Average price — Mean sale price across all transactions. Sensitive to the mix of homes that sold.
$1,082,496
MoM −$35,878 −3.2% down $35,878, 3.2% versus July 2023 YoY +0.3% up 0.3% versus August 2022
Source: TRREB MarketWatch, August 2023
Greater Toronto Area · TRREB MarketWatch
GTA Real Estate Market Report
August 2023
In August 2023 the average selling price across the Greater Toronto Area fell 3.2% to $1,082,496 versus July 2023, and sales held steady at 5,294.
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.
$933,250
MoM −$40,750 −4.2% down $40,750, 4.2% versus July 2023 YoY +0.3% up 0.3% versus August 2022
MLS® HPI benchmark — Quality-adjusted price for a typical home. The cleanest like-for-like price signal.
$1,141,400
MoM −$19,800 −1.7% down $19,800, 1.7% versus July 2023 YoY +2.5% up 2.5% versus August 2022
Sales — Firm transactions reported through the MLS® System during the month.
5,294
MoM +44 +0.8% up 44, 0.8% versus July 2023 YoY −5.9% down 5.9% versus August 2022
Dollar volume — Total value of all sales in the month.
$5.73B
MoM −$140,730,552 −2.4% down $140,730,552, 2.4% versus July 2023 YoY −5.7% down 5.7% versus August 2022
New listings — Properties newly listed during the month.
12,296
MoM −1,416 −10.3% down 1,416, 10.3% versus July 2023 YoY +16.7% up 16.7% versus August 2022
Active listings — Listings available at month end.
15,497
MoM +126 +0.8% up 126, 0.8% versus July 2023 YoY +16.5% up 16.5% versus August 2022
Avg. LDOM — Average days on market for the current listing. Not reported before 2020.
20
MoM +3 days +17.6% up 3 days, 17.6% versus July 2023 YoY −9.1% down 9.1% versus August 2022
Avg. PDOM — Average days on market across the property’s consecutive listings. Not reported before 2020.
28
MoM +4 days +16.7% up 4 days, 16.7% versus July 2023 YoY −17.6% down 17.6% versus August 2022
Avg. SP/LP — Average sale price as a share of list price. Above 100% means competing offers were common.
100%
MoM −2.0 pp −2.0% down 2.0 pp, 2.0% versus July 2023 YoY +2.0% up 2.0% versus August 2022
SNLR — Sales-to-new-listings ratio, computed here from this month’s counts. Below 40% favours buyers, above 60% favours sellers.
43.0%
MoM +4.8 pp +12.5% up 4.8 pp, 12.5% versus July 2023 YoY −19.4% down 19.4% versus August 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 −0 −0.0% down 0, 0.0% versus July 2023 YoY +23.8% up 23.8% versus August 2022
The month in 60 seconds
- Across all TRREB areas, new listings dropped 10.3% to 12,296 versus July 2023.
- Across all TRREB areas, the median selling price fell 4.2% to $933,250 versus July 2023.
- Across all TRREB areas, the average selling price fell 3.2% to $1,082,496 versus July 2023.
- Across all TRREB areas, the average sale-to-list ratio edged down 2.0% to 100.0% versus July 2023.
- Across all TRREB areas, sales held steady at 5,294 versus July 2023.
Generated from the figures above. Ordered by size of month-over-month move.
Economy
Indicators published with this edition
Real GDP growth
-0.2%
Q2 2023
Toronto employment growth
3.2%
July 2023
Toronto unemployment rate
6.4%
July 2023
Inflation (CPI, year-over-year)
3.3%
July 2023
Bank of Canada overnight rate
5%
August 2023
Prime rate
7.2%
August 2023
1-year mortgage rate
7.89%
August 2023
3-year mortgage rate
6.89%
August 2023
5-year mortgage rate
6.79%
August 2023
By home type
All TRREB areas
| Home type | Sales | MoM | Average price | MoM | YoY |
|---|---|---|---|---|---|
| Detached | 2,264 | −114 −4.8% down 114, 4.8% versus July 2023 | $1,416,366 | −$10,891 −0.8% down $10,891, 0.8% versus July 2023 | +2.7% up 2.7% |
| Semi-detached | 446 | +1 +0.2% up 1, 0.2% versus July 2023 | $1,067,980 | −$33,896 −3.1% down $33,896, 3.1% versus July 2023 | +7.0% up 7.0% |
| Att/row/townhouse | 496 | +42 +9.3% up 42, 9.3% versus July 2023 | $1,022,680 | −$9,437 −0.9% down $9,437, 0.9% versus July 2023 | +3.6% up 3.6% |
| Condo townhouse | 440 | +20 +4.8% up 20, 4.8% versus July 2023 | $837,863 | −$35,996 −4.1% down $35,996, 4.1% versus July 2023 | +6.1% up 6.1% |
| Condo apartment | 1,609 | +104 +6.9% up 104, 6.9% versus July 2023 | $705,572 | −$29,599 −4.0% down $29,599, 4.0% versus July 2023 | −0.8% down 0.8% |
| Link | 25 | −4 −13.8% down 4, 13.8% versus July 2023 | $999,116 | −$45,305 −4.3% down $45,305, 4.3% versus July 2023 | +5.5% up 5.5% |
| Co-op apartment | 6 | −1 −14.3% down 1, 14.3% versus July 2023 | $543,000 | −$75,286 −12.2% down $75,286, 12.2% versus July 2023 | +22.0% up 22.0% |
| Detached condo | 7 | −2 −22.2% down 2, 22.2% versus July 2023 | $1,094,700 | +$107,933 +10.9% up $107,933, 10.9% versus July 2023 | +15.1% up 15.1% |
| Co-ownership apartment | 1 | −2 −66.7% down 2, 66.7% versus July 2023 | $687,000 | +$160,667 +30.5% up $160,667, 30.5% versus July 2023 | +58.3% up 58.3% |
Average price by home type
13 months to August 2023
| Month | Detached | Semi-detached | Att/row/townhouse | Condo townhouse | Condo apartment |
|---|---|---|---|---|---|
| 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 |
| Aug '23 | 1416366 | 1067980 | 1022680 | 837863 | 705572 |
Movers this month
Ranked across 54 of the 55 required areas · minimum 10 sales to qualify
Average price, month-over-month
Top 5
- Toronto W09 +21.9% up 21.9%
- Aurora +12.7% up 12.7%
- Toronto C04 +12.7% up 12.7%
- Toronto C12 +11.2% up 11.2%
- Toronto C13 +10.3% up 10.3%
Bottom 5
- Toronto C11 −40.0% down 40.0%
- Toronto C03 −29.9% down 29.9%
- Toronto W07 −26.1% down 26.1%
- Toronto W01 −17.0% down 17.0%
- Uxbridge −16.9% down 16.9%
Sales, month-over-month
Top 5
- Toronto E07 +83.8% up 83.8%
- Toronto E11 +62.5% up 62.5%
- Toronto C07 +37.7% up 37.7%
- Toronto W04 +34.9% up 34.9%
- King +33.3% up 33.3%
Bottom 5
- Toronto C06 −48.1% down 48.1%
- Toronto W02 −40.0% down 40.0%
- Caledon −32.3% down 32.3%
- Toronto W01 −31.3% down 31.3%
- Toronto C04 −30.8% down 30.8%
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
43.0%
prior month 38.3%
Months of inventory
2.9
All TRREB areas reads differently on the two balance measures — balanced conditions at 43.0% 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
43.7%
prior month 36.9%
Months of inventory
3.1
City of Toronto (416) reads differently on the two balance measures — balanced conditions at 43.7% sales-to-new-listings, but a seller's market at 3.1 months of inventory. They measure different things, so the split is worth noting.
905 total
SNLR
42.7%
prior month 39.1%
Months of inventory
2.8
905 total reads differently on the two balance measures — balanced conditions at 42.7% 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
$842,498
- Sales
- 423
- SNLR
- 36.6%
- MOI
- 4.2
Aggregated across 2 districts · View →
Midtown
$1,322,464
- Sales
- 181
- SNLR
- 40.1%
- MOI
- 3.8
Aggregated across 6 districts · View →
Scarborough
$870,283
- Sales
- 385
- SNLR
- 52.7%
- MOI
- 2.0
Aggregated across 8 districts · View →
York Region
$1,339,742
- Sales
- 921
- SNLR
- 43.0%
- MOI
- 3.0
Region total · View →
Durham Region
$930,852
- Sales
- 776
- SNLR
- 50.9%
- 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.