Average price — Mean sale price across all transactions. Sensitive to the mix of homes that sold.
$1,119,428
MoM +$36,932 +3.4% up $36,932, 3.4% versus August 2023 YoY +3.0% up 3.0% versus September 2022
Source: TRREB MarketWatch, September 2023
Greater Toronto Area · TRREB MarketWatch
GTA Real Estate Market Report
September 2023
In September 2023 the average selling price across the Greater Toronto Area rose 3.4% to $1,119,428 versus August 2023, and sales dropped 12.3% to 4,642.
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.
$960,000
MoM +$26,750 +2.9% up $26,750, 2.9% versus August 2023 YoY +1.6% up 1.6% versus September 2022
MLS® HPI benchmark — Quality-adjusted price for a typical home. The cleanest like-for-like price signal.
$1,127,000
MoM −$14,400 −1.3% down $14,400, 1.3% versus August 2023 YoY +2.4% up 2.4% versus September 2022
Sales — Firm transactions reported through the MLS® System during the month.
4,642
MoM −652 −12.3% down 652, 12.3% versus August 2023 YoY −7.9% down 7.9% versus September 2022
Dollar volume — Total value of all sales in the month.
$5.20B
MoM −$534,346,080 −9.3% down $534,346,080, 9.3% versus August 2023 YoY −5.1% down 5.1% versus September 2022
New listings — Properties newly listed during the month.
16,258
MoM +3,962 +32.2% up 3,962, 32.2% versus August 2023 YoY +44.7% up 44.7% versus September 2022
Active listings — Listings available at month end.
18,912
MoM +3,415 +22.0% up 3,415, 22.0% versus August 2023 YoY +39.7% up 39.7% versus September 2022
Avg. LDOM — Average days on market for the current listing. Not reported before 2020.
20
MoM no change no change versus August 2023 YoY −13.0% down 13.0% versus September 2022
Avg. PDOM — Average days on market across the property’s consecutive listings. Not reported before 2020.
30
MoM +2 days +7.1% up 2 days, 7.1% versus August 2023 YoY −14.3% down 14.3% versus September 2022
Avg. SP/LP — Average sale price as a share of list price. Above 100% means competing offers were common.
100%
MoM no change no change versus August 2023 YoY +2.0% up 2.0% versus September 2022
SNLR — Sales-to-new-listings ratio, computed here from this month’s counts. Below 40% favours buyers, above 60% favours sellers.
28.6%
MoM −14.5 pp −33.7% down 14.5 pp, 33.7% versus August 2023 YoY −36.3% down 36.3% versus September 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.
4.1
MoM +1 +39.2% up 1, 39.2% versus August 2023 YoY +51.7% up 51.7% versus September 2022
The month in 60 seconds
- Across all TRREB areas, new listings jumped 32.2% to 16,258 versus August 2023.
- Across all TRREB areas, active listings jumped 22.0% to 18,912 versus August 2023.
- Across all TRREB areas, sales dropped 12.3% to 4,642 versus August 2023.
- Across all TRREB areas, the average selling price rose 3.4% to $1,119,428 versus August 2023.
- Across all TRREB areas, the median selling price edged up 2.9% to $960,000 versus August 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%
August 2023
Toronto unemployment rate
6.5%
August 2023
Inflation (CPI, year-over-year)
4%
August 2023
Bank of Canada overnight rate
5%
September 2023
Prime rate
7.2%
September 2023
1-year mortgage rate
7.79%
September 2023
3-year mortgage rate
7.04%
September 2023
5-year mortgage rate
6.84%
September 2023
By home type
All TRREB areas
| Home type | Sales | MoM | Average price | MoM | YoY |
|---|---|---|---|---|---|
| Detached | 2,149 | −115 −5.1% down 115, 5.1% versus August 2023 | $1,440,786 | +$24,420 +1.7% up $24,420, 1.7% versus August 2023 | +5.2% up 5.2% |
| Semi-detached | 402 | −44 −9.9% down 44, 9.9% versus August 2023 | $1,094,074 | +$26,094 +2.4% up $26,094, 2.4% versus August 2023 | +4.9% up 4.9% |
| Att/row/townhouse | 418 | −78 −15.7% down 78, 15.7% versus August 2023 | $1,043,076 | +$20,396 +2.0% up $20,396, 2.0% versus August 2023 | +5.3% up 5.3% |
| Condo townhouse | 323 | −117 −26.6% down 117, 26.6% versus August 2023 | $810,495 | −$27,368 −3.3% down $27,368, 3.3% versus August 2023 | +0.8% up 0.8% |
| Condo apartment | 1,307 | −302 −18.8% down 302, 18.8% versus August 2023 | $707,065 | +$1,493 +0.2% up $1,493, 0.2% versus August 2023 | −3.3% down 3.3% |
| Link | 27 | +2 +8.0% up 2, 8.0% versus August 2023 | $1,060,226 | +$61,110 +6.1% up $61,110, 6.1% versus August 2023 | +8.8% up 8.8% |
| Co-op apartment | 4 | −2 −33.3% down 2, 33.3% versus August 2023 | $301,000 | −$242,000 −44.6% down $242,000, 44.6% versus August 2023 | −38.8% down 38.8% |
| Detached condo | 9 | +2 +28.6% up 2, 28.6% versus August 2023 | $807,722 | −$286,978 −26.2% down $286,978, 26.2% versus August 2023 | −23.5% down 23.5% |
| Co-ownership apartment | 3 | +2 +200.0% up 2, 200.0% versus August 2023 | $430,000 | −$257,000 −37.4% down $257,000, 37.4% versus August 2023 | −9.4% down 9.4% |
Average price by home type
13 months to September 2023
| Month | Detached | Semi-detached | Att/row/townhouse | Condo townhouse | Condo apartment |
|---|---|---|---|---|---|
| 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 |
| Sep '23 | 1440786 | 1094074 | 1043076 | 810495 | 707065 |
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 +134.6% up 134.6%
- Toronto C11 +59.6% up 59.6%
- Toronto W01 +52.6% up 52.6%
- Toronto W02 +26.6% up 26.6%
- Toronto E06 +20.2% up 20.2%
Bottom 5
- Toronto C13 −15.9% down 15.9%
- Toronto W04 −15.5% down 15.5%
- Toronto W09 −14.5% down 14.5%
- Toronto C04 −14.3% down 14.3%
- Aurora −12.6% down 12.6%
Sales, month-over-month
Top 5
- Toronto C06 +100.0% up 100.0%
- Toronto W02 +81.8% up 81.8%
- Toronto C04 +70.4% up 70.4%
- King +65.0% up 65.0%
- Toronto W07 +50.0% up 50.0%
Bottom 5
- Toronto E07 −41.2% down 41.2%
- Toronto E11 −36.5% down 36.5%
- Scugog −36.4% down 36.4%
- Toronto E08 −34.7% down 34.7%
- Georgina −33.3% down 33.3%
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
28.6%
prior month 43.0%
Months of inventory
4.1
All TRREB areas reads differently on the two balance measures — a buyer's market at 28.6% sales-to-new-listings, but balanced conditions at 4.1 months of inventory. They measure different things, so the split is worth noting.
City of Toronto (416)
SNLR
26.8%
prior month 43.7%
Months of inventory
4.3
City of Toronto (416) reads differently on the two balance measures — a buyer's market at 26.8% sales-to-new-listings, but balanced conditions at 4.3 months of inventory. They measure different things, so the split is worth noting.
905 total
SNLR
29.8%
prior month 42.7%
Months of inventory
3.9
905 total reads differently on the two balance measures — a buyer's market at 29.8% sales-to-new-listings, but a seller's market at 3.9 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
$860,713
- Sales
- 325
- SNLR
- 20.0%
- MOI
- 6.7
Aggregated across 2 districts · View →
Midtown
$1,597,025
- Sales
- 211
- SNLR
- 24.8%
- MOI
- 4.6
Aggregated across 6 districts · View →
Scarborough
$915,961
- Sales
- 306
- SNLR
- 33.8%
- MOI
- 3.2
Aggregated across 8 districts · View →
York Region
$1,330,636
- Sales
- 795
- SNLR
- 28.1%
- MOI
- 4.2
Region total · View →
Durham Region
$907,359
- Sales
- 653
- SNLR
- 37.8%
- MOI
- 2.5
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.