Average price — Mean sale price across all transactions. Sensitive to the mix of homes that sold.
$1,038,668
MoM −$12,548 −1.2% down $12,548, 1.2% versus December 2022 YoY −16.4% down 16.4% versus January 2022
Source: TRREB MarketWatch, January 2023
Greater Toronto Area · TRREB MarketWatch
GTA Real Estate Market Report
January 2023
In January 2023 the average selling price across the Greater Toronto Area edged down 1.2% to $1,038,668 versus December 2022, and sales held steady at 3,100.
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.
$900,000
MoM +$12,000 +1.4% up $12,000, 1.4% versus December 2022 YoY −18.2% down 18.2% versus January 2022
MLS® HPI benchmark — Quality-adjusted price for a typical home. The cleanest like-for-like price signal.
$1,078,900
MoM −$2,500 −0.2% down $2,500, 0.2% versus December 2022 YoY −14.2% down 14.2% versus January 2022
Sales — Firm transactions reported through the MLS® System during the month.
3,100
MoM −17 −0.5% down 17, 0.5% versus December 2022 YoY −45.0% down 45.0% versus January 2022
Dollar volume — Total value of all sales in the month.
$3.22B
MoM −$56,771,426 −1.7% down $56,771,426, 1.7% versus December 2022 YoY −54.0% down 54.0% versus January 2022
New listings — Properties newly listed during the month.
7,688
MoM +3,614 +88.7% up 3,614, 88.7% versus December 2022 YoY −3.6% down 3.6% versus January 2022
Active listings — Listings available at month end.
9,299
MoM +607 +7.0% up 607, 7.0% versus December 2022 YoY +124.6% up 124.6% versus January 2022
Avg. LDOM — Average days on market for the current listing. Not reported before 2020.
29
MoM +2 days +7.4% up 2 days, 7.4% versus December 2022 YoY +123.1% up 123.1% versus January 2022
Avg. PDOM — Average days on market across the property’s consecutive listings. Not reported before 2020.
41
MoM +1 day +2.5% up 1 day, 2.5% versus December 2022 YoY +127.8% up 127.8% versus January 2022
Avg. SP/LP — Average sale price as a share of list price. Above 100% means competing offers were common.
98%
MoM no change no change versus December 2022 YoY −13.3% down 13.3% versus January 2022
SNLR — Sales-to-new-listings ratio, computed here from this month’s counts. Below 40% favours buyers, above 60% favours sellers.
40.3%
MoM −36.2 pp −47.3% down 36.2 pp, 47.3% versus December 2022 YoY −42.9% down 42.9% versus January 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.
3.0
MoM +0 +7.6% up 0, 7.6% versus December 2022 YoY +308.4% up 308.4% versus January 2022
The month in 60 seconds
- Across all TRREB areas, new listings jumped 88.7% to 7,688 versus December 2022.
- Across all TRREB areas, active listings rose 7.0% to 9,299 versus December 2022.
- Across all TRREB areas, the median selling price edged up 1.4% to $900,000 versus December 2022.
- Across all TRREB areas, the average selling price edged down 1.2% to $1,038,668 versus December 2022.
- Across all TRREB areas, sales held steady at 3,100 versus December 2022.
Generated from the figures above. Ordered by size of month-over-month move.
Economy
Indicators published with this edition
Real GDP growth
2.9%
Q3 2022
Toronto employment growth
-0.5%
December 2022
Toronto unemployment rate
6.2%
December 2022
Inflation (CPI, year-over-year)
6.3%
December 2022
Bank of Canada overnight rate
4.5%
January 2023
Prime rate
6.5%
January 2023
1-year mortgage rate
6.34%
January 2023
3-year mortgage rate
6.14%
January 2023
5-year mortgage rate
6.49%
January 2023
By home type
All TRREB areas
| Home type | Sales | MoM | Average price | MoM | YoY |
|---|---|---|---|---|---|
| Detached | 1,384 | +32 +2.4% up 32, 2.4% versus December 2022 | $1,341,848 | −$42,738 −3.1% down $42,738, 3.1% versus December 2022 | −22.9% down 22.9% |
| Semi-detached | 240 | +2 +0.8% up 2, 0.8% versus December 2022 | $1,019,668 | +$10,189 +1.0% up $10,189, 1.0% versus December 2022 | −22.3% down 22.3% |
| Att/row/townhouse | 277 | +11 +4.1% up 11, 4.1% versus December 2022 | $976,500 | +$22,188 +2.3% up $22,188, 2.3% versus December 2022 | −20.1% down 20.1% |
| Condo townhouse | 222 | −36 −14.0% down 36, 14.0% versus December 2022 | $776,698 | +$4,660 +0.6% up $4,660, 0.6% versus December 2022 | −17.0% down 17.0% |
| Condo apartment | 950 | −16 −1.7% down 16, 1.7% versus December 2022 | $687,696 | −$17,963 −2.5% down $17,963, 2.5% versus December 2022 | −8.1% down 8.1% |
| Link | 14 | −7 −33.3% down 7, 33.3% versus December 2022 | $967,261 | +$4,056 +0.4% up $4,056, 0.4% versus December 2022 | −28.2% down 28.2% |
| Co-op apartment | 3 | −5 −62.5% down 5, 62.5% versus December 2022 | $533,833 | +$34,458 +6.9% up $34,458, 6.9% versus December 2022 | +6.2% up 6.2% |
| Detached condo | 5 | no change no change versus December 2022 | $939,000 | +$101,400 +12.1% up $101,400, 12.1% versus December 2022 | −6.8% down 6.8% |
| Co-ownership apartment | 5 | +2 +66.7% up 2, 66.7% versus December 2022 | $393,200 | −$45,133 −10.3% down $45,133, 10.3% versus December 2022 | −24.0% down 24.0% |
Average price by home type
13 months to January 2023
| Month | Detached | Semi-detached | Att/row/townhouse | Condo townhouse | Condo apartment |
|---|---|---|---|---|---|
| Jan '22 | 1741318 | 1312273 | 1221726 | 936264 | 748566 |
| Feb '22 | 1797203 | 1358415 | 1254460 | 963700 | 799966 |
| Mar '22 | 1697396 | 1317048 | 1212542 | 948292 | 808566 |
| Apr '22 | 1628343 | 1259243 | 1119648 | 909207 | 789869 |
| 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 |
Movers this month
Ranked across 49 of the 55 required areas · minimum 10 sales to qualify
Average price, month-over-month
Top 5
- Toronto C11 +45.3% up 45.3%
- Caledon +33.9% up 33.9%
- Toronto E07 +21.7% up 21.7%
- Aurora +20.9% up 20.9%
- Toronto E09 +20.1% up 20.1%
Bottom 5
- Toronto C03 −42.1% down 42.1%
- Toronto W01 −23.2% down 23.2%
- Toronto E08 −19.9% down 19.9%
- Toronto C15 −19.6% down 19.6%
- Toronto C13 −17.9% down 17.9%
Sales, month-over-month
Top 5
- Toronto C03 +53.3% up 53.3%
- Toronto E02 +47.1% up 47.1%
- Toronto C11 +42.9% up 42.9%
- Toronto W09 +36.4% up 36.4%
- Toronto W04 +28.1% up 28.1%
Bottom 5
- East Gwillimbury −40.7% down 40.7%
- Toronto E07 −34.4% down 34.4%
- Toronto C08 −33.0% down 33.0%
- Toronto W10 −31.7% down 31.7%
- Toronto C06 −31.3% down 31.3%
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
40.3%
prior month 76.5%
Months of inventory
3.0
All TRREB areas reads differently on the two balance measures — balanced conditions at 40.3% sales-to-new-listings, but a seller's market at 3.0 months of inventory. They measure different things, so the split is worth noting.
City of Toronto (416)
SNLR
36.8%
prior month 77.0%
Months of inventory
3.5
City of Toronto (416) reads differently on the two balance measures — a buyer's market at 36.8% sales-to-new-listings, but a seller's market at 3.5 months of inventory. They measure different things, so the split is worth noting.
905 total
SNLR
42.6%
prior month 76.3%
Months of inventory
2.7
905 total reads differently on the two balance measures — balanced conditions at 42.6% sales-to-new-listings, but a seller's market at 2.7 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
$821,065
- Sales
- 223
- SNLR
- 28.8%
- MOI
- 4.9
Aggregated across 2 districts · View →
Midtown
$1,434,499
- Sales
- 138
- SNLR
- 35.4%
- MOI
- 3.6
Aggregated across 6 districts · View →
Scarborough
$875,867
- Sales
- 184
- SNLR
- 47.8%
- MOI
- 2.3
Aggregated across 8 districts · View →
York Region
$1,285,583
- Sales
- 544
- SNLR
- 40.5%
- MOI
- 2.9
Region total · View →
Durham Region
$886,849
- Sales
- 394
- SNLR
- 45.7%
- MOI
- 2.0
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.