Average price — Mean sale price across all transactions. Sensitive to the mix of homes that sold.
$1,108,606
MoM +$12,989 +1.2% up $12,989, 1.2% versus February 2023 YoY −14.7% down 14.7% versus March 2022
Source: TRREB MarketWatch, March 2023
Greater Toronto Area · TRREB MarketWatch
GTA Real Estate Market Report
March 2023
In March 2023 the average selling price across the Greater Toronto Area edged up 1.2% to $1,108,606 versus February 2023, and sales jumped 44.2% to 6,896.
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.
$965,000
MoM +$25,000 +2.7% up $25,000, 2.7% versus February 2023 YoY −17.2% down 17.2% versus March 2022
MLS® HPI benchmark — Quality-adjusted price for a typical home. The cleanest like-for-like price signal.
$1,118,500
MoM +$27,200 +2.5% up $27,200, 2.5% versus February 2023 YoY −16.2% down 16.2% versus March 2022
Sales — Firm transactions reported through the MLS® System during the month.
6,896
MoM +2,113 +44.2% up 2,113, 44.2% versus February 2023 YoY −37.1% down 37.1% versus March 2022
Dollar volume — Total value of all sales in the month.
$7.64B
MoM +$2,404,611,663 +45.9% up $2,404,611,663, 45.9% versus February 2023 YoY −46.3% down 46.3% versus March 2022
New listings — Properties newly listed during the month.
11,184
MoM +2,817 +33.7% up 2,817, 33.7% versus February 2023 YoY −44.2% down 44.2% versus March 2022
Active listings — Listings available at month end.
10,120
MoM +477 +4.9% up 477, 4.9% versus February 2023 YoY −0.5% down 0.5% versus March 2022
Avg. LDOM — Average days on market for the current listing. Not reported before 2020.
19
MoM −3 days −13.6% down 3 days, 13.6% versus February 2023 YoY +137.5% up 137.5% versus March 2022
Avg. PDOM — Average days on market across the property’s consecutive listings. Not reported before 2020.
27
MoM −6 days −18.2% down 6 days, 18.2% versus February 2023 YoY +145.5% up 145.5% versus March 2022
Avg. SP/LP — Average sale price as a share of list price. Above 100% means competing offers were common.
101%
MoM +1.0 pp +1.0% up 1.0 pp, 1.0% versus February 2023 YoY −10.6% down 10.6% versus March 2022
SNLR — Sales-to-new-listings ratio, computed here from this month’s counts. Below 40% favours buyers, above 60% favours sellers.
61.7%
MoM +4.5 pp +7.9% up 4.5 pp, 7.9% versus February 2023 YoY +12.8% up 12.8% versus March 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.
1.5
MoM −1 −27.2% down 1, 27.2% versus February 2023 YoY +58.1% up 58.1% versus March 2022
The month in 60 seconds
- Across all TRREB areas, sales jumped 44.2% to 6,896 versus February 2023.
- Across all TRREB areas, new listings jumped 33.7% to 11,184 versus February 2023.
- Across all TRREB areas, active listings rose 4.9% to 10,120 versus February 2023.
- Across all TRREB areas, the median selling price edged up 2.7% to $965,000 versus February 2023.
- Across all TRREB areas, the average selling price edged up 1.2% to $1,108,606 versus February 2023.
Generated from the figures above. Ordered by size of month-over-month move.
Economy
Indicators published with this edition
Real GDP growth
0%
Q4 2022
Toronto employment growth
1.2%
February 2023
Toronto unemployment rate
5.8%
February 2023
Inflation (CPI, year-over-year)
5.2%
February 2023
Bank of Canada overnight rate
4.5%
March 2023
Prime rate
6.7%
March 2023
1-year mortgage rate
6.29%
March 2023
3-year mortgage rate
6.14%
March 2023
5-year mortgage rate
6.49%
March 2023
By home type
All TRREB areas
| Home type | Sales | MoM | Average price | MoM | YoY |
|---|---|---|---|---|---|
| Detached | 3,000 | +925 +44.6% up 925, 44.6% versus February 2023 | $1,468,651 | +$28,916 +2.0% up $28,916, 2.0% versus February 2023 | −13.5% down 13.5% |
| Semi-detached | 556 | +157 +39.3% up 157, 39.3% versus February 2023 | $1,087,924 | +$18,658 +1.7% up $18,658, 1.7% versus February 2023 | −17.4% down 17.4% |
| Att/row/townhouse | 640 | +177 +38.2% up 177, 38.2% versus February 2023 | $1,036,571 | −$13,771 −1.3% down $13,771, 1.3% versus February 2023 | −14.5% down 14.5% |
| Condo townhouse | 527 | +169 +47.2% up 169, 47.2% versus February 2023 | $813,036 | +$27,588 +3.5% up $27,588, 3.5% versus February 2023 | −14.3% down 14.3% |
| Condo apartment | 2,121 | +666 +45.8% up 666, 45.8% versus February 2023 | $703,566 | −$1,906 −0.3% down $1,906, 0.3% versus February 2023 | −13.0% down 13.0% |
| Link | 34 | +10 +41.7% up 10, 41.7% versus February 2023 | $1,120,760 | +$1,811 +0.2% up $1,811, 0.2% versus February 2023 | −6.4% down 6.4% |
| Co-op apartment | 8 | +4 +100.0% up 4, 100.0% versus February 2023 | $428,813 | −$47,659 −10.0% down $47,659, 10.0% versus February 2023 | −30.8% down 30.8% |
| Detached condo | 8 | +6 +300.0% up 6, 300.0% versus February 2023 | $951,431 | −$93,069 −8.9% down $93,069, 8.9% versus February 2023 | −28.6% down 28.6% |
| Co-ownership apartment | 2 | −1 −33.3% down 1, 33.3% versus February 2023 | $411,000 | −$67,504 −14.1% down $67,504, 14.1% versus February 2023 | −20.1% down 20.1% |
Average price by home type
13 months to March 2023
| Month | Detached | Semi-detached | Att/row/townhouse | Condo townhouse | Condo apartment |
|---|---|---|---|---|---|
| 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 |
| Feb '23 | 1439735 | 1069266 | 1050342 | 785448 | 705472 |
| Mar '23 | 1468651 | 1087924 | 1036571 | 813036 | 703566 |
Movers this month
Ranked across 55 of the 55 required areas · minimum 10 sales to qualify
Average price, month-over-month
Top 5
- Toronto C12 +49.7% up 49.7%
- Toronto W09 +27.8% up 27.8%
- Aurora +18.7% up 18.7%
- Toronto C06 +18.1% up 18.1%
- Toronto E11 +18.1% up 18.1%
Bottom 5
- Toronto C11 −30.3% down 30.3%
- Toronto E06 −24.4% down 24.4%
- Toronto W08 −19.9% down 19.9%
- Toronto C09 −17.9% down 17.9%
- Toronto C13 −14.2% down 14.2%
Sales, month-over-month
Top 5
- Toronto E05 +100.0% up 100.0%
- Whitchurch-Stouffville +86.5% up 86.5%
- Toronto E06 +82.3% up 82.3%
- Toronto E10 +81.8% up 81.8%
- Toronto C04 +78.8% up 78.8%
Bottom 5
- Scugog −10.0% down 10.0%
- King −8.7% down 8.7%
- Toronto W03 −2.6% down 2.6%
- Toronto C11 no change no change
- Toronto W01 +2.7% up 2.7%
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
61.7%
prior month 57.2%
Months of inventory
1.5
All TRREB areas sits in a seller's market: 61.7% of new listings sold and 1.5 months of inventory on hand.
City of Toronto (416)
SNLR
58.4%
prior month 52.7%
Months of inventory
1.7
City of Toronto (416) reads differently on the two balance measures — balanced conditions at 58.4% sales-to-new-listings, but a seller's market at 1.7 months of inventory. They measure different things, so the split is worth noting.
905 total
SNLR
63.7%
prior month 60.1%
Months of inventory
1.3
905 total sits in a seller's market: 63.7% of new listings sold and 1.3 months of inventory on hand.
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
$835,359
- Sales
- 572
- SNLR
- 54.5%
- MOI
- 2.1
Aggregated across 2 districts · View →
Midtown
$1,521,084
- Sales
- 276
- SNLR
- 49.9%
- MOI
- 2.2
Aggregated across 6 districts · View →
Scarborough
$899,339
- Sales
- 420
- SNLR
- 62.4%
- MOI
- 1.2
Aggregated across 8 districts · View →
York Region
$1,344,511
- Sales
- 1,248
- SNLR
- 61.6%
- MOI
- 1.4
Region total · View →
Durham Region
$926,142
- Sales
- 864
- SNLR
- 66.5%
- MOI
- 1.0
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.