Market Update March 2023

Being a real estate agent in Burlington (and surrounding areas), I am well-versed in the challenges that so many home buyers have faced in recent years. The residential real estate market has been very erratic (2022 especially) and we are finally seeing some stability again in market growth. The average sale price has exceeded the average list price in some areas of the GTA for the first time since May 2022. The current stats indicate that the demand for home ownership will continue to increase due to rising mortgage rates, supply issues and the cost of rental prices increasing to levels that are similar to owning a home.

According to the March 2023 Toronto Regional Real Estate Board stats, the GTA saw 6,896 residential transactions (sales), reflecting a 36.5% decline from the same period last year. With only a month and a half of inventory available, the current market has less inventory than we saw last year. However, there was a month-over-month increase in sales. The average price of a home in the GTA, including all types, was $1,108,606 in March 2023, up from $1,095,617 in February 2023. Nevertheless, when compared to the peak of the market in March 2022, the year-over-year average sale price across all types of homes in the GTA dropped by 14.6% from $1,299,894.

Let’s take a deeper look at some of our regional stats: GTA, Toronto, Mississauga, Oakville, Burlington, Hamilton, Milton, Hamilton and Brampton. The statistics below are year over year.

The market appears to be picking up again. If you are looking to buy, sell or invest, I would urge you to start thinking about selecting your Burlington real estate agent as the market is started to heat up!