Market Update April 2023

As a real estate agent in Burlington, Oakville, and Mississauga, all the way to Toronto, I have been patiently waiting to see the growth that happened in April based on the market stats. When we compared the 2023 year-over-year sales numbers, prices are still down; however, when we compare April’s stats to January’s, we have seen consistent growth for the first time since the interest rate hike.

The Toronto Regional Real Estate Board reported that the average price of a home in the GTA in April 2023 was $1,153,269. When compared to April 2022 ($1,250,704), prices were down by 7.8%, but when compared to January 2023 ($1,038,668) prices are up 11%. This 4-month increase since January is quite dramatic based on the pricing lull we experienced after mortgage rates were increased. If I were to offer one piece of advice, BUY NOW. Inventory is low, prices are going to continue to grow based on the low supply and high demand.

There were 7,531 sales (transactions) recorded in April 2023 in the GTA, which is down 5.2% when compared to last year at this time from 7,940. These numbers make complete sense when we take a look at the number of new listings recorded in April 2023 in the GTA was down by 38.8% to 11,364 new listings, compared to 18,413 last year at the same time. While we did see the price pressure ease up after borrowing costs were increased, it looks as though buyers have accepted the new rates and the race to own a home is back on.

Let’s take a deeper look at some of our regional stats: GTA, Toronto, Mississauga, Oakville, Burlington, Hamilton, Milton, Hamilton and Brampton. This month we are reviewing not only the year-over-year comparison but also to the beginning of the month.

YEAR-OVER-YEAR DECREASE (APRIL 2022 AND APRIL 2023)

MONTH-OVER-MONTH INCREASE (JANUARY 2023 TO APRIL 2023)

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!