Comparing Toronto Real Estate Market: March 2019 (pre-covid level) vs. March 2023
Sunday Apr 16th, 2023
Comparing Toronto Real Estate Market: March 2019 vs. March 2023
Introduction:
The Greater Toronto Area (GTA) real estate market has undergone significant changes in recent years. In this blog post, we will provide a detailed comparison of the TRREB data from March 2019 and March 2023 to help you understand the market's evolution and make informed decisions in the competitive GTA housing market.
Key Findings:
New Listings:
- March 2019: 13,996
- March 2023: 11,184 (20.1% decrease)
Active Listings:
- March 2019: 15,576
- March 2023: 10,120 (35.0% decrease)
Number of Sales:
- March 2019: 7,187
- March 2023: 6,896 (4.0% decrease)
Sale to New Listing Ratio:
- March 2019: 51.35%
- March 2023: 61.66% (10.31 percentage points increase)
Average Price:
- March 2019: $788,335
- March 2023: $1,108,606 (40.6% increase)
Median Price:
- March 2019: $699,000
- March 2023: $965,000 (38.1% increase)
Average Prices by Property Type:
Detached house:
- March 2019: $984,782
- March 2023: $1,468,651 (49.1% increase)
Semi-detached house:
- March 2019: $789,462
- March 2023: $1,087,924 (37.8% increase)
Condominium Townhouse:
- March 2019: $571,169
- March 2023: $813,036 (42.3% increase)
Condominium Apartment:
- March 2019: $560,020
- March 2023: $703,566 (25.6% increase)
Freehold Townhouse:
- March 2019: $705,938
- March 2023: $935,626 (32.5% increase)
Analysis:
The comparison of the data from March 2019 and March 2023 reveals significant changes in the GTA real estate market. The number of new listings and active listings has notably decreased, indicating a more competitive and supply-constrained market. Despite the decrease in the number of sales, the sale to new listing ratio has increased, reflecting higher demand and competition for available properties.
Furthermore, the average and median prices have seen substantial increases across all property types, with detached houses experiencing the highest price growth of 49.1%. This trend underscores the growing unavoidability and competition in the GTA real estate market.
Conclusion:
The comparison between March 2019 and March 2023 data highlights the dynamic nature of the GTA real estate market, with decreasing inventory, increased competition, and rising prices across all property types. Buyers and sellers should remain informed about these market trends to navigate the ever-changing GTA real estate landscape and make well-informed decisions.
Data Source: Toronto Real Estate Board (TRREB)
Read TRREB’s full Report: March 2023 March 2019
Prepared by.
Are you considering purchasing your dream home or looking to invest in a property? Or perhaps you're thinking of selling your current one? Allow me to guide you smoothly through the entire process, from start to finish, ensuring a hassle-free experience. I invite you to reach out for a complimentary, no-obligation consultation. Your journey to success begins with a single conversation!
Sami Chowdhury
Broker
RE/MAX Realtron Realty Inc., Brokerage
885 Progress Avenue, Suite 209, Toronto, Ontario, M1H 3G3
Direct: (647) 725-0606
Office: (416) 289-3333
Fax: (416) 289-4535
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