Last week, Wahi released its 2023 Greater Toronto Area (GTA) Housing Snapshot Report which covers the city of Toronto and the regions of Durham, Halton, Peel and York. Here are some key highlights.
City of Toronto
Three of the GTA’s 10 most affordable condominium markets (using median home prices based on year-to-date transactions) are in the city of Toronto. At $850,000, this area has the lowest median home price this year of all five GTA regions.
As well, the difference between this price and the city’s detached home prices is the smallest since the start of the pandemic in 2020. The Forest Hill neighbourhood was home to all three most expensive GTA detached homes sold this year.
Durham region
The Durham region is home to six of the GTA’s 10 most affordable housing markets, including the top two of Brock and Oshawa. This region is also home to the three lowest-priced detached homes that sold this year.
Homes are selling the quickest in this region, with average days-on-market (DoM) at 15 — four days under the whole GTA’s average. The four fastest-selling cities were Ajax with 12 DoM, Whitby with 13 DoM, Oshawa and Pickering, both with 15 DoM.
Halton region
As one of the GTA’s most affordable markets, Halton Hills carries a year-to-date median price of $1.05 million for detached, semi-detached and townhomes. That being said, the region itself has the GTA’s second-most expensive market, with a $1.385 million median price: Oakville.
Next to Toronto, this region is the slowest-selling of those in the GTA, with 20 average DoM, over 33 per cent higher than a year ago.
Peel region
Of the nearly 400 neighbourhoods analyzed, the third-highest sales level this year, at 633, was reached in central Mississauga —
Another Peel region highlight is Brampton — the ninth most affordable market in the GTA with a year-to-date median price of $1.051 million. A home here sold for $1.849 million under-asking, becoming the GTA’s most underbid house of this year.
York region
This year, the York region proved to be the priciest of the GTA’s five regions, with a median home price of $1.25 million. King is the most expensive local market in the GTA, with a median price of $1.825 million.
Home prices in this region have stayed stronger than most of the rest of the GTA, with the year-to-date median price down 2.7 per cent compared to the same 2022 10.5-month period.
Berczy Village in Markham was the top of all GTA neighbourhoods analyzed for property overbidding.
Read the full report here.
