Toronto Housing Market Report

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Market Report Summary for August 2023
Updated September 6th, 2023
  • The average home sold price in the Greater Toronto Area (GTA) increased 0.3% year-over-year to $1,082,496 for August 2023.
  • Strong growth in new listings, along with sluggish sales, is helping to bring down home prices as supply increases.
  • Detached home average price increased by 2.7% year-over-year to $1.42M.
  • Semi-detached home average price increased by 7% year-over-year to $1.07M.
  • Freehold townhouse average price increased by 3.6% year-over-year to $1.02M.
  • Condo apartment average price decreased by 0.8% year-over-year to $706k.

Greater Toronto Area (GTA) Housing Market Overview

Data for August 2023
Avg. Sold Price:$1,082,496
All Property Types:$1,082,496
Freehold Townhouse:$1,022,680
Condo Apartment:$705,572
Transactions (Buy/Sell):5,294
All Property Types:5,294
Freehold Townhouse:496
Condo Apartment:1,609
Best 5-Year Fixed Mortgage Rates in Toronto
Mortgage Term:
Current Market Conditions
This Month’s SNLR: 43%
An SNLR between 40% and 60% indicates a balanced market.

Toronto home prices continue to tumble as home buyers feel the pinch of high mortgage rates and slimmer pocketbooks. Decreasing another 3% compared to last month, the average home price in the Greater Toronto Area (GTA) housing market for August 2023 was $1,082,496. Compared to the same period last year, GTA home prices are up a slight 0.3% year-over-year.

The Bank of Canada's rate hikes in June and July 2023 have thrown speed bumps on the road, further decelerating the housing market. That has caused Canadian prime rates to increase from 6.70% at the beginning of June 2023 to 7.20% by July 2023. With it goes variable mortgage rates, pushing a significant proportion of mortgage amortizations at Canada’s major banks to over 25 years as interest on variable mortgages grows bigger while payments remain the same. An exception to this from the Big 6 Banks is Scotiabank and National Bank.

As the cost of borrowing increases, more and more buyers are waiting on the sidelines as they take stock of their situation and assess their mortgage affordability. There were 5,294 home sales in the GTA during the month of August 2023, down 6% from the same period last year. New listings are up by 16% year-over-year, at 12,296 new listings. This brings the sales-to-new-listings ratio (SNLR) to 43%. With a SNLR of 40% and below indicating a buyer’s market, in which market conditions are in the favour of buyers, this should relieve some pressure on buyers as they shop for a home.

A SNLR of 60% and higher indicates a seller’s market. The GTA’s 12-month SNLR trend has been roaming in between these two levels, with the 12-month SNLR trend at 51.1%.

Used to look at the price of an “average” home, the GTA’s benchmark home price for August 2023 was $1,141,400, up 2.5% year-over-year. It’s slightly down 2% from last month’s benchmark price of $1,161,200.

Regional Comparison

City of Toronto home prices declined by 6% compared to last month and 2.5% year-over-year, falling to $1,005,945 for August 2023. That’s a sharper pullback than other cities in the GTA, such as Brampton’s 4% monthly decline or Mississauga’s close to 0% monthly change. This brings the City of Toronto’s annual price growth to -2.5%, quite a change from the 5% year-over-year increase seen just last month.

Home prices in York Region, which includes Markham, Vaughan, and Richmond Hill, have decreased 1% month-over-month to $1,339,742. Halton Region, which includes Burlington, Oakville, and Milton, has also seen a 2% month-over-month decrease in home prices to $1,230,389. In Durham Region, Oshawa’s housing market has seen a 2% decrease in prices month-over-month to $815,098.

Property Types

Properties in the Greater Toronto Area continue to fall across the board on a monthly basis. The average price of a detached home in the GTA was $1,416,366 in August 2023, a minor 3% increase year-over-year and down 1% month-over-month.

Semi-detached homes had the biggest annual change in prices, increasing 7% year-over-year to an average price of $1,067,980. That’s down 3% from last month.

Condos saw a larger 4% monthly decline in average prices, sliding also 1% year-over-year to $705,572.

Looking Forward

Two rate hikes by the Bank of Canada in June and July 2023 have caused mortgage rates to increase, with an almost immediate impact seen on Toronto home prices and home sales. Slowing demand, with a sales-to-new-listings-ratio hovering near 40%, signals further weakness in Toronto’s housing market. A pause in another rate hike in September 2023 may come as a relief.

Meanwhile, the average sales price to listing price ratio was 100% this month, meaning the average home sold at its asking price. This ratio was 102% just last month, meaning that homes are now selling for less compared to its asking price when compared to last month.

Home Prices in Toronto

Greater Toronto Area Housing Market Statistics for All Property Types

Data for August 2023

Average Sold Price and MLS HPI Benchmark Price

Total Transactions

Property Type Distribution

Condo Apartments

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Housing Markets Across Canada

Data for August 2023

Market Overview for Detached Homes

Data for August 2023

Average Sold Price


Market Overview for Semi-Detached Homes

Data for August 2023

Average Sold Price


Market Overview for Freehold Townhouses

Data for August 2023

Average Sold Price


Market Overview for Condo Apartments

Data for August 2023

Average Sold Price


Greater Toronto Area (GTA) Breakdown by Region

Data for August 2023
Best 5-Year Fixed Mortgage Rates in Toronto
Select: Term

Glossary and Definitions

MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.

MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.

Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:

  • Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
  • Liability for any property damage or bodily injury suffered on strata property
  • Any fixtures that are part of the "standard unit" or original construction of each unit

Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.

Property types

Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.

Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.

Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.

Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.

Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.

Property Classes

Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.

Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.

Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owner of the buildings has leased the land and pay rent to their landlord while owning the building on the land.

Housing Markets Across Canada

Data sourced from the Toronto Regional Real Estate Board (TRREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.