Detached homes continue to be one of the most popular options for buyers in Toronto. As interest rates have settled, and buyers have had greater confidence in getting into the market, prices have crept up again at the start of 2023. Sales increased by 5% month-over-month from March to April, while the average price grew from $1,468,651 to $1,489,258. With minimal supply available, it’s likely prices will continue to increase.
But which areas of Toronto have experienced the most growth in 2023? To find out, Zoocasa analyzed average detached home prices, sales, new listings and buying conditions between January 2023 and March 2023 in seven regions.
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Price Growth at its Highest in Toronto and Halton
Prices in the City of Toronto and Halton have seen the largest growth, with increases of 14.95% and 14.46% respectively between January and March. The smallest growth was in York Region, where prices only increased by 2.76% in the first quarter of the year. Only one region had a price decline, which was Dufferin County, where the average price fell from $909,500 to $881,531, a fall of 3.08%. It should be noted that Dufferin County only saw 15 sales in January and 16 sales in March, far below any other region we covered, likely contributing to the falling prices.
- Read: The Bank of Canada’s Interest Rate Pause: Assessing Real Estate Prices Since Last Year’s Hikes
Dufferin County saw the lowest percentage increase in sales, with only one more from March to February, but five of the other regions all saw sales increases of over 100%. Peel Region had the highest increase, with sales improving by 132.37% to 560. York Region was not far behind with 682 sales in March compared to January, an improvement of 131.97%. Durham, Halton and Toronto sales improved by 104.60%, 127.98% and 109.43% respectively, while Simcoe County was the only other region not to improve by over 100%.
Most Markets Favouring Sellers in the GTA
Of the seven regions we covered, four of them currently sit in a state that benefits sellers. In spite of the number of new listings improving across the board, sales continue to rise and prices continue to increase as a result of fewer homes available. With a sales-to-new-listings ratio (SNLR) of over 60%, a market will favour sellers, and as long as the market maintains that state, prices will continue to rise.
Durham, Halton, York and Peel all currently have SNLRs of 60% or above. Halton is the deepest into sellers’ territory, at 66%. The region has had 383 sales, an increase of 127.98% from the start of the year, while there were 579 new listings, up 46.21% from January. Toronto has an SNLR of 59%, right on the cusp of favouring sellers. There were 666 sales in March, compared to 1,126 new homes put up for sale. Simcoe and Dufferin County both sit in a balanced state, with SNLRs of 45% for both.
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