Toronto Housing Prices in 2023. How much did a house cost in Toronto in 2023? How much did a condo cost in Toronto in 2023? Toronto's top real estate agents

If we reflect on the real estate market in the Greater Toronto Area (GTA) last year, in 2023, it's evident that both housing prices and sales volumes were lower than the previous year. This was a result of our high mortgage interest rates in Canada, the highest rates we have seen in 22-years, which prevented a portion of purchasers from entering the market and it also saw an increase in listings which included property owners who may have overleveraged their real estate portfolio with variable interest rates. 

For all housing types (detached homes, semi-detached, townhouses and condos) the average price was down between -4.2% to -5.7% compared to prices in the previous year 2022. Sales volumes were also down -12.1% compared to the previous year in 2022. For most parts of the GTA, it was a great time for purchasers to secure real estate and our team helped numerous clients purchase properties at prices we had not seen since 2019-2020. Markets such as this offer rare and excellent opportunities for purchasers with a long-term investment strategy in mind (holding real estate for at least the next 4-5 years). 

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