The July 2023 housing report from the Toronto Region Real Estate Board (TRREB) is out, and here is a quick review. It covers home sales, prices, listings, condo rentals and commercial activity across the Greater Toronto Area. Below, I explain what each number means for buyers and sellers in Mississauga and the GTA.
I wrote this review when TRREB released its July 2023 figures. All numbers below come from that report.
Home sales in the July 2023 housing report
Contrary to common perceptions, total residential transactions rose by 7.8% compared to the same month last year. However, they fell by 8.8% compared to the previous month. So, activity was up on a yearly basis but softer than the month before.
The year-over-year average selling price also moved up. It rose by 4.2%, from $1,073,213 to $1,118,374. These figures show how both buyers and sellers felt about the market at the time. For buyers, the July 2023 housing report meant that sales and prices were both higher than a year earlier.
Of course, a single month never tells the whole story. Monthly numbers can swing with the season, with the mood around interest rates, and with how many homes happen to be listed. That is why it helps to compare each month with the same month last year, as TRREB does.
New listings and days on market
The number of new listings hitting the market also rose by a healthy 11.5%, to 12,712. In addition, homes sold faster. Days on market shortened by 17.2% compared to the same period last year. Properties sold within 24 days, down from 29 days before.
For sellers, more listings meant more competition for buyers’ attention. So, a sound asking price and good presentation mattered even more. If you plan to sell, my guide on setting an asking price that sells walks through the basics. For buyers, more choice was welcome. Still, the faster pace showed that good homes did not sit for long. A buyer who waits too long to make up their mind can easily miss out.
Interest rates behind the July 2023 housing report
Buyers and sellers have come to accept that higher interest rates are likely to persist for the foreseeable future. However, the recent increase in the overnight rate by the Bank of Canada has somewhat shaken confidence in the market. Despite this, there is potential for more activity and rising prices if the Bank holds its rate at its next announcement.
Therefore, watching the central bank’s decisions will be key to understanding where the market goes next. You can follow each decision on the Bank of Canada website. Rate news was clearly one of the main forces behind the July 2023 housing report. Rates have moved a great deal since then, so for a later view, read my post on a more recent rate cut.
Condo sales and rents
Condo sales jumped by almost 21%, from 5,672 to 6,844 units sold. However, the selling price slipped by 4.2%, from $770,539 to $737,868, compared to the same period last year. New condo listings also fell by 13.6%. Meanwhile, condos took longer to sell, at an average of 20 days compared to 15 days last year.
In the condo rental market, the total number of rental units available rose by 5.4%. Interestingly, the average rent for a one-bedroom condo still leaped by 11.6%, from $2,268 to $2,532. This was largely due to the impact of higher mortgage rates. When buying gets harder, more people rent for longer, and that keeps pressure on rents. For landlords, that can help cash flow. Tenants, meanwhile, should budget carefully before signing a lease.
For investors, the condo part of the July 2023 housing report sent mixed signals. Sales rose while prices dipped, and rents climbed even as supply grew. If you are weighing a condo as a first home, my post on condo or townhouse choices for first-time buyers may help.
Commercial real estate in the July 2023 housing report
On the commercial side, leasing activity fell by over 20% year over year. However, the average industrial leasing rate improved slightly, by almost 1%. Commercial and office leasing rates, on the other hand, fell by over 26% and about 13%, respectively. Working from home was a large part of the reason.
Commercial sales activity dropped by nearly 48%. That points to the ongoing challenges in the commercial real estate market. So, the July 2023 housing report showed a clear gap between homes and commercial property.
What buyers and sellers can take from it
First, look at the trend rather than one month. Next, match your plans to your own budget and timeline. A buyer with stable income and a pre-approval can act with more confidence. Meanwhile, a seller who prices well from day one tends to avoid a long stay on the market. And both sides do better with a clear plan for what they will do if the market shifts after they start.
Finally, check the source data yourself. TRREB publishes its market reports every month. Reading this report alongside later months helps you see which changes lasted and which faded.
Talk to a Mississauga real estate agent
Do you have questions about the GTA market, buying or selling in Mississauga? I am happy to help, so please reach out through my contact page or call 416 908 5600. A. Q. Mufti, Sales Representative, RE/MAX Real Estate Centre Inc., Brokerage.
Disclaimer: this article was published on 18 January 2025 and reflects the information available at that time. Interest rates, prices, and government programs change, so check the current position before acting on anything here. It is provided for information only and is not financial, mortgage, tax or legal advice. A. Q. Mufti is a registered Sales Representative with RE/MAX Real Estate Centre Inc., Brokerage, Ontario, Canada.
