GTA Real Estate Market December 2023

GTA Real Estate Market December 2023 Summary

Home Sales in December: 3,444

New Listings: 3,886

Active Listings: 10,370

Average Selling Price: $1,084,692

GTA Real Estate Market Performance for the year 2023:

As per the December 2023 TRREB Market Watch Report, in 2023 (the full year), the housing demand in Greater Toronto Area (GTA) remained strong, driven by record immigration. However, a significant portion of this demand shifted towards the rental market due to affordability challenges arising from high mortgage rates.

The GTA saw fewer than 70,000 home sales, influenced by the combination of high borrowing costs and stringent federal mortgage qualification standards. TRREB highlighted the unaffordable home ownership market in 2023, but has expressed optimism for relief in the upcoming year.

Lower borrowing costs expected in 2024, along with a resilient economy, may lead to a rebound in home sales.

There were 65,982 home sales in 2023, reflecting a 12.1% decrease from 2022. Despite a temporary increase in spring and summer, new listings declined throughout the year. The decade-long trend of flat-to-down listings poses challenges amid a steadily growing population.

Monthly sales showed improvement compared to November, while new listings declined for the third consecutive month. The average selling price for all home types in 2023 was $1,126,604, marking a 5.4% decline from the previous year.

Buyers active in the market during 2023 benefited from increased choices, allowing negotiations for lower prices despite higher borrowing costs. TRREB anticipates renewed price growth if borrowing costs decrease in the coming year.

There is also the need for an increased number of homes for rent or purchase, given the record immigration into the GTA, to ensure stability and affordability for residents planning their lives and future.

GTA Real Estate Market December 2023 Stats

Average Home Prices by City December 2023
Detached   Semi 
Detached 
Condo
Townhouse
Condo 
Apartment
Burlington $1,265,746$951,900$894,833$587,519
Milton$1,249,388$931,833$685,000$586,564
Oakville$2,227,824$1,485,329$705,186$718,949
Brampton $1,153,809$895,515$661,227$562,657
Mississauga$1,355,241$949,876$773,047$610,964
City of Toronto$1,626,980$1,173,171$925,217$709,283
GTA Monthly Statistics as per TRREB Reports

Avg. Price

Home Sales
202120222023202120222023
January$966K$1,242K$1,037K (BOTTOM)6,8875,5933,087
February$1,044K$1,334K (PEAK)$1,096K10,9259,0284,754
March$1,097K$1,298K$1,108K15,62710,8646,876
April$1,090K$1,250K$1,153K13,6137,9417,501
May$1,108K$1,210K$1,195K11,9027,2298,997
June$1,089K$1,145K$1,182K11,0526,4247,481
July$1,061K$1,073K$1,118K9,3384,8715,250
August$1,070K$1,079K$1,082K8,5505,5915,281
September$1,135K$1,086K$1,119K9,0105,0084,642
October$1,155K$1,087K$1,125K9,7434,9304,646
November$1,162K$1,079K$1,082K8,9794,5344,236
December$1,157K$1,051K$1,084K6,0133,1173.444
Annual$1,095K$1,190K$1,126K121,63975,04765,982

Year-Over-Year Summary (Dec comparison)

GTA20232022%age Change
Sales (All Home Types)3,4443,09011.5%
New Listings3,8864,161-6.6%
Active Listings10,3708,69419.3%
Average Price$1,084,692$1,050,5693.2%
Average LDOM322718.5%
Average PDOM494022.5%

Average Listing Days on Market (Avg. LDOM) refers to the average number of days sold listings were on the market. Average Property Days on Market (Avg. PDOM) refers to the average number of days a property was on the market before selling, irrespective of whether the property was listed more than once by the same combination of seller and brokerage during the original listing contract period.

5 Year GTA Sales & Avg Price Chart
YearSalesAvg Price
201987,747$819,153
202095,066$929,636
2021121,712$1,095,475
202275,047$1,190,749
202365,982$1,126,604

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