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 | |||||
| 2021 | 2022 | 2023 | 2021 | 2022 | 2023 | |
| January | $966K | $1,242K | $1,037K (BOTTOM) | 6,887 | 5,593 | 3,087 |
| February | $1,044K | $1,334K (PEAK) | $1,096K | 10,925 | 9,028 | 4,754 |
| March | $1,097K | $1,298K | $1,108K | 15,627 | 10,864 | 6,876 |
| April | $1,090K | $1,250K | $1,153K | 13,613 | 7,941 | 7,501 |
| May | $1,108K | $1,210K | $1,195K | 11,902 | 7,229 | 8,997 |
| June | $1,089K | $1,145K | $1,182K | 11,052 | 6,424 | 7,481 |
| July | $1,061K | $1,073K | $1,118K | 9,338 | 4,871 | 5,250 |
| August | $1,070K | $1,079K | $1,082K | 8,550 | 5,591 | 5,281 |
| September | $1,135K | $1,086K | $1,119K | 9,010 | 5,008 | 4,642 |
| October | $1,155K | $1,087K | $1,125K | 9,743 | 4,930 | 4,646 |
| November | $1,162K | $1,079K | $1,082K | 8,979 | 4,534 | 4,236 |
| December | $1,157K | $1,051K | $1,084K | 6,013 | 3,117 | 3.444 |
| Annual | $1,095K | $1,190K | $1,126K | 121,639 | 75,047 | 65,982 |
Year-Over-Year Summary (Dec comparison)
| GTA | 2023 | 2022 | %age Change |
|---|---|---|---|
| Sales (All Home Types) | 3,444 | 3,090 | 11.5% |
| New Listings | 3,886 | 4,161 | -6.6% |
| Active Listings | 10,370 | 8,694 | 19.3% |
| Average Price | $1,084,692 | $1,050,569 | 3.2% |
| Average LDOM | 32 | 27 | 18.5% |
| Average PDOM | 49 | 40 | 22.5% |
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 | ||
|---|---|---|
| Year | Sales | Avg Price |
| 2019 | 87,747 | $819,153 |
| 2020 | 95,066 | $929,636 |
| 2021 | 121,712 | $1,095,475 |
| 2022 | 75,047 | $1,190,749 |
| 2023 | 65,982 | $1,126,604 |
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