A new year offers the opportunity to pause and reflect. As we welcome 2024, we want to take a look back and reflect upon the December 2023 Toronto Real Estate Market Update. This update is to provide insight to all of our potential clients who plan to buy or sell with us this year so that you can make the most informed decisions. It’s always in your best interest to keep up with current market trends so we hope this report provides you with some fresh perspective!
The data below is gathered from the monthly stats offered by TRREB. Being a Toronto real estate agent, we intend for this market update to assist you in navigating the statistics confidently so you can feel a sense of ease in all of your upcoming real estate decisions.
Toronto Real Estate Market Update
Overall, 2023 was rather fascinating for the world of real estate. Many buyers decided to wait out the market to see if borrowing costs would decrease. The lowest number of residential transactions in the GTA since the year 2000 occurred last year. This led to approximately 10,000 fewer sales in 2023 compared to 2022. In addition, in 2023, the average sale price declined to $1,126,604 from $1,190,749.
2024 will hopefully be more prosperous. Borrowing costs are predicted to decrease in 2024. With relief in rates paired with steady population growth and an overall positive economic outlook, there is a strong possibility of an increase in real estate transactions this year.
The TRREB Chief Market Analyst, Jason Mercer, has proclaimed that buyers in 2023 were able to benefit from an increased inventory. This allowed them to negotiate lower selling prices and reduce the effects of high borrowing costs. This year, as borrowing costs hopefully decline, we hope that the market will re-evaluate prices.
The role of immigration will become increasingly important in the Toronto real estate market as the Canadian government welcomes more newcomers. There will be an increased need for investment properties as most newcomers will rent before they can buy.
In 2023, the pre-construction market greatly declined. Builders refuse to start building until the units are sold. Therefore, if you are interested in buying pre-construction, be on the lookout for special promotions as builders are going to be keen on selling their overstock of inventory.
GTA Average Home Prices Per Month
In 2023, the real estate market in the GTA was up and down. Prices have continued to trend downwards but there is speculation that prices could increase in 2024 when there is some rate relief. Now is the perfect time to buy if you can before the prices potentially increase. Below is a breakdown of the prices per month for 2023:
- January: 1.04 million
- February: 1.09 million
- March: 1.11 million
- April: 1.15 million
- May: 1.19 million
- June: 1.18 million
- July: 1.12 million
- August 1.08 million
- September: 1.12 million
- October: 1.13 million
- November: 1.08 million
- December: 1.08 million
Regional Market Statistics
Below we will explore the regional stats in Toronto, the GTA, York Region, Durham Region, Brampton, Oakville and Mississauga as of December 2023.
Market Statistics for the GTA
In December 2023, the GTA saw a 5.4% year-to-date decrease in the average sale price of all home types, to $1,126,604. Meanwhile, year-over-year prices in the GTA increased slightly to $1,084,692. Condo prices in Toronto dropped by 3.3% year-over-year to $682,525. There was a 2.3% decrease in condo sales in December, totalling 944 units sold.
Market Statistics for Toronto Real Estate
In December 2023, Toronto saw a 3.8% year-to-date decrease in the average sale price of all home types, to $1,096,994. Meanwhile, year-over-year prices in Toronto increased slightly to $1,062,914. Condo prices in Toronto dropped by 4.4% year-over-year to $709,283. There was a .8% decrease in condo sales in December, totalling 641 units sold.
Market Statistics for York Region
In December 2023, the York Region saw a 3.6% year-to-date decrease in the average sale price of all home types, to $1,339,209. Meanwhile, year-over-year prices in the York Region increased slightly to $1,281,020. Condo prices in York Region dropped by .7% year-over-year to $670,392. There was an 8.8% decrease in condo sales in December, totalling 114 units sold.
Market Statistics for Durham Region
In December 2023, the Durham Region saw an 8.6% year-to-date decrease in the average sale price of all home types, to $936,023. Meanwhile, year-over-year prices in the Durham Region decreased slightly to $860,622. Condo prices in Durham Region dropped by 6.1% year-over-year to $502,115. There was a 4% increase in condo sales in December, totalling 26 units sold.
Market Statistics for Brampton
In December 2023, Brampton saw a 10.4% year-to-date decrease in the average sale price of all home types, to $1,049,464. Meanwhile, year-over-year prices in the Durham Region increased slightly to $987,085. Condo prices in Brampton dropped by 11.4% year-over-year to $562,657. There was a 30% decrease in condo sales in December, totalling 14 units sold.
Market Statistics for Oakville
In December 2023, Oakville saw a 4.9% year-to-date decrease in the average sale price of all home types, to $1,543,799. Meanwhile, year-over-year prices in Oakville increased to $1,630,068. Condo prices in Oakville dropped by 22.1% year-over-year to $718,949. There was a 57.1% increase in condo sales in December, totalling 22 units sold.
Market Statistics for Mississauga
In December 2023, Mississauga saw a 5.3% year-to-date decrease in the average sale price of all home types, to $1,057,770. Meanwhile, year-over-year prices in Mississauga increased slightly to $951,608. Condo prices in Mississauga dropped by .3% year-over-year to $610,964. There was a 5.6% decrease in condo sales in December, totalling 85 units sold.
Overall, the regional statistics show that some areas had decreases in prices in December 2023 yet some other areas had small increases and fluctuations. This could indicate diversified trends and a dynamic market across all regions.
Committed Toronto Real Estate Agents
Our team remains committed to educating potential buyers and sellers with the utmost current and accurate regional market data. If you are interested in buying, selling, or simply exploring the Toronto real estate market further, connect with our highly experienced Toronto real estate agents. Together we can set and actualize your 2024 real estate goals!