Market Update
GTA REALTORS RELEASE DECEMBER STATS TORONTO, ONTARIO, January 4, 2024 –While the overall demand for housing remained buoyed by record immigration in 2023, more of this demand was pointed at the rental market. The number of Greater Toronto Area (GTA) home sales in 2023 came in at less than 70,000 due to affordability issues brought about by high mortgage rates. “High borrowing costs coupled with unrealistic federal mortgage qualification standards resulted in an unaffordable home ownership market for many households in 2023. With that said, relief seems to be on the horizon. Borrowing costs are expected to trend lower in 2024. Lower mortgage rates coupled with a relatively resilient economy should see a rebound in home sales this year,” said new Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.
Source: TRREB Market Watch
There were 65,982 home sales reported through TRREB’s MLS® System in 2023 – a 12.1 per cent dip compared to 2022. Despite an uptick during the spring and summer, the number of new listings also declined in 2023. The trend for listings has been largely flat-to-down over the past decade, which is problematic in the face of a steadily growing population. On a seasonally adjusted monthly basis, sales increased compared to November, while new listings declined for the third straight month. The average selling price for all home types in 2023 was $1,126,604, representing a 5.4 per cent decline compared to 2022. On a seasonally adjusted monthly basis, the average selling price edged higher, while the MLS® Home Price Index Composite edged lower. “Buyers who were active in the market benefitted from more choice throughout 2023. This allowed many of these buyers to negotiate lower selling prices, alleviating some of the impact of higher borrowing costs. Assuming borrowing costs trend lower this year, look for tighter market conditions to prompt renewed price growth in the months ahead,” said TRREB Chief Market Analyst Jason Mercer. “Record immigration into the GTA in the coming years will require a corresponding increase in the number of homes available to rent or purchase. People need to have comfort in knowing that they can plan their lives and future with the certainty that they will have the stability of an affordable place to live,” said TRREB CEO John DiMichele.
Source: TRREB Market Watch
GTA MARKET UPDATE
Year-Over-Year Summary November 2023
2023
2022
% CHANGE
SALES
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 PROPERTY DAYS ON MARKET
49
40
22.5%
Sales
Average Price
416
905
416
905
Detached YoY % Change
371 20.8%
1,150 11.4%
$1,626,980 -0.3%
$1,351,009 3.1%
Semi-Detached YoY % Change
128 5%
196 26.5%
$1,173,171 1.5%
$932,255 -0.1%
Townhouse YoY % Change
112 1.8%
511 24.6%
$1,101,416 25.3%
$870,975 1.2%
Condo Apartment YoY % Change
641 0.5%
303 -5.0%
$709,283 -4.1%
$625,918 -1.2%
Source: TRREB Market Watch
MISSISSAUGA MARKET UPDATE AVERAGE HOME PRICE
NEW LISTINGS
$951,608
358
PROPERTY DAYS ON MARKET
MONTHS OF INVENTORY
YEAR OVER YEAR % CHANGE
49
3.38
-0.85%
Source: TRREB Market Watch
TORONTO MARKET UPDATE AVERAGE HOME PRICE
NEW LISTINGS
$1,062,914
1,517
PROPERTY DAYS ON MARKET
MONTHS OF INVENTORY
YEAR OVER YEAR % CHANGE
51
3.48
0.22%
Source: TRREB Market Watch
OAKVILLE MARKET UPDATE AVERAGE HOME PRICE
NEW LISTINGS
$1,630,068
126
PROPERTY DAYS ON MARKET
MONTHS OF INVENTORY
YEAR OVER YEAR % CHANGE
60
2.73
-3.31%
Source: TRREB Market Watch
BURLINGTON MARKET UPDATE AVERAGE HOME PRICE
NEW LISTINGS
$1,016,778
89
PROPERTY DAYS ON MARKET
MONTHS OF INVENTORY
54
2.542
Source: TRREB Market Watch
YEAR OVER YEAR % CHANGE
-2.07%
MILTON MARKET UPDATE AVERAGE HOME PRICE
NEW LISTINGS
$990,944
81
PROPERTY DAYS ON MARKET
MONTHS OF INVENTORY
YEAR OVER YEAR % CHANGE
50
1.99
-0.41%
Source: TRREB Market Watch
VAUGHAN MARKET UPDATE AVERAGE HOME PRICE
NEW LISTINGS
$1,265,059
174
PROPERTY DAYS ON MARKET
MONTHS OF INVENTORY
YEAR OVER YEAR % CHANGE
52
3.30
2.13%
Source: TRREB Market Watch
DURHAM MARKET UPDATE AVERAGE HOME PRICE
NEW LISTINGS
$860,6225
472
PROPERTY DAYS ON MARKET
MONTHS OF INVENTORY
YEAR OVER YEAR % CHANGE
41
1.84
-0.45%
Source: TRREB Market Watch
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Hard work and persistence! Thanks so much for your hard work and persistence in dealing with the agent for the clients who bought my place. I am fairly certain this was the fastest sale in our complex in all the years I have been here:) The staging, the renovating, cleaning and decluttering made it look fabulous! Thanks again to you and your team I would be happy to refer all of you to anyone I know who is in the market for a buy or sell. - Judy
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