December Market Update
The average home price was $1,084,692 in December up 3.2% year-over-year across the GTA in December and flat month-over-month.
Active listings were up compared to 2022 yet down 38.12% vs. November this year. However, a reduction in listings in December is normal through the holiday season.
Days on Market increased as well both year-over-year and month-over-month.
With 3 months of inventory, the GTA Housing Market was balanced in December 2023.
Durham & Toronto Market Insights
Every city/town is unique as are the communities within them. Scroll through to find your town.
What we are seeing on the ground.
When a market is more balanced and not favouring one side or the other negotiations become more important for buyers and sellers. We continue to see offers accepted with conditions included. It’s become the norm for offers to include Home Inspection and Financing clauses. Beyond understanding the market value for homes and what to offer, Buyers need to go in with the right clauses to give them peace of mind. Sellers need to evaluate offers on more than just price and ensure their agent is qualifying buyers as best as possible when considering an offer.
Many sellers terminated their listings in December as the buyer pool shrunk with the holiday season and our expectation is many will relist in the new year. We have noticed several listings have gone through price changes or were terminated and relisted with new pricing in the last quarter of 2023. For sellers, this is where it is key to know the value of your home, how much you need to get to make the move you want, and what pricing strategy will be most effective in your local market.