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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.

December 2023 Market Stats Durham


December 2023 Market Stats Toronto


What we are seeing on the ground. 

For Buyers

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.

For Sellers

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.

MORE MARKET INSIGHTS (add stats for Markham/Stouffville & Port Hope/Cobourg)


December 2023 Market Stats Markham Stouffville
December 2023 Market Stats Northumberland
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Last Friday we attended the Toronto Regional Real Estate Board’s 2023 Market Outlook. Here is what we learned.

Increased immigration and higher borrowing costs are the two primary forces that will shape the 2023 Real Estate Market across the GTA.

TRREB predicts 70,000 homes will be sold in 2023. Fewer than in 2022, largely due to a slow start to the year followed by more sales in the second half of 2023.

TRREB predicts the average price (across all home types) for the year will be $1,140MM which would be higher than in the second half of 2023 yet 4% behind 2022’s overall average.

Ipsos Polls indicated that:

Buying intentions are up slightly over last year with 28% surveyed intending to make a purchase in 2023.

The number of First-Time Home Buyers intending to purchase in 2023 has increased from 39% to 46%.

Listing intentions were up over 2022 among townhome owners and similar for condo apartments and semis but detached homeowners are less likely to sell in 2023.

Increased immigration and borrowing costs will keep the rental market competitive and rent. Rental vacancies will trend lower leading to increased rents for tenants.

The INTEREST RATE OUTLOOK is positive from TRREB’s perspective predicting that if inflation eases as we move through the year that rates will flatten and point downward by year's end.

THE BOTTOM LINE

For SELLERS: While you won’t see the enormous month-over-month price gains we saw during the pandemic, a more balanced market with more buyers entering the market will be beneficial as we head into the second half of 2023.

We’re already starting to see competition pick up on certain properties due to limited supply.

For BUYERS: A more balanced market allows buyers to better set expectations and pricing is much more affordable compared to a year ago. TRREB’s outlook on interest rates also provides comfort. A balanced market provides First-Time Homebuyers more opportunities to get into the market.


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