➕december 2023➕
December was generally a quiet month for Toronto real estate, driven largely by seasonality and the continued high cost of borrowing. However, there were a couple of noteworthy insights in the monthly data.
Firstly, the townhouse segment experienced an unexpected increase of +25% in year-over-year price growth. This double-digit growth was largely attributed to a low average price for this segment in December 2022; however, unlike other market segments prices for the townhouse segment have been consistently trending up since September. On the flip side, the condo segment saw a decline of -4% in average price compared to December 2022.
Secondly, the December market type moved back into a ‘Sellers’ market for the first time since April 2023, as total December sales accounted for 83% of December new listings. Note: Any percentage above 60% is in ‘Sellers’ market territory. Historically, the holiday break in the market shifts the market conditions to a Sellers market, but it will be interesting to see what the first few months of 2024 bring in terms of inventory returning to the Toronto real estate market.
All that said, the more interesting insights will be found when looking at the full year. We’ll be providing a comprehensive recap of 2023 in our upcoming annual year-in-review report!
Looking to buy or sell a home in Toronto? Average prices in December were as follows:
➕Detached $1,626,980 [0% vs. 2022]
➕Semi-detached $1,173,171 [+2% vs. 2022]
➕Townhouse $1,101,416 [+25% vs. 2022]
➕Condo $709,283 [-4% vs. 2022]
Data presented is for City of Toronto Only. Source: TRREB.
