416.234.2424

[mon-fri] 9-8 [sat] 9-4 [sun] 10-2

oldmill@sutton.com

drop us a line anytime!

where you’ll find us!

74 Jutland Road Unit #40

Toronto, ON M8Z 0G7

‘the numbers’ [december 2023]
by sutton old mill

➕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.

more of what you love

‘the numbers’ [may 2024]

➕May 2024➕ The numbers for May are in, echoing the trend from last month. Once again, Toronto witnessed a persistent slump in home sales, as many prospective buyers held off in anticipation of declining mortgage rates. Compared to the same period last year, sales in...

read more

‘the numbers’ [april 2024]

➕April 2024➕   More Listings, More Options, Yet Buyer Caution Persists Primarily influenced by the temporary spring surge of the previous year, April 2024 witnessed a decline in home sales compared to April 2023. Despite a significant increase in listings...

read more

‘the numbers’ [march 2024]

➕March 2024➕   The Spring Market Poised for Acceleration! In March 2024, Toronto Real Estate saw a dip in home sales compared to last year, partly because Good Friday fell in March [vs. April] this year. Despite this, the market had more homes available, yet...

read more

‘the numbers’ [february 2024]

➕february 2024➕ It’s been a positive start to the new year! Despite ongoing challenges, the market has shown resilience, with both home sales and new listings experiencing growth compared to the previous year. Home sales in Toronto reached 1,907 in February 2024,...

read more

‘the numbers’ [january 2024]

➕january 2024➕ The numbers for the first month of 2024 are in! The initial market indicators suggest an early thaw for the Toronto Real Estate Market in 2024. It’s been a positive start to the new year. Home sales across all property types were up by +33% compared to...

read more

2023 year in review [+ looking forward to 2024]

From a bird's-eye view, surprisingly, the Toronto real estate market in 2023 closely resembled that of 2022. It was a year marked by discussions on interest rates, affordability, supply, volatility, and expectations. Furthermore, similar to 2022, we witnessed a robust...

read more