December AND YEAR-END 2023 UPDATE: NAVIGATING THE GTA & DURHAM REGION REAL ESTATE MARKET

Welcome back to our comprehensive real estate market update for the Greater Toronto Area (GTA) and Durham Region. As we close 2023 and look back at the year, there are several key trends and statistics stand out. Let’s delve into the latest developments:

GTA Market Insights:

• Sales Activity: The GTA home sales in 2023 totaled around 65,982, marking a 12.1 percent decrease compared to 2022. This decline is primarily due to affordability challenges driven by high mortgage rates. TRREB President Jennifer Pearce notes that while high borrowing costs and stringent mortgage qualifications impacted the market in 2023, there is optimism for 2024 with expected lower borrowing costs and a resilient economy.

• New Listings: Despite a brief uptick in the spring and summer, the number of new listings declined in 2023. The long-term trend of flat-to-down listings over the past decade poses challenges in meeting the needs of a growing population. On a seasonally adjusted monthly basis, sales showed an increase from November, while new listings decreased for the third consecutive month.

• Average Selling Price and MLS® HPI: The average selling price across all home types in 2023 was $1,126,604, a 5.4 percent decrease from 2022. However, on a seasonally adjusted monthly basis, the average selling price showed a slight increase, while the MLS® Home Price Index Composite edged lower. TRREB Chief Market Analyst Jason Mercer highlights that buyers in 2023 had more options, leading to negotiated lower selling prices. With potentially lower borrowing costs in 2024, tighter market conditions might prompt price growth.

Durham Region Insights:

• Average Home Price: The average home price was $860,622, showing the region's sustained appeal.

• Sales Activity: Durham Region saw 468 home sales, reflecting the broader trends in the GTA.

• New Listings and Days on the Market: There were 472 new listings in the Durham Region, with homes spending an average of 25 days on the market.

  

Looking Ahead: Both the GTA and Durham Region real estate markets continue to adapt to evolving economic and demographic landscapes. TRREB CEO John DiMichele emphasizes the need for increased housing availability to match the expected record immigration, ensuring affordability and stability in housing. As we move into 2024, the market is poised for potential shifts, with implications for buyers, sellers, and investors alike.

Stay tuned for our future updates as we keep you informed on the latest trends and insights in the GTA and Durham Region real estate markets. Your journey in real estate investment, buying, or selling awaits!

STATS PROVIDED FROM TRREB & INDEPENDENT REPORTING COMPANY RE STATS INC. INFORMATION IS DEEMED RELIABLE BUT NOT GUARANTEED. DOES NOT REFLECT ALL MARKET ACTIVITY. DATA MAY VARY BY 2.5%