The GTA housing market experienced some turbulence throughout 2023; however, its enduring resilience remains the standout feature. Commencing the year with an average sales price of $1,038,668, properties saw a remarkable 15% surge by May, reaching an average sale price of $1,196,101. The latter half of the year witnessed a surge in inventory, peaking at 19,540 properties in October. The increase in inventory, paired with two additional interest rate increases in early summer dampened the increase in property values, however homes in the GTA were, on average, worth more in December 2023 than they were at the beginning of 2023, with an average sales price of $1,084,692. However, sales faced challenges, with 66,252 total properties sold in 2023, representing a 28% decrease compared to the previous five-year average. Sales will not remain as subdued in 2024. As we move through the year, we anticipate higher sales volume and more competition returning to the market.
In this month’s edition of our Real Estate Facts & Figures, we have put together the stats for December 2023 including the latest Royal LePage Market Update Report. Having the right real estate team with the experience, marketing systems and negotiating skills is more important than ever in today’s market. If you have any questions or would like to know what your home is currently worth, please don't hesitate to contact us.