Welcome to the December 2023 update on the Toronto and GTA housing market news. As the year comes to a close, it’s time to take a closer look at the trends and statistics that have defined the local real estate scene.
Whether you’re a prospective homebuyer, a seller, or simply interested in staying informed, this post is for you. It aims to provide a clear snapshot of what’s been happening in the GTA real estate market.
The GTA housing market news had its ups and downs in 2023, but what really stands out is its resilience. At the beginning of the year, the average sales price was just over $1.038 million. By May, there was an impressive 15% increase, bringing the average sale price up to $1.196m. The average selling price for all home types in the GTA for December is $1.084 Million. This is up 3.2% from December 2022. As we step into 2024, things are looking up with positive signs of recovery and growth. There’s a growing confidence in the potential for a strong comeback.
In 2023, the real estate market witnessed varied performances across different segments.
In the latest GTA housing market news, records for December 2023 show a total of 3,444 home transactions. An uptick of 11.5% compared to the same time the previous year. In spite of this upward trend, the annual tally hit just above 65,000 sales, reflecting a 12% decrease when compared with 2022’s turnout. Going forward into 2024, however, the expectation is for a revival in the sales momentum. We look forward to the year’s unfolding to reveal a surge in market activity and an escalation in competition levels.
For the month of December, days on market was reported at 32 which is up compared to 25 from last month. A lower DOM generally indicates high demand, often favouring sellers, while a higher DOM may suggest a more balanced or buyer-friendly market.
In 2023, a big focus was on mortgage rates, and looking ahead to 2024, there’s a lot of talk about the possibility of interest rates going down. As the cost of borrowing remains high, more and more buyers are waiting on the sidelines as they take stock of their situation and assess their mortgage affordability. There’s hope on the horizon with multiple interest rate cuts forecasted in 2024, possibly bringing relief to mortgage borrowers. If and when those rates start to drop, we can expect property values to likely go up.
In summary, the GTA housing market news showed some serious resilience through all of the uncertainties of 2023.
Now, heading into 2024, things are looking up with positive signs of recovery and growth. People are feeling more confident about a strong comeback. The natural ups and downs of real estate, along with expected rate cuts and pent-up demand, suggest we might see a bit of a spring revival in the market. With the start of the new year, the Toronto and GTA housing market news is gearing up for a fresh start, and there’s optimism in the air. The cyclical patterns of real estate, combined with expected rate cuts and pent-up demand, set the stage for a promising spring resurgence in the market.
As we wrap up this 2023 review, remember that the real estate landscape is ever-evolving. Staying well-informed is key to navigating this dynamic market. While our general market updates provide a good overview, your specific needs deserve personalized attention. If you’re curious about the nuances in your neighborhood or have questions, we encourage you to consider a complimentary market evaluation or schedule a no-pressure conversation with us. Feel free to reach out – we’re here to assist you in achieving your real estate goals.
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