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December 2023 Real Estate Market Update

December 2023 Real Estate Market Update

The Greater Toronto Area (GTA) housing market experienced some turbulence throughout 2023, but 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 rise in inventory, peaking at 19,540 properties in October. This increase benefitted buyers, providing more choice and allowing many to negotiate lower selling prices. Still, homes in the GTA were, on average, worth more in December than they were at the beginning of 2023, with an average sales price of $1,084,692. Year-over-year, the average home price saw a gain of 3.2% in December 2023, from December 2022.

Sales, on the other hand, faced challenges in 2023. Just over 66,250 properties traded hands due to affordability issues brought about by high mortgage rates. This number represents a 28% decrease compared to the previous five-year average. However, sales are not expected to remain subdued in 2024. As we move through the year, higher sales volume is anticipated, along with a return of more competition to the market, if borrowing costs begin to trend lower.

As 2024 exhibits renewed optimism, let’s recap the performance of individual asset classes in 2023.

The detached segment led the way, starting with an average sales price of $1,314,848, and achieving a robust 16% increase in May, concluding the year with an average sales price of $1,418,323 — a 5.7% gain.

The townhouse market secured the second spot, commencing the year at an average sales price of $976,500. A 14.5% surge in May, led values to a yearly high of $1,117,696. As the year progressed, values compressed and resulted in a year-end sale price of $996,162, reflecting a 2% gain.

The semi-detached market started the year at an average sales price of $1,019,668. It reached a high of $1,214,872 in June, and then finished 2023 at $1,027,432, representing just under a 1.1% gain over the year.

Conversely, the condo market is the only segment to slightly drop in value during the year. January began with values of $687,696. Despite an 8.8% increase to $748,483 in May, the year concluded with an average of $682,525, marking a loss of 0.8%. This asset class has presented the best opportunity for first-time buyers to break into the market, while price points remain stable and inventory is available.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in December. If you live in or are interested in obtaining real estate data on another neighbourhood, contact Clare Tattersall at 647-625-3282 or clare@realtorontowest.com.

Alderwood
Average Home Price: $1,181,667
Number of Homes Sold: 3
Average Days on Market: 14

In the community of Alderwood, 3 homes sold in December 2023, representing no change from the same month last year. The average selling price for homes rose by 20.1% to $1,181,667 in December 2023, from $978,000 a year earlier. Sales were comprised of bungalows (2) and a two-storey detached home. Average days on market increased to 14 days from 6 days year-over-year.

Average home prices for Alderwood for Q4 of 2023 are available here.

Islington-City Centre West
Average Home Price: $1,697,810
Number of Homes Sold: 10
Average Days on Market: 34

In the community of Islington-City Centre West, 10 homes sold in December 2023, representing an increase of 1 home from the same month last year. The average selling price for homes rose by 5.4% to $1,697,810 in December 2023, from $1,611,333 a year earlier. Two-storey detached homes (4) and bungalows (3) combined accounted for more than two-thirds of all sales. Average days on market increased to 34 days from 26 days year-over-year.

Overall Average Condo Price: $598,600
Total Number of Condos Sold: 30
Average Days on Market: 42

In the community of Islington-City Centre West, 30 condominium apartments sold in December 2023, representing an increase of 12 units from the same month last year. The overall average selling price fell by 16.6% to $598,600 in December 2023, from $717,489 a year earlier. This significant year-over-year percentage change may be attributed to, at least in part, sales of larger, higher-end condo units in December 2022.

The average selling price for one-bedroom, one-bathroom condominium apartments fell by 5.5% to $489,350 in December 2023, from $517,850 in December 2022. Average days on market increased to 35 days from 32 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments rose by 1.3% to $719,750 in December 2023, from $710,667 in December 2022. Average days on market increased to 55 days from 26 days over the same time period.

Average home prices for Islington-City Centre West for Q4 of 2023 are available here.

Long Branch
Average Home Price: $1,367,750
Number of Homes Sold: 4
Average Days on Market: 45

In the community of Long Branch, 4 homes sold in December 2023, representing an increase of 1 home from the same month last year. The average selling price for homes rose by 20.1% to $1,367,750 in December 2023, from $1,139,333 a year earlier. This significant year-over-year percentage change may be attributed to, at least in part, sales of higher-end homes in December 2023. Sales were comprised of a bungalows (2), three-storey semi-detached home and a two-storey detached home. Average days on market increased to 45 days from 20 days year-over-year.

Average home prices for Long Branch for Q4 of 2023 are available here.

Mimico
Average Home Price: $1,220,813
Number of Homes Sold: 8
Average Days on Market: 12

In the community of Mimico, 8 homes sold in December 2023, representing a decrease of 1 home from the same month last year. The average selling price for homes rose by 9.4% to $1,220,813 in December 2023, from $1,116,389 a year earlier. Sales were comprised of townhomes (3), two-storey detached homes (2), bungalows (2) and a semi-detached home. Average days on market decreased to 12 days from 35 days year-over-year.

Overall Average Condo Price: $722,380
Total Number of Condos Sold: 30
Average Days on Market: 50

In the community of Mimico, 30 condominium apartments sold in December 2023, representing an increase of 2 units from the same month last year. The overall average selling price for condominium apartments fell by 10.9% to $722,380 in December 2023, from $810,261 a year earlier.

The average selling price for one-bedroom, one-bathroom condominium apartments fell by 1.3% to $560,714 in December 2023, from $568,000 in December 2022. Average days on market increased to 55 days from 32 days year-over-year.

The average selling price for two-bedroom, two-bathroom condominium apartments fell by 1.5% to $904,500 in December 2023, from $917,833 in December 2022. Average days on market increased to 49 days from 18 days over the same time period.

Average home prices for Mimico for Q4 of 2023 are available here.

New Toronto
In the community of New Toronto, no homes sold in December 2023.

Average home prices for New Toronto for Q4 of 2023 are available here.

Stonegate-Queensway
Average Home Price: $1,691,929
Number of Homes Sold: 7
Average Days on Market: 41

In the community of Stonegate-Queensway, 7 homes sold in December 2023, representing an increase of 1 home from the same month last year. The average selling price for homes rose by 4.9% to $1,691,929 in December 2023, from $1,613,500 a year earlier. Sales were comprised of two-storey detached homes (4) and bungalows (3). Average days on market increased to 41 days from 35 days over the same time period.

Average home prices for Stonegate-Queensway for Q4 of 2023 are available here.

Overall average condo price includes all condo apartment configurations. One-bedroom condos include one bathroom only. Two-bedroom condos include two bathrooms only.