Average price — Mean sale price across all transactions. Sensitive to the mix of homes that sold.
$1,084,692
MoM +$2,513 +0.2% up $2,513, 0.2% versus November 2023 YoY +3.2% up 3.2% versus December 2022
Source: TRREB MarketWatch, December 2023
Greater Toronto Area · TRREB MarketWatch
GTA Real Estate Market Report
December 2023
In December 2023 the average selling price across the Greater Toronto Area held steady at $1,084,692 versus November 2023, and sales dropped 18.7% to 3,444, though a December slowdown is the seasonal norm.
Headline indicators
All TRREB areas · all home types
Median price — The midpoint sale price. Less affected by a few very high or low sales than the average.
$908,750
MoM −$19,200 −2.1% down $19,200, 2.1% versus November 2023 YoY +2.3% up 2.3% versus December 2022
MLS® HPI benchmark — Quality-adjusted price for a typical home. The cleanest like-for-like price signal.
$1,067,200
MoM −$14,100 −1.3% down $14,100, 1.3% versus November 2023 YoY −0.4% down 0.4% versus December 2022
Sales — Firm transactions reported through the MLS® System during the month.
3,444
MoM −792 −18.7% down 792, 18.7% versus November 2023 YoY +10.5% up 10.5% versus December 2022
Dollar volume — Total value of all sales in the month.
$3.74B
MoM −$848,430,154 −18.5% down $848,430,154, 18.5% versus November 2023 YoY +14.0% up 14.0% versus December 2022
New listings — Properties newly listed during the month.
3,886
MoM −6,659 −63.1% down 6,659, 63.1% versus November 2023 YoY −4.6% down 4.6% versus December 2022
Active listings — Listings available at month end.
10,370
MoM −6,389 −38.1% down 6,389, 38.1% versus November 2023 YoY +19.3% up 19.3% versus December 2022
Avg. LDOM — Average days on market for the current listing. Not reported before 2020.
32
MoM +7 days +28.0% up 7 days, 28.0% versus November 2023 YoY +18.5% up 18.5% versus December 2022
Avg. PDOM — Average days on market across the property’s consecutive listings. Not reported before 2020.
49
MoM +10 days +25.6% up 10 days, 25.6% versus November 2023 YoY +22.5% up 22.5% versus December 2022
Avg. SP/LP — Average sale price as a share of list price. Above 100% means competing offers were common.
97%
MoM −1.0 pp −1.0% down 1.0 pp, 1.0% versus November 2023 YoY −1.0% down 1.0% versus December 2022
SNLR — Sales-to-new-listings ratio, computed here from this month’s counts. Below 40% favours buyers, above 60% favours sellers.
88.6%
MoM +48.5 pp +120.6% up 48.5 pp, 120.6% versus November 2023 YoY +15.8% up 15.8% versus December 2022
Months of inventory — Active listings divided by monthly sales — how long the current stock would take to sell. Computed here, not TRREB’s trend figure.
3.0
MoM −1 −23.9% down 1, 23.9% versus November 2023 YoY +8.0% up 8.0% versus December 2022
The month in 60 seconds
- Across all TRREB areas, new listings dropped 63.1% to 3,886 versus November 2023.
- Across all TRREB areas, active listings dropped 38.1% to 10,370 versus November 2023.
- Across all TRREB areas, sales dropped 18.7% to 3,444 versus November 2023.
- Across all TRREB areas, the median selling price edged down 2.1% to $908,750 versus November 2023.
- Across all TRREB areas, the average sale-to-list ratio edged down 1.0% to 97.0% versus November 2023.
Generated from the figures above. Ordered by size of month-over-month move.
Economy
Indicators published with this edition
Real GDP growth
-1.1%
Q3 2023
Toronto employment growth
3.6%
November 2023
Toronto unemployment rate
6.6%
November 2023
Inflation (CPI, year-over-year)
3.1%
November 2023
Bank of Canada overnight rate
5%
December 2023
Prime rate
7.2%
December 2023
1-year mortgage rate
7.89%
December 2023
3-year mortgage rate
7.24%
December 2023
5-year mortgage rate
7.04%
December 2023
By home type
All TRREB areas
| Home type | Sales | MoM | Average price | MoM | YoY |
|---|---|---|---|---|---|
| Detached | 1,521 | −360 −19.1% down 360, 19.1% versus November 2023 | $1,418,323 | +$14,823 +1.1% up $14,823, 1.1% versus November 2023 | +2.4% up 2.4% |
| Semi-detached | 324 | −80 −19.8% down 80, 19.8% versus November 2023 | $1,027,432 | −$33,397 −3.1% down $33,397, 3.1% versus November 2023 | +1.8% up 1.8% |
| Att/row/townhouse | 369 | +6 +1.7% up 6, 1.7% versus November 2023 | $996,162 | +$11,805 +1.2% up $11,805, 1.2% versus November 2023 | +4.4% up 4.4% |
| Condo townhouse | 254 | −79 −23.7% down 79, 23.7% versus November 2023 | $790,721 | +$12,319 +1.6% up $12,319, 1.6% versus November 2023 | +2.4% up 2.4% |
| Condo apartment | 944 | −268 −22.1% down 268, 22.1% versus November 2023 | $682,525 | −$27,976 −3.9% down $27,976, 3.9% versus November 2023 | −3.3% down 3.3% |
| Link | 20 | −6 −23.1% down 6, 23.1% versus November 2023 | $1,076,341 | +$144,845 +15.5% up $144,845, 15.5% versus November 2023 | +11.7% up 11.7% |
| Co-op apartment | 9 | +3 +50.0% up 3, 50.0% versus November 2023 | $1,076,667 | +$453,334 +72.7% up $453,334, 72.7% versus November 2023 | +115.6% up 115.6% |
| Detached condo | 1 | −8 −88.9% down 8, 88.9% versus November 2023 | $649,000 | −$367,111 −36.1% down $367,111, 36.1% versus November 2023 | −22.5% down 22.5% |
| Co-ownership apartment | 2 | no change no change versus November 2023 | $463,000 | +$67,000 +16.9% up $67,000, 16.9% versus November 2023 | +5.6% up 5.6% |
Average price by home type
13 months to December 2023
| Month | Detached | Semi-detached | Att/row/townhouse | Condo townhouse | Condo apartment |
|---|---|---|---|---|---|
| Dec '22 | 1384586 | 1009479 | 954312 | 772038 | 705659 |
| Jan '23 | 1341848 | 1019668 | 976500 | 776698 | 687696 |
| Feb '23 | 1439735 | 1069266 | 1050342 | 785448 | 705472 |
| Mar '23 | 1468651 | 1087924 | 1036571 | 813036 | 703566 |
| Apr '23 | 1489258 | 1135599 | 1093560 | 868997 | 724118 |
| May '23 | 1556566 | 1198185 | 1117696 | 868318 | 748483 |
| Jun '23 | 1530997 | 1214872 | 1087967 | 851497 | 739395 |
| Jul '23 | 1427257 | 1101876 | 1032117 | 873859 | 735171 |
| Aug '23 | 1416366 | 1067980 | 1022680 | 837863 | 705572 |
| Sep '23 | 1440786 | 1094074 | 1043076 | 810495 | 707065 |
| Oct '23 | 1450112 | 1102721 | 1042124 | 791299 | 708780 |
| Nov '23 | 1403500 | 1060829 | 984357 | 778402 | 710501 |
| Dec '23 | 1418323 | 1027432 | 996162 | 790721 | 682525 |
Movers this month
Ranked across 50 of the 55 required areas · minimum 10 sales to qualify
Average price, month-over-month
Top 5
- Toronto C02 +46.0% up 46.0%
- East Gwillimbury +24.3% up 24.3%
- Caledon +17.6% up 17.6%
- Toronto C14 +17.6% up 17.6%
- Toronto C04 +14.4% up 14.4%
Bottom 5
- Toronto C09 −41.5% down 41.5%
- Toronto C11 −30.1% down 30.1%
- Toronto C13 −19.8% down 19.8%
- Toronto C06 −18.9% down 18.9%
- Toronto E02 −14.6% down 14.6%
Sales, month-over-month
Top 5
- Toronto C09 +25.0% up 25.0%
- Toronto C02 +24.4% up 24.4%
- Newmarket +16.1% up 16.1%
- Toronto W05 +14.0% up 14.0%
- Ajax +7.8% up 7.8%
Bottom 5
- Toronto C04 −50.0% down 50.0%
- Toronto C11 −48.0% down 48.0%
- Toronto W09 −46.9% down 46.9%
- Toronto E09 −43.2% down 43.2%
- Toronto E02 −39.0% down 39.0%
Areas below the sales threshold are excluded — with a handful of sales, a couple of transactions can invent a swing that is not a market move.
Market balance
Sales-to-new-listings and months of inventory, computed from this month’s counts
All TRREB areas
SNLR
88.6%
prior month 40.2%
Months of inventory
3.0
All TRREB areas sits in a seller's market: 88.6% of new listings sold and 3.0 months of inventory on hand.
City of Toronto (416)
SNLR
83.5%
prior month 38.4%
Months of inventory
3.5
City of Toronto (416) sits in a seller's market: 83.5% of new listings sold and 3.5 months of inventory on hand.
905 total
SNLR
91.9%
prior month 41.3%
Months of inventory
2.7
905 total sits in a seller's market: 91.9% of new listings sold and 2.7 months of inventory on hand.
These are computed here from the month’s raw counts. TRREB also publishes its own trend-smoothed SNLR and months-of-inventory figures, which are shown separately on the area pages and are not the same measure.
Where I work
Downtown TorontoMidtownScarboroughYork RegionDurham Region
Downtown
$811,556
- Sales
- 254
- SNLR
- 62.1%
- MOI
- 5.3
Aggregated across 2 districts · View →
Midtown
$1,663,280
- Sales
- 167
- SNLR
- 106.4%
- MOI
- 3.1
Aggregated across 6 districts · View →
Scarborough
$895,359
- Sales
- 220
- SNLR
- 79.7%
- MOI
- 2.7
Aggregated across 8 districts · View →
York Region
$1,281,020
- Sales
- 612
- SNLR
- 94.4%
- MOI
- 2.9
Region total · View →
Durham Region
$860,622
- Sales
- 468
- SNLR
- 99.2%
- MOI
- 1.8
Region total · View →
Average price for a multi-district group is weighted by dollar volume, not an average of averages — that would give a district with three sales the same weight as one with three hundred.