One Minute Market Update - December 2023

December 2023 Key Takeaways: 
  • Average sale price remain virtually unchanged with a 1% increase from last month and 4% increase year over year. 
  • December is typically one of the slowest months of the year and with all other economic variables, we saw a 21% decrease in sales month over month. With that being said, confidence was actually up from last year with a 9% bump from December 2022.  
  • Continuing with the trend of the latter portion of the year, inventory is down another wapping 64% month over month. 
  • Forecasts are calling for rates to start to drop in 2024 with Fixed rates already gradually starting to come down. 
  • I expect the next month or two to be relatively stable with a healthy market that neither falls not flies however when rates start to fall, buyer activity is likely to pick up signifcantly. 
  • Running numbers after the first week of January, Toronto Freehold homes are sitting at 2.9 Months Of Inventory (Sellers Market) and Toronto Condos are sitting at 5.1 Months Of Inventory (Balanced Market).

Data below. 

*I intentionally like to keep these reports short and straightforward. If you have questions about any specific aspect of the market or want me to expand on the data shared, please reach out.