2023 was a rollercoaster! Beginning slowly, buyers and sellers waited to see what the Bank of Canada would do with rates. When they held rates in spring, sales and prices rose rapidly, falling back to earth quickly when further rate hikes were introduced mid-year. After a slow summer/fall, December once again saw an uptick in sales when another rate hold took effect. 

Overall the GTA saw number of sales down 12.1% in 2023 as people sat on the sidelines. Sellers waited for the ‘second coming’ of the peak’s prices, and buyers waited for the big crash. The average selling price for all home types in the City of Toronto in 2023 declined 3.82%. However, sales in Toronto in December 2023 were up 4.23% from December 2022, a good sign for sellers as pent up demand seems to be bringing some buyers back.

The current climate holds many opportunities. If you’ve been thinking about moving out of the city, this is a good time as prices in most other places have dropped further than they have here. Townhouse sellers should start thinking about moving up. Townhouses showed a 25% gain from December 2022 to December 2023, while semi-detached rose only 1.5% and detached declined .03%. The condo market is gleaming with potential, with prices down 4% and rents skyrocketing. A good time to start thinking about securing a place for your children?

First time buyers, this is your moment! Lenders’ rates have been coming down, and the market is giving you a rare opportunity to shop carefully with less competition and more time and room to negotiate. Whatever your real estate goals are for 2024 let’s chat and see if it is the right time for you to make a move.

Call me directly at (416) 937-8734 or email mia@miamacdonald.ca