In December 2023, Toronto’s real estate sales volume was 11.5% greater than last year but down 18.7% from the previous month, which was due in part to seasonality. Prices were up 3.2% compared to last year while holding steady monthly.
Buyer activity for low rise homes improved compared to last year alongside modest price gains. In contrast, condo prices decreased almost 4% while volume was down slightly.
Buyers benefitted from the greater amount of choice and interest rates coming down, which proved helpful for the sellers of more expensive home types to get a higher price. This past month showed a continuing trend of decreasing supply, which may add pressure to buyers looking to enter the market.