December 2023 – GTA Housing Market News
Here is our quick market update for the Toronto Real Estate Board and Milton area.
Let’s dive into a review of the 2023 real estate market! Across the GTA, we witnessed the lowest number of sales in over two decades, despite the increased population. Compared to 23 years ago when the population was two-thirds of its current size, with more housing now, this decline becomes even more notable. The challenging aspect remains the difficulty in purchasing a home due to soaring prices and increased rates. However, there’s a glimmer of good news with recent drops in the five-year fixed-rate mortgages following the downward trend in bond yields.
New listings have also decreased. For instance, in Milton, the inventory for Townhomes stands at just two months currently, a significant contrast to the six months observed last fall. This trend holds true for certain micro markets as well. Although the average sale price has dipped by 5.4% from 2022, it’s essential to note that in 2023, the average price in Milton was $1,082,000, down from $1,174,000 in 2022. Yet, when compared to 2020’s average of $860,000, we’re still up by a commendable 25.8%.
Zooming out to the broader GTA region, the numbers reflect a consistent upward trend from 2020 to 2023, showing an overall increase of 21%. Taking the bigger picture into account, this presents a more positive outlook compared to the recent years’ declines.
By: Katherine Barnett
Milton Real Estate Market
The average price in Milton $990,944
Burlington Real Estate Market
The average price in Burlington $1,016,778
Oakville Real Estate Market
The average price in Oakville $1,630,068
