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Greater Toronto real estate attracted some more buyer’s, but not enough to change its trend. TRREB data shows composite home sales made an uptick in December. Despite a small increase in sales, lingering inventory remains higher than usual, pushing prices lower. Having shed a fifth of value since hitting the all-time high, prices are still falling and have rolled back two years of gains.
Greater Toronto Real Estate Prices Are Still Plunging
Greater Toronto real estate prices spent another month dropping even further. The TRREB composite benchmark price fell 1.3% (-$14.1k) to $1.067 million in December. In the City, a similar trend saw the cost of a typical home fall 1.1% (-$11.2k) lower to $1.053 million over the same period. Both measures are within spitting distance of prices last year, varying less than a point.
Greater Toronto Real Estate Prices Are Back To 2021-Levels
The composite benchmark price of a home across Greater Toronto.
Source: TRREB; Better Dwelling.
Last month marked the sixth consecutive decline for the price of a typical home. While prices are just 0.41% (-$4.4k) lower than 12-months before, that’s just enough to slip under the most recent trough and bring prices back to the lowest level since 2021. Prices are now 19.3% (-$254.8k) lower than the all time high reached in March 2022, the same month interest rates began to climb.
Greater Toronto Real Estate Price Growth Is Decelerating
The 12-month percent change for the composite benchmark price of a home across Greater Toronto.
Source: TRREB; Better Dwelling.
Toronto Home Sales Picked Up, But Inventory Is Still Lingering
Greater Toronto real estate prices may be soft, but buyer’s are returning. TRREB reported 3,444 homes sold in December, rising 11.5% higher than the same month last year. The sharp increase was accompanied by a mix read on inventory though.
There were fewer sellers looking to list their home for sale last month. New listings fell to 3,866 units in December, about 6.6% lower than last year. However, total active listings remained lofty at 10,370 units—19.3% higher than the same time last year. Fewer new sellers, but a lot more inventory is lingering—especially for this time of year.
The rush to unload Greater Toronto real estate is starting to end—at least fewer new sellers are motivated. However, inventory remains lofty, and at healthier levels than usual for this time of year. It’s still helping to push prices lower, which have now fallen nearly a fifth from the peak, and returned to 2021-levels. Still deeply unaffordable, but bucking the narrative that prices only go up.
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