Average price — Mean sale price across all transactions. Sensitive to the mix of homes that sold.
$1,051,216
MoM −$28,179 −2.6% down $28,179, 2.6% versus November 2022 YoY −9.2% down 9.2% versus December 2021
Source: TRREB MarketWatch, December 2022
Greater Toronto Area · TRREB MarketWatch
GTA Real Estate Market Report
December 2022
In December 2022 the average selling price across the Greater Toronto Area edged down 2.6% to $1,051,216 versus November 2022, and sales dropped 31.4% to 3,117, though a December slowdown is the seasonal norm.
Headline indicators
All TRREB areas · all home types
Median price — The midpoint sale price. Less affected by a few very high or low sales than the average.
$888,000
MoM −$32,000 −3.5% down $32,000, 3.5% versus November 2022 YoY −12.7% down 12.7% versus December 2021
MLS® HPI benchmark — Quality-adjusted price for a typical home. The cleanest like-for-like price signal.
$1,081,400
MoM −$8,400 −0.8% down $8,400, 0.8% versus November 2022 YoY −8.9% down 8.9% versus December 2021
Sales — Firm transactions reported through the MLS® System during the month.
3,117
MoM −1,427 −31.4% down 1,427, 31.4% versus November 2022 YoY −48.3% down 48.3% versus December 2021
Dollar volume — Total value of all sales in the month.
$3.28B
MoM −$1,628,131,175 −33.2% down $1,628,131,175, 33.2% versus November 2022 YoY −53.1% down 53.1% versus December 2021
New listings — Properties newly listed during the month.
4,074
MoM −4,806 −54.1% down 4,806, 54.1% versus November 2022 YoY −21.3% down 21.3% versus December 2021
Active listings — Listings available at month end.
8,692
MoM −3,218 −27.0% down 3,218, 27.0% versus November 2022 YoY +168.9% up 168.9% versus December 2021
Avg. LDOM — Average days on market for the current listing. Not reported before 2020.
27
MoM +5 days +22.7% up 5 days, 22.7% versus November 2022 YoY +92.9% up 92.9% versus December 2021
Avg. PDOM — Average days on market across the property’s consecutive listings. Not reported before 2020.
40
MoM +7 days +21.2% up 7 days, 21.2% versus November 2022 YoY +110.5% up 110.5% versus December 2021
Avg. SP/LP — Average sale price as a share of list price. Above 100% means competing offers were common.
98%
MoM no change no change versus November 2022 YoY −10.1% down 10.1% versus December 2021
SNLR — Sales-to-new-listings ratio, computed here from this month’s counts. Below 40% favours buyers, above 60% favours sellers.
76.5%
MoM +25.3 pp +49.5% up 25.3 pp, 49.5% versus November 2022 YoY −34.4% down 34.4% versus December 2021
Months of inventory — Active listings divided by monthly sales — how long the current stock would take to sell. Computed here, not TRREB’s trend figure.
2.8
MoM +0 +6.4% up 0, 6.4% versus November 2022 YoY +420.4% up 420.4% versus December 2021
The month in 60 seconds
- Across all TRREB areas, new listings dropped 54.1% to 4,074 versus November 2022.
- Across all TRREB areas, sales dropped 31.4% to 3,117 versus November 2022.
- Across all TRREB areas, active listings dropped 27.0% to 8,692 versus November 2022.
- Across all TRREB areas, the median selling price fell 3.5% to $888,000 versus November 2022.
- Across all TRREB areas, the average selling price edged down 2.6% to $1,051,216 versus November 2022.
Generated from the figures above. Ordered by size of month-over-month move.
Economy
Indicators published with this edition
Real GDP growth
2.9%
Q3 2022
Toronto employment growth
-0.3%
November 2022
Toronto unemployment rate
6.3%
November 2022
Inflation (CPI, year-over-year)
6.8%
November 2022
Bank of Canada overnight rate
4.3%
December 2022
Prime rate
6.5%
December 2022
1-year mortgage rate
6.34%
December 2022
3-year mortgage rate
6.14%
December 2022
5-year mortgage rate
6.49%
December 2022
By home type
All TRREB areas
| Home type | Sales | MoM | Average price | MoM | YoY |
|---|---|---|---|---|---|
| Detached | 1,352 | −704 −34.2% down 704, 34.2% versus November 2022 | $1,384,586 | −$5,576 −0.4% down $5,576, 0.4% versus November 2022 | −13.4% down 13.4% |
| Semi-detached | 238 | −148 −38.3% down 148, 38.3% versus November 2022 | $1,009,479 | −$29,721 −2.9% down $29,721, 2.9% versus November 2022 | −14.5% down 14.5% |
| Att/row/townhouse | 266 | −137 −34.0% down 137, 34.0% versus November 2022 | $954,312 | −$39,245 −3.9% down $39,245, 3.9% versus November 2022 | −16.0% down 16.0% |
| Condo townhouse | 258 | −113 −30.5% down 113, 30.5% versus November 2022 | $772,038 | −$26,991 −3.4% down $26,991, 3.4% versus November 2022 | −8.8% down 8.8% |
| Condo apartment | 966 | −323 −25.1% down 323, 25.1% versus November 2022 | $705,659 | −$2,977 −0.4% down $2,977, 0.4% versus November 2022 | −0.9% down 0.9% |
| Link | 21 | −2 −8.7% down 2, 8.7% versus November 2022 | $963,205 | −$122,943 −11.3% down $122,943, 11.3% versus November 2022 | −17.3% down 17.3% |
| Co-op apartment | 8 | no change no change versus November 2022 | $499,375 | −$67,313 −11.9% down $67,313, 11.9% versus November 2022 | −44.7% down 44.7% |
| Detached condo | 5 | no change no change versus November 2022 | $837,600 | −$65,400 −7.2% down $65,400, 7.2% versus November 2022 | −5.7% down 5.7% |
| Co-ownership apartment | 3 | no change no change versus November 2022 | $438,333 | +$50,333 +13.0% up $50,333, 13.0% versus November 2022 | −23.0% down 23.0% |
Average price by home type
13 months to December 2022
| Month | Detached | Semi-detached | Att/row/townhouse | Condo townhouse | Condo apartment |
|---|---|---|---|---|---|
| Dec '21 | 1598735 | 1181046 | 1136657 | 846525 | 711933 |
| Jan '22 | 1741318 | 1312273 | 1221726 | 936264 | 748566 |
| Feb '22 | 1797203 | 1358415 | 1254460 | 963700 | 799966 |
| Mar '22 | 1697396 | 1317048 | 1212542 | 948292 | 808566 |
| Apr '22 | 1628343 | 1259243 | 1119648 | 909207 | 789869 |
| May '22 | 1549498 | 1204893 | 1063177 | 857113 | 770894 |
| Jun '22 | 1454902 | 1124723 | 1028977 | 825447 | 747216 |
| Jul '22 | 1362598 | 1077750 | 997668 | 799953 | 719273 |
| Aug '22 | 1379700 | 998490 | 987308 | 789386 | 711321 |
| Sep '22 | 1369186 | 1043120 | 990242 | 803964 | 730818 |
| Oct '22 | 1372438 | 1079393 | 1023934 | 802969 | 716515 |
| Nov '22 | 1390162 | 1039200 | 993557 | 799029 | 708636 |
| Dec '22 | 1384586 | 1009479 | 954312 | 772038 | 705659 |
Movers this month
Ranked across 50 of the 55 required areas · minimum 10 sales to qualify
Average price, month-over-month
Top 5
- Toronto C13 +36.9% up 36.9%
- Toronto C07 +27.6% up 27.6%
- Toronto C03 +23.3% up 23.3%
- Georgina +17.5% up 17.5%
- Toronto W04 +17.3% up 17.3%
Bottom 5
- Toronto E02 −27.7% down 27.7%
- Toronto C11 −27.1% down 27.1%
- Uxbridge −19.2% down 19.2%
- Toronto E10 −17.6% down 17.6%
- Whitchurch-Stouffville −16.4% down 16.4%
Sales, month-over-month
Top 5
- Toronto E07 +14.3% up 14.3%
- Toronto W10 +13.9% up 13.9%
- Brampton −5.3% down 5.3%
- East Gwillimbury −6.9% down 6.9%
- Ajax −17.1% down 17.1%
Bottom 5
- Toronto W01 −64.4% down 64.4%
- Toronto C03 −59.5% down 59.5%
- Toronto E02 −57.5% down 57.5%
- Toronto E11 −55.0% down 55.0%
- Whitchurch-Stouffville −51.0% down 51.0%
Areas below the sales threshold are excluded — with a handful of sales, a couple of transactions can invent a swing that is not a market move.
Market balance
Sales-to-new-listings and months of inventory, computed from this month’s counts
All TRREB areas
SNLR
76.5%
prior month 51.2%
Months of inventory
2.8
All TRREB areas sits in a seller's market: 76.5% of new listings sold and 2.8 months of inventory on hand.
City of Toronto (416)
SNLR
77.0%
prior month 50.5%
Months of inventory
3.1
City of Toronto (416) sits in a seller's market: 77.0% of new listings sold and 3.1 months of inventory on hand.
905 total
SNLR
76.3%
prior month 51.6%
Months of inventory
2.6
905 total sits in a seller's market: 76.3% of new listings sold and 2.6 months of inventory on hand.
These are computed here from the month’s raw counts. TRREB also publishes its own trend-smoothed SNLR and months-of-inventory figures, which are shown separately on the area pages and are not the same measure.
Where I work
Downtown TorontoMidtownScarboroughYork RegionDurham Region
Downtown
$830,970
- Sales
- 256
- SNLR
- 70.5%
- MOI
- 3.9
Aggregated across 2 districts · View →
Midtown
$1,626,210
- Sales
- 121
- SNLR
- 84.6%
- MOI
- 3.8
Aggregated across 6 districts · View →
Scarborough
$809,426
- Sales
- 215
- SNLR
- 93.1%
- MOI
- 1.9
Aggregated across 8 districts · View →
York Region
$1,267,563
- Sales
- 575
- SNLR
- 77.4%
- MOI
- 2.6
Region total · View →
Durham Region
$874,456
- Sales
- 380
- SNLR
- 83.0%
- MOI
- 1.9
Region total · View →
Average price for a multi-district group is weighted by dollar volume, not an average of averages — that would give a district with three sales the same weight as one with three hundred.