Average price — Mean sale price across all transactions. Sensitive to the mix of homes that sold.
$1,082,179
MoM −$43,749 −3.9% down $43,749, 3.9% versus October 2023 YoY +0.3% up 0.3% versus November 2022
Source: TRREB MarketWatch, November 2023
Greater Toronto Area · TRREB MarketWatch
GTA Real Estate Market Report
November 2023
In November 2023 the average selling price across the Greater Toronto Area fell 3.9% to $1,082,179 versus October 2023, and sales dropped 8.8% to 4,236.
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.
$927,950
MoM −$31,550 −3.3% down $31,550, 3.3% versus October 2023 YoY +0.9% up 0.9% versus November 2022
MLS® HPI benchmark — Quality-adjusted price for a typical home. The cleanest like-for-like price signal.
$1,081,300
MoM −$22,300 −2.0% down $22,300, 2.0% versus October 2023 YoY +0.1% up 0.1% versus November 2022
Sales — Firm transactions reported through the MLS® System during the month.
4,236
MoM −410 −8.8% down 410, 8.8% versus October 2023 YoY −6.8% down 6.8% versus November 2022
Dollar volume — Total value of all sales in the month.
$4.58B
MoM −$646,949,046 −12.4% down $646,949,046, 12.4% versus October 2023 YoY −6.5% down 6.5% versus November 2022
New listings — Properties newly listed during the month.
10,545
MoM −3,852 −26.8% down 3,852, 26.8% versus October 2023 YoY +18.8% up 18.8% versus November 2022
Active listings — Listings available at month end.
16,759
MoM −2,781 −14.2% down 2,781, 14.2% versus October 2023 YoY +40.7% up 40.7% versus November 2022
Avg. LDOM — Average days on market for the current listing. Not reported before 2020.
25
MoM +4 days +19.0% up 4 days, 19.0% versus October 2023 YoY +13.6% up 13.6% versus November 2022
Avg. PDOM — Average days on market across the property’s consecutive listings. Not reported before 2020.
39
MoM +7 days +21.9% up 7 days, 21.9% versus October 2023 YoY +18.2% up 18.2% versus November 2022
Avg. SP/LP — Average sale price as a share of list price. Above 100% means competing offers were common.
98%
MoM −1.0 pp −1.0% down 1.0 pp, 1.0% versus October 2023 YoY no change no change versus November 2022
SNLR — Sales-to-new-listings ratio, computed here from this month’s counts. Below 40% favours buyers, above 60% favours sellers.
40.2%
MoM +7.9 pp +24.5% up 7.9 pp, 24.5% versus October 2023 YoY −21.5% down 21.5% versus November 2022
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.
4.0
MoM −0 −5.9% down 0, 5.9% versus October 2023 YoY +50.9% up 50.9% versus November 2022
The month in 60 seconds
- Across all TRREB areas, new listings dropped 26.8% to 10,545 versus October 2023.
- Across all TRREB areas, active listings dropped 14.2% to 16,759 versus October 2023.
- Across all TRREB areas, sales dropped 8.8% to 4,236 versus October 2023.
- Across all TRREB areas, the average selling price fell 3.9% to $1,082,179 versus October 2023.
- Across all TRREB areas, the median selling price fell 3.3% to $927,950 versus October 2023.
Generated from the figures above. Ordered by size of month-over-month move.
Economy
Indicators published with this edition
Real GDP growth
-1.1%
Q3 2023
Toronto employment growth
3.6%
November 2023
Toronto unemployment rate
6.6%
November 2023
Inflation (CPI, year-over-year)
3.1%
October 2023
Bank of Canada overnight rate
5%
November 2023
Prime rate
7.2%
November 2023
1-year mortgage rate
8.09%
November 2023
3-year mortgage rate
7.24%
November 2023
5-year mortgage rate
7.04%
November 2023
By home type
All TRREB areas
| Home type | Sales | MoM | Average price | MoM | YoY |
|---|---|---|---|---|---|
| Detached | 1,881 | −276 −12.8% down 276, 12.8% versus October 2023 | $1,403,500 | −$46,612 −3.2% down $46,612, 3.2% versus October 2023 | +1.0% up 1.0% |
| Semi-detached | 404 | −24 −5.6% down 24, 5.6% versus October 2023 | $1,060,829 | −$41,892 −3.8% down $41,892, 3.8% versus October 2023 | +2.1% up 2.1% |
| Att/row/townhouse | 363 | −39 −9.7% down 39, 9.7% versus October 2023 | $984,357 | −$57,767 −5.5% down $57,767, 5.5% versus October 2023 | −0.9% down 0.9% |
| Condo townhouse | 333 | +9 +2.8% up 9, 2.8% versus October 2023 | $778,402 | −$12,897 −1.6% down $12,897, 1.6% versus October 2023 | −2.6% down 2.6% |
| Condo apartment | 1,212 | −84 −6.5% down 84, 6.5% versus October 2023 | $710,501 | +$1,721 +0.2% up $1,721, 0.2% versus October 2023 | +0.3% up 0.3% |
| Link | 26 | +2 +8.3% up 2, 8.3% versus October 2023 | $931,496 | −$181,403 −16.3% down $181,403, 16.3% versus October 2023 | −14.2% down 14.2% |
| Co-op apartment | 6 | −2 −25.0% down 2, 25.0% versus October 2023 | $623,333 | −$80,655 −11.5% down $80,655, 11.5% versus October 2023 | +10.0% up 10.0% |
| Detached condo | 9 | +5 +125.0% up 5, 125.0% versus October 2023 | $1,016,111 | +$183,611 +22.1% up $183,611, 22.1% versus October 2023 | +12.5% up 12.5% |
| Co-ownership apartment | 2 | −1 −33.3% down 1, 33.3% versus October 2023 | $396,000 | −$150,333 −27.5% down $150,333, 27.5% versus October 2023 | +2.1% up 2.1% |
Average price by home type
13 months to November 2023
| Month | Detached | Semi-detached | Att/row/townhouse | Condo townhouse | Condo apartment |
|---|---|---|---|---|---|
| Nov '22 | 1390162 | 1039200 | 993557 | 799029 | 708636 |
| Dec '22 | 1384586 | 1009479 | 954312 | 772038 | 705659 |
| Jan '23 | 1341848 | 1019668 | 976500 | 776698 | 687696 |
| Feb '23 | 1439735 | 1069266 | 1050342 | 785448 | 705472 |
| Mar '23 | 1468651 | 1087924 | 1036571 | 813036 | 703566 |
| Apr '23 | 1489258 | 1135599 | 1093560 | 868997 | 724118 |
| May '23 | 1556566 | 1198185 | 1117696 | 868318 | 748483 |
| Jun '23 | 1530997 | 1214872 | 1087967 | 851497 | 739395 |
| Jul '23 | 1427257 | 1101876 | 1032117 | 873859 | 735171 |
| Aug '23 | 1416366 | 1067980 | 1022680 | 837863 | 705572 |
| Sep '23 | 1440786 | 1094074 | 1043076 | 810495 | 707065 |
| Oct '23 | 1450112 | 1102721 | 1042124 | 791299 | 708780 |
| Nov '23 | 1403500 | 1060829 | 984357 | 778402 | 710501 |
Movers this month
Ranked across 54 of the 55 required areas · minimum 10 sales to qualify
Average price, month-over-month
Top 5
- Toronto C11 +34.0% up 34.0%
- Toronto C13 +18.8% up 18.8%
- Scugog +17.8% up 17.8%
- Toronto E05 +11.7% up 11.7%
- Caledon +7.4% up 7.4%
Bottom 5
- Toronto C03 −60.9% down 60.9%
- Toronto E08 −25.4% down 25.4%
- Toronto W02 −20.4% down 20.4%
- Toronto C02 −17.8% down 17.8%
- Toronto W06 −15.7% down 15.7%
Sales, month-over-month
Top 5
- Toronto C12 +70.0% up 70.0%
- Aurora +56.1% up 56.1%
- Toronto C03 +39.1% up 39.1%
- East Gwillimbury +38.5% up 38.5%
- Toronto C07 +33.3% up 33.3%
Bottom 5
- Toronto C09 −55.6% down 55.6%
- Toronto E03 −51.4% down 51.4%
- Scugog −42.1% down 42.1%
- Toronto W10 −41.5% down 41.5%
- Toronto W04 −39.7% down 39.7%
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
40.2%
prior month 32.3%
Months of inventory
4.0
All TRREB areas reads differently on the two balance measures — balanced conditions at 40.2% sales-to-new-listings, but a seller's market at 4.0 months of inventory. They measure different things, so the split is worth noting.
City of Toronto (416)
SNLR
38.4%
prior month 32.4%
Months of inventory
4.3
City of Toronto (416) reads differently on the two balance measures — a buyer's market at 38.4% sales-to-new-listings, but balanced conditions at 4.3 months of inventory. They measure different things, so the split is worth noting.
905 total
SNLR
41.3%
prior month 32.2%
Months of inventory
3.7
905 total reads differently on the two balance measures — balanced conditions at 41.3% sales-to-new-listings, but a seller's market at 3.7 months of inventory. They measure different things, so the split is worth noting.
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
$831,325
- Sales
- 319
- SNLR
- 31.0%
- MOI
- 6.5
Aggregated across 2 districts · View →
Midtown
$1,529,926
- Sales
- 194
- SNLR
- 36.7%
- MOI
- 4.7
Aggregated across 6 districts · View →
Scarborough
$889,809
- Sales
- 286
- SNLR
- 43.5%
- MOI
- 3.1
Aggregated across 8 districts · View →
York Region
$1,286,617
- Sales
- 794
- SNLR
- 43.0%
- MOI
- 3.7
Region total · View →
Durham Region
$883,115
- Sales
- 540
- SNLR
- 42.8%
- MOI
- 2.7
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.