2023 Grand Finale

In the grand finale of 2023, the Toronto Regional Real Estate Board (TRREB) dropped some numbers that had us all doing a double-take. Picture this: 65,982 homes played musical chairs in Toronto and the Greater Toronto Area (GTA). Now, I know what you're thinking, "That's a big number!" Well, buckle up because it's actually the lowest since the Y2K panic when everyone was worried about their Nokia 3310s.

Let's rewind to 2021, where the TRREB was living its best life, reporting a whopping 121,712 sales. Fast forward to 2023, and it's like the market caught a cold or something - a 45.8% drop in just two years. Someone must've spilled coffee on the real estate spreadsheet!

But hold your horses, because the drama doesn't end there. The average sale price played a little seesaw, going up and down like it's auditioning for a talent show. Last month's average for all types of cribs in Toronto and the GTA was a cool $1,084,692. That's a lot of zeros! And, get this, we beat last December's record by a hair. It's like the real estate market is telling us, "Hey, I might be down, but I'm not out!"

But here's the kicker - that average is actually a 9.3% nosedive from the 2023 high back in May. Remember May? It was that brief moment when everyone was flexing their housing muscles, and prices were high-fiving the sky. Ah, good times.

So, in a nutshell, GTA real estate was strutting its stuff at $1,334,544 in February 2022, but since then, it's been doing the limbo, trying to see how low it can go. And we're all just here for the rollercoaster ride!