2022 was a pretty crazy year when it came to real estate, with a 12% drop year over year which is around a $142,000 price difference since 2021. 

Let's take a look at the market change from year over year and month over month for what's coming in 2023. 

Home sales have dropped 48.2% from last december with a drop of 21.3% in new listings.

The average price since last month has decreased 2.7% from $1,079,395 in November to $1,051,216 in December.

Toronto Housing Market:
 

Average prices for detached homes: $1,051,216 = 2.7% decrease

Average prices for semi-detached homes: $1,009,479 = 2.94% decrease

Average prices for freehold homes: $864,567 = 14.91% decrease 

Average prices for condo apartments: $705,659 = 0.42% decrease 

What is coming for 2023?

With another price drop closing in 2022 there is a greater possibility of real estate slowly going back to normal in the year of 2023.
 

Condos in the city of Toronto are still sitting at a high price of $741,584 which is an increase of 1.4% since last year.

With the continuous rise of interest rates, this has caused the housing market to decrease in price. Let's hope 2023 brings a better housing market.