High borrowing costs and uncertain economic conditions continued to weigh on Greater Toronto Area (GTA) home sales in November 2023. Sales were down on a year-over-year basis, while listings were up from last year’s trough in supply. With more choice in the market, selling prices remained basically flat year-over-year.
There were 4,236 sales through TRREB’s MLS® System in November 2023 – a six per cent decline compared to November 2022. Over the same period, the number of new listings was up by 16.5 per cent. On a seasonally adjusted monthly basis, sales edged up compared to October 2023, while new listings were down by 5.5 per cent.
“Home prices have adjusted from their peak in response to higher borrowing costs. This has provided some relief for buyers, from an affordability perspective. As mortgage rates trend lower next year and the population continues to grow at a record pace, expect demand to increase relative to supply. This will eventually lead to renewed growth in home prices,” said TRREB Chief Market Analyst Jason Mercer.
