Toronto Area Home Sales Decline Due to Affordability Issues with Hope for Improvement Ahead
Greater Toronto home sales fell six percent last month compared with November 2022 despite an influx in new listings, as high borrowing costs and uncertain economic conditions persisted.
The Toronto Regional Real Estate Board says last month’s 4,236 home sales were also down 8.7 percent from the 4,640 sales in October.
The board says a lack of affordability has taken its toll on the market, which remains sensitive to the current environment of high interest rates, but that relief seems to be on the horizon.
TRREB president Paul Baron says that with an increasing number of forecasters anticipating Bank of Canada rate cuts in the first half of 2024, this would “help alleviate affordability issues for existing homeowners and those looking to enter the market.”
The average home price reached $1,082,179, which was essentially flat compared with November 2022 as the market saw more supply come online.
New listings rose 16.5 percent to 10,545 in November compared with 9,053 during the same month last year.
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