January 2024 Real Estate Market Update
There were 65,982 home sales reported through TRREB’s MLS® System in 2023. While the overall demand for housing remained buoyed by record immigration in 2023, more of this demand was pointed at the rental market. The number of Greater Toronto Area (GTA) home sales in 2023 came in at less than 70,000 due to affordability issues brought about by high mortgage rates. “High borrowing costs coupled with unrealistic federal mortgage qualification standards resulted in an unaffordable home ownership market for many households in 2023.
With that said, relief seems to be on the horizon. Borrowing costs are expected to trend lower in 2024. Lower mortgage rates coupled with a relatively resilient economy should see a rebound in home sales this year,” said new Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.
On a seasonally adjusted monthly basis, sales increased compared to November, while new listings declined for the third straight month.
Year over year Dec 2023 there were 3444 Homes sold in the GTA vs December 2022 only 3090 homes were sold.
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