The Greater Toronto Area (GTA) recorded less than 70,000 home sales during 2023, according to data from the Toronto Regional Real Estate Board (TRREB).
The 65,982 transactions reported through TRREB’s MLS System last year represented a 12.12% year-over-year decline. Fewer new listings coupled with high mortgage rates and a growing population created a problematic environment. And while the average selling price for all home types last year was down by 5.4% from 2022, the $1.12 million sum complicated the market for buyers in search of affordable opportunities.
“High borrowing costs coupled with unrealistic federal mortgage qualification standards resulted in an unaffordable home ownership market for many households in 2023,” said TRREB President Jennifer Pearce. “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.”
