January Market Report For The GTA

Happy New Years everyone. Here is our first Market Report for 2024.

The Toronto Regional Real Estate Board (TRREB) has released the housing data for 2023. As anticipated, sales volume was down this past year, due to higher borrowing costs and a lack of new listings

A mere 65,982 transactions reported through the MLS in 2023, a decrease of 12.1% compared to 2022. This was the lowest annual total since 2000, and 29.4% below the 10-year average of 93,494 sales. The annual average sales price was $1,126,604, a year over year decrease of 5.4% from 2022.

The Real Estate story of the year was the combined impacts of higher borrowing costs and a ban on foreign buyers, which resulted in lower sales and a swing to buyer’s market.

Buyers have been taking advantage of more choice and reduced competition in 2023, allowing the opportunity to negotiate more favourable terms and lower selling prices, and in doing so, they able to offset some of the higher borrowing costs.

New listings for the year totaled 142,233, down 7.0% compared to 2022.

In December, there were 3444 sales for the month, up 11.5% year-over-year. The average sales price was $1,084,692, up 3.2%. New listings were down 6.6%, and with active listings now at 10,370, there is currently a 3.01-month supply within the TRREB region.

In 2024, we are looking to the Bank of Canada to ease its war on inflation and record high immigration to help fuel the demand for properties for purchase and rent.

If investing, selling or leasing real estate in 2024 is one of you're goals, then reach out today and let's talk!

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