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GTA REALTORS ®  Release November 2023 Stats

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.

“Inflation and elevated borrowing costs have taken their toll on affordability. This has been no

more apparent than in the interest rate-sensitive housing market. However, it does appear relief

is on the horizon. Bond yields, which underpin fixed rate mortgages have been trending lower

and an increasing number of forecasters are anticipating Bank of Canada rate cuts in the first half

of 2024. Lower rates will help alleviate affordability issues for existing homeowners and those

looking to enter the market,” said Toronto Regional Real Estate Board (TRREB) President Paul

Baron.

GTA REALTORS ®  reported 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.

The MLS ®  Home Price Index Composite benchmark and the average selling price, at $1,082,179,

in November 2023 were basically flat in comparison to November 2022. On a seasonally

adjusted monthly basis, the MLS ®  HPI Composite benchmark was down by 1.7 per cent. The

average selling price was down 2.2 per cent month-overmonth.

“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.

“Houses and condos are meant to be homes, first and foremost. We know the demand for

homes, both rental and ownership, will grow for years to come. We have seen some productive

policy decisions recently that should help with housing affordability, including allowing existing

insured mortgage holders to switch lenders without the stress test. Additionally, in the interest of

household and economic stability, we continue to call on the Office of the Superintendent of

Financial Institutions (OSFI) to apply the same approach to uninsured mortgages. It also goes

without saying that further policy work is required to bring more supply online,” said TRREB CEO

John DiMichele.

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