In November, the Greater Toronto Area (GTA) real estate market faced challenges with a 6% drop in home sales, totaling 4,236, and sluggish growth in average home price by 0.3% to $1,082,179, according to the Toronto Regional Real Estate Board (TRREB). New listings declined by 26.8% from the previous month but increased by 16.5% compared to a year ago. High borrowing costs and economic uncertainties contributed to the subdued sales, resulting in more choices for buyers and a flat year-over-year price growth. In the City of Toronto, a detached home reached $1,617,918 (up 3.5% from November 2022), while a condo apartment dropped by 1.7% to $720,280. The 905 areas saw slight year-over-year increases, except for townhouses which declined by 0.7%. TRREB Chief Market Analyst Jason Mercer noted that the current adjustment in home prices provides relief for buyers, anticipating renewed growth as mortgage rates decrease and population growth continues.
The newsletter also addresses the GTA condo market’s sales decline by 5.9% year-over-year in November, with a 0.4% increase in average price. TRREB President Paul Baron sees benefits for condo buyers in the balanced market, providing more negotiation power and lower selling prices. Additionally, the newsletter discusses seniors opting to age in their homes, causing a shortage in housing supply. The financial section suggests prioritizing mortgage repayment over investing in the current economic and interest rate climate. The publication includes an update on in-floor or radiant heating systems, outlining their functions, benefits, and disadvantages.
Detailed downloadable pdf is attached below.
