The newsletter also provides localized market analyses for Vellore Village, presenting recent sales data for various property types in these areas. Additionally, it delves into mortgage rates and financial considerations, offering guidance on choices between paying down the mortgage, contributing to RRSPs, or investing in TFSAs. The advice emphasizes comparing interest rates and individual financial situations when making these decisions. Overall, the newsletter aims to provide comprehensive insights into both the broader GTA market trends and specific localized data for Kleinburg and Vellore Village.
The December 2023 Greater Toronto Area (GTA) housing market update from the Toronto Regional Real Estate Board (TRREB) reveals a decline in both sales and average prices compared to 2022. Sales dropped by 12.1%, and the average selling price for all home types decreased by 5.4%, reaching $1,126,604. TRREB attributes this slowdown to high interest rates and unrealistic federal mortgage qualification standards, resulting in an unaffordable housing market in 2023. Economic uncertainties and rising borrowing costs kept potential homebuyers on the sidelines, but TRREB expects a market resurgence in 2024 following anticipated interest rate cuts by the Bank of Canada.
