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GTA REALTORS Release December 2023 Stats

GTA REALTORS Release December 2023 Stats

GTA Real Estate Market Update by Toronto Real Estate Board

In 2023, the Greater Toronto Area (GTA) housing market witnessed a notable decline in home sales, totalling 65,982, a 12.1% decrease from the previous year, mainly attributed to affordability challenges arising from high mortgage rates and stringent federal mortgage qualifications. The average selling price for all home types was $1,126,604, representing a 5.4% decline compared to 2022. Despite an increase in demand for rentals due to record immigration, the market struggled with fewer new listings, exacerbating the challenge of housing affordability. The Toronto Regional Real Estate Board (TRREB) anticipates a potential rebound in home sales in 2024 with expected lower borrowing costs and a resilient economy, addressing the current market constraints.
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