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GTA REALTORS Release November 2023 Stats

GTA REALTORS Release November Stats

GTA Real Estate Market Update by Toronto Real Estate Board

In November 2023, the Greater Toronto Area (GTA) experienced a six percent year-over-year decline in home sales, totaling 4,236 transactions, attributed to high borrowing costs and economic uncertainties. Concurrently, new listings increased by 16.5 percent from the previous year. The average selling price held steady at $1,082,179, exhibiting a 2.2 percent month-over-month decrease. Affordability challenges were noted due to inflation and elevated borrowing costs, but there is optimism for relief with decreasing bond yields and anticipated Bank of Canada rate cuts in the first half of 2024. The Toronto Regional Real Estate Board (TRREB) emphasized the importance of addressing housing supply issues and implementing policies to enhance affordability, including recent measures allowing insured mortgage holders to switch lenders without the stress test.
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