TRREB Market Report Highlights - December 2023
Impact of High Borrowing Costs Continue
- Compared to this time last year, GTA home sales in December 2023 increased by 11.5% percent, while the average selling price grew by 3.2 percent reaching $1,084,692.
- Compared to December 2022, new listings fell 6.6 percent, sitting at 3,886.
- Overall, the number of home sales in 2023 totaled at less than 70,000 due to affordability concerns brought in by high mortgage rates.
- Throughout 2023, many active buyers benefited from more choice and the ability to negotiate lower prices to alleviate some of the impact of higher borrowing costs.
- Assuming interest rates trend lower this year, we can anticipate tighter market conditions and renewed price growth in the upcoming months.
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December 2023 vs. December 2022
December 2023 vs. November 2023
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