With the book now closed on 2023, let’s start the year off by taking a look at the last year’s overall market statistics, while looking forward to what 2024 has to offer.
Sales and Prices Dipped Year-Over-Year in 2023
According to the Toronto Regional Real Estate Board’s year-end report, high borrowing costs and federal standards for mortgage qualification led to a 12.1 percent drop in home sales, and a 5.4 percent decrease in the overall average sale price for the GTA in 2023 year-over-year. With a reduced number of new listings in 2023, demand has largely favoured the rental market.
Despite the struggles facing many buyers, TRREB Chief Market Analyst Jason Mercer suggests that the lower selling prices were a result of options available: “Buyers who were active in the market benefitted from more choice throughout 2023. This allowed many of these buyers to negotiate lower selling prices, alleviating some of the impact of higher borrowing costs.”
Happy New Year from the Vetere Team!
We hope you enjoyed a relaxing and restorative holiday season. The Vetere Team is ready and waiting to help you with any and all of your real estate needs. Give us a call today!
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