The report, "Market Watch November 2023," presents a comprehensive analysis of the Greater Toronto Area's real estate market, reflecting trends impacted by economic conditions and borrowing costs. As of November 2023, a year-over-year decrease in home sales (-6%) contrasts with an increase in new listings (+16.5%). High inflation and borrowing rates have tempered market activity, maintaining flat year-over-year selling prices. The report anticipates potential relief with forecasted Bank of Canada rate cuts in 2024, which could improve affordability and stimulate market growth. The detailed statistical breakdown covers various housing types, prices, and regional specifics, offering valuable insights for strategic real estate investment and market forecasting.

The Toronto real estate market in October 2023 paints a picture of resilience amid challenges. Despite a 5.8% dip in sales compared to last year, home prices in the GTA have held steady, signalling a robust undercurrent in the market.

The impact of high borrowing costs, high inflation, uncertainty surrounding future Bank of Canada decisions and slower economic growth continued to weigh on Greater Toronto Area (GTA) home sales in September. However, despite the market being better-supplied with listings, the average selling price was up year-over-year.

Market conditions in the condominium apartment segment tightened markedly in the second quarter of 2023. Sales were up strongly on a year-over-year basis, whereas the number of new listings was down sharply.

Higher borrowing costs, continued uncertainty about the economy and Bank of Canada decision making, and the constrained supply of listings resulted in fewer home sales in August 2023 compared to August 2022.

In July 2023, the Greater Toronto Area (GTA) witnessed an increase in home sales, new listings, and prices compared to July 2022. Despite this growth, the momentum slowed following the Bank of Canada's rate adjustments in June. TRREB officials have voiced concerns over the future impact of uncertain borrowing costs and the need for cohesive housing policies amid rising immigration targets.

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Home sales and the average selling price in the Greater Toronto Area (GTA) in June 2023 remained above last year’s levels. Seasonally adjusted sales dipped on a month-over-month basis. The seasonally adjusted average selling price and the MLS® Home Price Index (HPI) Composite benchmark were up compared to the previous month.

The GTA housing market saw a surge in sales in May 2023, but the limited supply of homes failed to keep up with the high demand, resulting in increased competition and rising prices. However, the unexpected interest rate hike in June introduces uncertainty and potential implications for the market in the upcoming summer months.

The Consumer Price Index (CPI) in Canada rose 5.2% YoY in February, showing the largest deceleration in the CPI since April 2020, following a 5.9% increase in January. The YoY deceleration in February 2023 was attributed to the base-year effect, which was due to a steep monthly increase in prices in February 2022 (+1.0%). Excluding food and energy, prices were up 4.8% YoY, while all-items excluding mortgage interest cost rose 4.7%. The CPI increased 0.4% on a monthly basis, with Canadians paying more in mortgage interest costs in February, partially offset by a decline in energy prices. Although inflation has slowed down, prices remain elevated, with an increase of 8.3% compared to 18 months ago.

The report shows that sales of homes in the Greater Toronto Area (GTA) in February 2023 were down 47% compared to the same month the previous year due to the impact of higher borrowing costs resulting from interest rate hikes. Additionally, there was a drop in new listings by 40.9% compared to the previous year, which will lead to increased competition between buyers, eventually resulting in renewed price growth in the market. The report also suggests that new and innovative solutions, such as the City of Toronto's initiative to allow duplexes, triplexes, and fourplexes in all neighbourhoods citywide, need to come to fruition to achieve an adequate and diverse housing supply. Overall, the report highlights the impact of interest rate hikes on the real estate market in the GTA and the need for innovative solutions to support record population growth in the years to come.

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Get the latest insights on the Greater Toronto Area (GTA) housing market with our comprehensive January 2023 market report. Discover key trends, sales data, and expert analysis from Toronto Regional Real Estate Board (TRREB) President Paul Baron and Chief Market Analyst Jason Mercer. Don't miss out on this valuable resource for understanding the impact of higher borrowing costs on affordability and the potential for increased housing demand in the coming months. Read the full report now!

Homeownership market activity in November continued to be influenced by the impact of higher borrowing costs on affordability. Sales were down markedly compared to the same period last year, following the trend that unfolded since the commencement of interest rate hikes in the spring. New listings were also down substantially from last year, and at a very low level historically. The fact that the supply of homes for sale has remained low, has supported average selling prices at the $1.08 to $1.09 million mark since August.

The Bank of Canada today increased its target for the overnight rate to 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%. The Bank is also continuing its policy of quantitative tightening.

Inflation around the world remains high and broadly based. Global economic growth is slowing, although it is proving more resilient than was expected at the time of the October Monetary Policy Report (MPR). In the United States, the economy is weakening but consumption continues to be solid and the labour market remains overheated. The gradual easing of global supply bottlenecks continues, although further progress could be disrupted by geopolitical events.

Despite the continued housing market transition to a higher borrowing cost environment, the average selling price in the Greater Toronto Area (GTA) found some support near $1.1 million since the late summer.

The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs in September 2022. Sales for the month reached 5,038, but were down by 44.1 per cent compared to September 2021. New listings were also down on a year-over-year basis by 16.7 per cent to 11,237.

There were 5,627 home sales reported through the Toronto Regional Real Estate Board9s (TRREB) MLS® System in August 2022, representing a year-over-year dip of 34.2 per cent 3 a lesser annual rate of decline compared to the previous four months. The August sales result also represented a month-over-month increase compared to July.

The Greater Toronto Area (GTA) condominium apartment market followed a similar trend to the housing market as a whole in Q2 2022. With 5,687 sales, the Q2 result represented a decline of 35.2 per cent compared to Q2 2021.

Higher borrowing costs continued to impact home sales in June 2022. Sales totalled 6,474 – down by 41 per cent compared to last year’s strong result. The number of transactions was also down compared to May 2022, but this is often the case due to the seasonal nature of the market.