In 2023, the Greater Toronto Area (GTA) real estate market navigated through a phase of recalibration, influenced by a blend of high borrowing costs and stringent mortgage regulations. Despite a buoyant demand driven by record immigration, the market's tilt was more towards rentals than home ownership. As we usher in 2024, early indicators suggest a potential resurgence in home sales, contingent on anticipated easing of borrowing costs and a resilient economy.

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.

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.

Greater Toronto Area (GTA) housing market conditions tightened in March 2023. Sales accounted for an increased share of listings in comparison to March 2022, suggesting that competition between buyers is on the rise. The average sale price was above the average list price for the first time since May 2022.

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.

The Bank of Canada today increased its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%. The Bank is also continuing its policy of quantitative tightening.