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Home sales down in November in Toronto

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High borrowing costs are holding back the real estate market, according to the Greater Toronto Real Estate Board TRREB. (Archive photo)

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Property sales in the Greater Toronto Areas declined 6% in November compared to the same period last year, according to real estate board TRREB.

The Toronto Regional Real Estate Board (TRREB) reports that 4,236 homes and condominiums were sold last month in the Toronto area.

While transactions were decreasing, the number of newly listed properties for sale increased by 16.5% from November 2022 to November 2023.

The average sale price was $1,082,179 last month, almost the same as a year ago. On the other hand, this is a decrease of 2.2% compared to the previous month.

Analyst Jason TRREB's Mercer attributes the current slowdown to high borrowing costs.

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With the [anticipated] drop in mortgage rates next year and record population growth, we expect to an increase in demand compared to supply, which will eventually increase prices again, explains Mr. Mercer. #x27;Observers anticipate a reduction in the Bank of Canada's key rate during the first half of 2024, notes TRREB president Paul Baron. Lower rates will help address current affordability issues.

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