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. “The short and medium-term outlooks for the GTA housing market are very different. In the short term, the consensus view is that borrowing costs will remain elevated... [read more]

The Greater Toronto Area (GTA) and the broader Greater Golden Horseshoe have experienced some interesting dynamics in the housing market during August 2023. Higher borrowing costs, ongoing economic uncertainty, and the Bank of Canada's decision-making have played a significant role in shaping these trends. Here's a detailed look at what's been happening and what the future might hold for the housing market in this region. 1. Lower Home Sales, Steady Prices: In August 2023, the... [read more]

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. The average selling price remained virtually unchanged over the same period. On a seasonally adjusted monthly basis, sales and average price edged lower. “Looking forward, we know there will be solid demand for housing – both ownership and rental – in the Greater... [read more]

In July 2023, the housing market in the Greater Toronto Area (GTA) showed positive trends compared to the same month in the previous year. Home sales, new listings, and home prices were all higher. However, when compared to the previous month, the market appeared to be more balanced, with sales decreasing while new listings increased. TRREB President Paul Baron mentioned that despite higher borrowing costs, home sales remained higher than last year, indicating that many households have... [read more]

In April 2023, the housing market in the Greater Toronto Area (GTA) became even tighter. Compared to the same month in the previous year, sales slightly decreased, but the number of new listings dropped by more than one-third. With fewer homes available for sale, buyers faced increased competition, leading to higher selling prices since the start of the year. The President of TRREB, Paul Baron, mentioned that the market is gradually improving, with more buyers adapting to higher borrowing... [read more]