According to the Toronto Regional Real Estate Board, 2023 was the worst year for home sales in the Greater Toronto Area since 2000.
Just under 66,000 homes were reported sold last year in the GTA, compared to previous years which saw a higher number of sales. In comparison, annual home sales in 2021 were almost 121,712, a record number according to the TRREB. Last year, numbers are showing similarities to home sales back in 2000, as just over 58,000 homes were sold.
Notably, real estate agent Kushwant Singh says, “the Bank of Canada has increased interest rates three times in the past year which have significantly increased monthly repayment plans.”
In 2023, the average mortgage price for a house in the GTA was $3,444 with an average home value of $1,084,692. Compared to a year prior mortgage rates were at $3,117 with an average home price of $1,051,216.
In contrast, Ontarians who were looking to buy pre-construction homes paid a hefty price. As supply chain disruptions halted development projects. “Pre-construction homes were marginally higher than sales and purchases last year, but rising house prices as well as rental prices also suspended investments in homes,” said Singh.
In spite of last year’s numbers, Singh is hopeful that if the Bank of Canada pauses hikes on interest rates then Ontarians could see the housing situation in the GTA balance this year.
With files from Jaspreet Pandher.
