“Inflation and elevated borrowing costs have taken their toll on affordability. This has been no more apparent than in the interest rate-sensitive housing market. However, it does appear relief is on the horizon. Bond yields, which underpin fixed rate mortgages have been trending lower and an increasing number of forecasters are anticipating Bank of Canada rate cuts in the first half of 2024. Lower rates will help alleviate affordability issues for existing homeowners and those looking to enter the market,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron. 

High borrowing costs and uncertain economic conditions continued to weigh on the GTA, Simcoe and Area home sales in November 2023. 
 

In the GTA home sales were down 6% in November 2023 compared to November 2022 and up 1.7% in November 2023 compared to October 2023. Average selling price is up 0.3% year over year ($1,079,420 in Nov. 2022 & $1,082,179 in Nov.2023). Month to month average sale price is down 2.2% (from October 2023 to November 2023)

Current average price

City of Toronto - $1,051,180
Peel - $1,031,654
Halton - $1,208,950

In Simcoe and Area home sales were down 17.25% in November 2023 compared to November 2022 and down 17.07% in November 2023 compared to October 2023. Average selling price is down 0.38% year over year ($785,089 in Nov. 2023 & $788,104 in Nov.2022).
Month to month average sale price is down 6.86% (from October 2023 to November 2023)

Current average price

Barrie - $681,202
Innisfil - $868,107
Orillia - $594,526