TORONTO REGIONAL REAL ESTATE REPORT DATED ON DECEMBER 5, 2023

REALTORS® reported that 4,236 homes sales through TRREB's MLS system in November 2023, less 6% compared to November 2022. The average selling price was $1,082,179 nearly flat in comparison to same period last year.

“Home prices have adjusted from their peak in response to higher borrowing costs. This has provided some relief for buyers, from an affordability perspective. As mortgage rates trend lower next year and the population continues to grow at a record pace, expect demand to increase relative to supply. This will eventually lead to renewed growth in home prices,” said TRREB Chief Market Analyst Jason Mercer.

The prospective buyers are sitting at the sidelines to monitor the real estate market and hesitate the timing of the first sight to have the interest rate cut. "Bond yields, which underpin fixed rate motgages have been trending lower and an increasing number of forecasters are aniticpating Bank of Canada rate cuts in the first half of 2024." said TRREB President Paul Baron.

The interest rate hikes are also triggering the increase in distressed deals in assignment sales market.

- Bank of Canada seen pushing back on rate cut bets as financial conditions loosen released on Dec 12, 2023

In the 2nd half of 2023, it was noted that both new listings and active listings were significantly increased compared to 2022. Conversely, the sales volume was reduced to show a pretty sluggish market. The buyers have been benefited for more choice and relativley large bargaining power in the past few months.

In November, the sale-to-new listings ratio reached 40% trending to a balanced market.

Anyway the property price depends on the local dynamic, neighbourhood and property type.

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