Toronto-area real estate sales fell to a 23-year low in 2023 as higher mortgage rates put home ownership out of reach for many would-be buyers.

To put this in perspective we reached a record number of sales in 2021 and last year we recorded the lowest sales since 2000. This really illustrates the impact that higher borrowing costs have had since March 2022.

There is a real affordability challenge. Many people want to purchase a home whether they’ve lived here their whole life or moved here recently. But the higher interest rate environment coupled with unrealistic mortgage qualification rules have resulted in an unaffordable home ownership market for many households in 2023.

The average selling price for all home types in 2023 was 1.126 million, representing a 5.4 per cent decline compared to 2022.