Sales were down in the Greater Toronto Area in November and selling prices remained flat on a year-over-year basis.

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.

Home prices have adjusted from their peak in response to higher borrowing costs. This has provided some relief for buyers, from an affordability perspective. 

It’s been a challenging year for homebuyers and sellers, who have been feeling the effects of a severe housing shortage and the high cost of living. Historically, real estate has given owners excellent returns and strong financial security – and that hasn’t changed.

Many thanks for your continued support throughout the year. I wish you and your loved ones a safe and joyous holiday season. See you in 2024!