GTA Home Sales Down, But Will Soar

Homeownership market activity in November continued to be influenced by the impact of higher borrowing costs on affordability, says the Toronto Regional Real Estate Board (TRREB). Sales were down markedly compared to the same period last year, following the trend that unfolded since the commencement of interest rate hikes in the spring. New listings were also down substantially from last year and are at a very low level historically. There were 4,544 residential sales in the Greater Toronto, ON, Area (GTA) in November, down 49 per cent compared to November 2021, but remaining at a similar level to October, especially after considering the recurring seasonal downward trend in the fall. New listings, at 8,880, were down on both a year-over-year basis and month-over-month basis.