Greater Toronto home sales fall amid affordability challenges but relief forecasted
Greater Toronto home sales fell six per cent last month compared with November 2022 despite an influx in new listings, as high borrowing costs and uncertain economic conditions persisted.
The Toronto Regional Real Estate Board says last month's 4,236 home sales were also down 8.7 per cent from the 4,640 sales in October.
The board says a lack of affordability has taken its toll on the market, which remains sensitive to the current environment of high interest rates, but that relief seems to be on the horizon.
TRREB president Paul Baron says that with an increasing number of forecasters anticipating Bank of Canada rate cuts in the first half of 2024, this would "help alleviate affordability issues for existing homeowners and those looking to enter the market."
The average home price reached $1,082,179, which was essentially flat compared with November 2022 as the market saw more supply come online.
New listings rose 16.5 per cent to 10,545 in November compared with 9,053 during the same month last year.
This report by The Canadian Press was first published Dec. 5, 2023.
CTVNews.ca Top Stories
LIVE UPDATES Tracking Hurricane Milton: Storm becomes world's strongest of 2024
After reaching peak intensity with wind speeds of 180 m.p.h. (285 km/h) on Monday night, Milton became the strongest storm on our planet for 2024.
Hurricane Milton will likely hit Florida cities like Orlando, Tampa and Daytona Beach
Hurricane Milton is expected to leave a path of devastation across central Florida, from Tampa in the west to Daytona Beach in the east.
'This is just horrific': Meteorologist becomes emotional while providing Hurricane Milton update
A seasoned American meteorologist became emotional on air as he gave an update on a major hurricane, later suggesting the reason behind his strong reaction.
'A cause for concern': Canadian universities slip down world ranking list
An organization that ranks the best universities across the globe says its latest report shows a concerning trend that several of Canada’s institutions are slipping down its list.
B.C. man convicted of killing neighbour's chihuahua to protect his chickens
A British Columbia provincial court judge says a Boston Bar man who shot a teacup Chihuahua named Bear claiming it was menacing his chickens was not justified in killing the animal.
Liberals considering proroguing Parliament amid document impasse? Freeland says 'no'
The minority Liberal government is not considering proroguing Parliament, Deputy Prime Minister Chrystia Freeland said Tuesday, despite persisting uncertainty over who is willing to keep propping them up and procedural wrangling over a Conservative led-privilege debate.
Hertz tells B.C. tribunal online reservations do not 'guarantee' an available car
A man who showed up at a rental car company only to be told his online reservation would not be honoured is entitled to compensation, B.C.'s small claims tribunal has ruled.
'I hope so': Marc Garneau on whether there's room for Blue Liberals like him
Former cabinet minister Marc Garneau, who describes himself in his new book as always-a-Liberal, 'but a decidedly blue one,' says he hopes the party still has room for someone like him.
'Extremely disappointed': Family of homicide victim storms out of courtroom as judge reads decision
Emotions boiled over after a judge acquitted two out of three defendants in a manslaughter case, while the third accused has since died.