01/22/2024
December 2023 MARKET STATS are out! ❄️🏠🏢🏗
Hello and Happy New Year! I hope you have used the first few weeks of January to set up your 2024 to be the most successful and fantastic year.
🏠 In reflecting on the Residential real estate market for 2023 the number of Greater Toronto Area (GTA) home sales came in at less than 70,000 due to affordability concerns brought about by higher mortgage rates. Higher borrowing costs resulted in an unaffordable residential market for some households in 2023. However, relief looks to be on the horizon with borrowing costs expected to trend lower in 2024. Lower mortgage rates, continued population growth along and a positive outlook of our economy should see a rebound in home sales this year.
🏢 The average selling price for all home types in 2023 was $1,126,604, representing a 5.4 per cent decline compared to 2022. Record immigration will continue to play a driving role in the GTA’s residential real estate market. There will be a perpetual need for real estate, rental or for purchase, as long as our population continues to grow at the pace in which it does.
🏗 The development of new homes, freehold or condominium, will play a key role in providing the necessary housing supply required. Those with the means to invest in real estate will play a key role in replenishing the rental stock required to supply homes for those who rent. Developers will not build unless they sell their product first. As 2024 kicks-off, expect to see some never seen before promotions by developers who are selling their current standing inventory. As a brokerage we have access to these never seen before opportunities, please do not hesitate to reach out to me should you be looking to expand your real estate portfolio.
I wish you a fantastic 2024! Whether you are buying, selling or leasing; contact me for your bespoke real estate experience.
📲 416.443.0300
⌨️ [email protected]