{"id":26506,"date":"2024-01-04T12:10:48","date_gmt":"2024-01-04T17:10:48","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=26506"},"modified":"2024-01-15T10:33:51","modified_gmt":"2024-01-15T15:33:51","slug":"trreb-dec-2023","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/trreb-dec-2023\/","title":{"rendered":"2023 Toronto Region Real Estate in Review and Navigating What\u2019s to Come: TRREB"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Toronto Region real estate in 2023 was marked by tightened affordability and sluggish market conditions. As many were priced out of the resale market, emphasis was placed on the <a href=\"https:\/\/www.zoocasa.com\/blog\/real-estate-prices-vs-rental-prices-canada-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">rental market<\/a>. This challenging landscape was characterized by high mortgage rates and stringent federal mortgage qualification standards, leading to fewer than 70,000 homes trading hands in 2023, a decrease from the 75,140 reported in 2022 by the Toronto Regional Real Estate Board.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Year-over-year, December had a soft landing with a decrease in new listings, however, inventory has increased from previous years\u2019 record lows as properties are taking longer to sell, averaging 49 property days on market. In the current landscape, buyers have been afforded time to make decisions and more inventory to choose from.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/how-much-inventory-grew-gta-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Here\u2019s How Much Inventory Grew Across the GTA in 2023<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cBuyers who were active in the market benefitted from more choice throughout 2023. This allowed many of these buyers to negotiate lower selling prices, alleviating some of the impact of higher borrowing costs. Assuming borrowing costs trend lower this year, look for tighter market conditions to prompt renewed price growth in the months ahead,\u201d said Toronto Regional Real Estate Board (TRREB) Chief Market Analyst Jason Mercer.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"1286\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/TRREB-CHART-COT-DEC-23.png\" alt=\"\" class=\"wp-image-26507\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/TRREB-CHART-COT-DEC-23.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/TRREB-CHART-COT-DEC-23-140x300.png 140w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/TRREB-CHART-COT-DEC-23-478x1024.png 478w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/TRREB-CHART-COT-DEC-23-768x1646.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/TRREB-CHART-COT-DEC-23-717x1536.png 717w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/TRREB-CHART-COT-DEC-23-955x2048.png 955w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"1286\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/TRREB-CHART-TRREB-REGION-DEC-23.png\" alt=\"\" class=\"wp-image-26508\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/TRREB-CHART-TRREB-REGION-DEC-23.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/TRREB-CHART-TRREB-REGION-DEC-23-140x300.png 140w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/TRREB-CHART-TRREB-REGION-DEC-23-478x1024.png 478w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/TRREB-CHART-TRREB-REGION-DEC-23-768x1646.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/TRREB-CHART-TRREB-REGION-DEC-23-717x1536.png 717w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/01\/TRREB-CHART-TRREB-REGION-DEC-23-955x2048.png 955w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">The Contrast of Growing Demand and Slowing Sales in Toronto<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.zoocasa.com\/mississauga-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Toronto Region<\/a> home sales declined 12.1% in 2023, totaling 65,982 transactions at an average price of $1,126,604, down 5.4% from the 2022 average price. Meanwhile, the Toronto Region population is growing and is expected to reach 10.2 million residents by 2046, an increase of 47% according to Ontario.ca.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/2023-real-estate-top-trends-most-searched-for-cities\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>2023 Wrapped Real Estate Edition: Top Trends and Most Searched-For Cities<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This points to a larger problem of affordability. Demand should grow along with the population and if borrowing rates improve, this may be the direction we move in 2024. \u201cHigh borrowing costs coupled with unrealistic federal mortgage qualification standards resulted in an unaffordable home ownership market for many households in 2023. With that said, relief seems to be on the horizon. Borrowing costs are expected to trend lower in 2024. Lower mortgage rates coupled with a relatively resilient economy should see a rebound in home sales this year,\u201d explains TRREB President Jennifer Pearce explains.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Toronto Region\u2019s Real Estate Trajectory<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Many are unsure of what to expect in this year\u2019s real estate market and ultimately, market conditions will depend on affordability. In the fall of 2023, <a href=\"https:\/\/www.zoocasa.com\/blog\/rising-mortgage-rates-dampening-homebuyer-confidence-in-the-market-survey\/\" target=\"_blank\" rel=\"noreferrer noopener\">we surveyed more than 1,600 Zoocasa readers<\/a>. 23.3% of respondents agreed that the pause in interest rate increases has had a positive impact on their interest in the real estate market while 16.1% strongly disagreed that the pause had a positive impact. This suggests it\u2019s going to take more than just a pause from the Bank of Canada to get homebuyers off the sidelines.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Month-over-month, the average price for the Toronto Region has remained relatively flat at $1,084,692, increasing by just 0.23%. It\u2019s typical for home prices to trend downwards in the winter months before the peak season in the spring. In 2022, the national average home price peaked in March at $855,800 and reached the bottom in December at $705,600. However, Lauren Haw, Zoocasa\u2019s Broker of Record &amp; Industry Relations Officer predicts that we haven\u2019t hit bottom yet, \u201cOnce that bottom is hit and prices start to go back up, it will be a rapid ascent to the top as the latent demand for housing in urban cores race to get back in before prices peak again.\u201d&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/2024-canadian-predictions\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Will Home Prices Bottom Out in 2024? Zoocasa\u2019s Four Housing Market Predictions<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Market conditions vary across the GTA. For example, in December, the average price in <a href=\"https:\/\/www.zoocasa.com\/mississauga-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Mississauga<\/a> declined by 4.2% month-over-month, while in <a href=\"https:\/\/www.zoocasa.com\/oakville-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Oakville<\/a>, it increased 3.7%. Work with someone in your city who understands the unique market conditions. We have real estate agents across Canada ready to help you achieve your goals whether you\u2019re looking to buy, sell, or rent. <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">Give us a call today<\/a> to connect with an agent.&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Looking in the GTA?<\/div>\n<div class=\"cta-body\">Contact us today to speak to a Realtor in your area<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/sell-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Toronto Region real estate in 2023 was marked by tightened affordability and sluggish market conditions. As many were priced out of the resale market, emphasis was placed on the rental market. This challenging landscape was characterized by high mortgage rates and stringent federal mortgage qualification standards, leading to fewer than 70,000 homes trading hands in [&hellip;]<\/p>\n","protected":false},"author":121,"featured_media":26511,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[1111,1160,181],"tags":[],"class_list":["post-26506","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canada","category-market-insights","category-toronto-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>2023 Toronto Region Real Estate in Review and Navigating What\u2019s to Come: TRREB | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"Toronto Region real estate in 2023 was marked by tightened affordability and sluggish market conditions. 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