Buyers remaining on sidelines in Toronto housing market

In November 2023, Toronto's real estate board reported that home sales in October were down 5.8% compared to the same time last year, yet prices still ticked upwards by 3.5%. New listings were up, but remain subdued compared to the 10-year average. TRREB President Paul Baron is optimistic about the future of the market, citing record population growth and a relatively resilient GTA economy. He predicts a rebound when mortgage rates start to fall. Bank of Canada rate hikes have had an impact, but lower home prices have mitigated the effect.