GTA real estate on pace for fewest annual sales since 2000 | News
[ad_1]
This past year has been a tough one for real estate agents in Toronto and its surrounding communities.
According to the most recent sales data from the Toronto Regional Real Estate Board (TREB) for November, annual real estate sales in 2023 are on pace for the lowest total seen since the early 2000s.
As of Nov. 30, TRREB member realtors in Toronto and the Greater Toronto Area (GTA) had reported 62,575 total transactions. Based on recent trends and historical data, the Toronto and GTA market will finish 2023 with the lowest sales total since 2000 or 2001.
Graph showing total annual residential real estate sales in Toronto and the GTA between 1996 and 2022 compared to sales to date as of Nov. 30, 2023.
In order to surpass 2001’s total of 67,612 transactions, 5,038 homes and condos would have to exchange hands in December, which is unlikely given last December’s total of just 3,117 sales. December is a traditionally slow month for real estate in the GTA.
TRREB reported a record 121,712 sales in 2021. Annual sales fell to just 75,049 transactions in 2022 — a 38.3 per cent year-over-year drop. And this year’s total will most certainly be considerably lower than 2022’s sales tally.
Last month’s Toronto and GTA sales total was 4,236, which was the lowest sales total recorded for the month of November since the “Great Recession” of 2008 when 3,640 units changed hands.
“High borrowing costs and uncertain economic conditions continued to weigh on Greater Toronto Area home sales in November 2023. Sales were down on a year-over-year basis,” TRREB said in its November market analysis.
[ad_2]
Read More: GTA real estate on pace for fewest annual sales since 2000 | News