The past year has been tough for real estate agents in Toronto and the surrounding areas.
Annual real estate sales in 2023 are at their slowest pace since the early 2000s, according to the latest November sales data released by the Toronto Regional Real Estate Board (TREB).
As of November 30, TRREB member real estate agents in Toronto and the Greater Toronto Area (GTA) reported a total of 62,575 transactions. Based on recent trends and historical data, Toronto and his GTA market will end 2023 with his lowest sales since 2000 or 2001.
5,038 homes and condos would have to transact in December to surpass 2001’s total of 67,612 transactions, but that’s considering last December’s total sales were just 3,117. Not likely. December is traditionally a slow month for his GTA real estate.
TRREB reported that its sales in 2021 reached a record high of 121,712 sales. Annual sales in 2022 decreased to just 75,049 sales, a 38.3% decrease from the previous year. And this year’s total sales will almost certainly be significantly lower than 2022’s sales.
Sales totaled 4,236 units in Toronto and the GTA last month, the lowest November sales total since the Great Recession of 2008, when 3,640 units were switched.
“High borrowing costs and uncertain economic conditions continued to weigh on home sales in the Greater Toronto Area in November 2023. Sales were down year-over-year,” TRREB said in its November market analysis.