🏡📉 **TRREB Housing Market Update: November 2023** 📉🏡
🌐 **Toronto Real Estate Landscape:**
- 📉 GTA home sales dipped by six per cent YoY in November 2023.
- 📈 New listings rose by 16.5% from the supply trough last year.
💰 **Affordability Challenges:**
- 📈 High borrowing costs and economic uncertainties impacting affordability.
- 📊 Selling prices remained largely flat YoY due to increased market choices.
- 📉 Inflation and elevated borrowing costs affecting interest rate-sensitive housing markets.
💼 **Economic Outlook:**
- 🔄 Relief on the horizon: Bond yields for fixed-rate mortgages trending lower.
- 💼 Anticipation of Bank of Canada rate cuts in H1 2024 for improved affordability.
- 📊 Lower rates expected to benefit existing homeowners and potential buyers.
📊 **Market Statistics (November 2023):**
- 📉 4,236 sales reported, a six per cent decline from November 2022.
- 📈 New listings increased by 16.5%.
- 📉 MLS® Home Price Index Composite benchmark and average selling price at $1,082,179 remained flat YoY.
- 📉 Seasonally adjusted monthly basis: MLS® HPI Composite benchmark down 1.7%, average selling price down 2.2%.
📈 **Price Adjustment and Future Outlook:**
- 📉 Home prices adjusted from peak due to higher borrowing costs.
- 📉 Affordability relief for buyers.
- 📈 Anticipation of renewed price growth as mortgage rates trend lower in 2024.
🏠📈 **Policy and Supply Initiatives:**
- 🏡 Productive policy decisions supporting affordability, including stress test adjustments for insured mortgage holders.
- 🏢 Calls for a similar approach for uninsured mortgages by the Office of the Superintendent of Financial Institutions (OSFI).
- 🚀 Emphasis on the need for additional policy measures to boost housing supply.
👥🗣️ **Quotes from TRREB Leaders:**
- 🗣️ "Inflation and borrowing costs have impacted affordability," says TRREB President Paul Baron.
- 🗣️ "Lower mortgage rates and growing population will boost demand," predicts TRREB Chief Market Analyst Jason Mercer.
- 🗣️ TRREB CEO John DiMichele emphasizes the importance of policy decisions for stability and increased supply.
🔗 *Source: Toronto Regional Real Estate Board (TRREB)* 🔗
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