The high cost of housing is an ongoing challenge for individuals and families. Despite best efforts by governments at all levels, it’s clear that a further push and bold action is needed to get more homes built at lower costs for individuals.

A series of charts summarizing key residential statistics for the GTA, including an affordability indicator and time series for price, new listings and sales.

Greater Toronto Area (GTA) home sales and new listings were up on an annual and monthly basis in February 2024. Selling prices also edged upward compared to a year earlier. Population growth and a resilient regional economy continued to support the overall demand for housing. Higher borrowing costs kept home sales below the February sales record reached in 2021.

When writing a story on something as important as Ontario’s real estate industry, it’s important to get your sources right. The Toronto Star article published on February 17 used incorrect data sources to arrive at its conclusions.

The article has since been updated to clarify that “an exodus of 45,000 real estate agents and brokers” between February 2022 and December 2023 using Statistics Canada data includes more than real estate agents and also includes appraisers, property managers and rental housing professionals.

This is important as the real change for individuals trading in real estate is much less dramatic than what was initially reported. In fact, the Real Estate Council of Ontario (RECO) reports a modest increase of 2 per cent from 103,381 agents/brokers in 2022 to 105,752 at the end of 2023.

The article also suggests that 65,000 GTA home sales in 2023 account for all real estate activity by 73,000 REALTORS®. The truth is REALTORS® support every segment of the market. Our Members work with home buyers, sellers, landlords and tenants. Thousands of REALTORS® also work in the commercial market, across office, retail and industrial segments, in leasing, sales, and property development. When you add it all up, REALTORS® supported sale and lease transactions for over 200,000 properties through the Toronto Regional Real Estate Board (TRREB) MLS® System in 2023. TRREB Members were also involved in transactions reported through MLS® Systems operated by other Ontario associations. Finally, many REALTORS® are involved in non-MLS® System transactions, including pre-construction sale of new homes. All told, TRREB Member activity in 2023 was more than three times what was referenced in the article.

The article did get it right when it mentioned the strides by Minister McCarthy and Premier Ford to increase standards through the Trust in Real Estate Services Act (TRESA). TRREB will continue to play a leading role in TRESA working with policymakers to strengthen the real estate profession.

Jennifer Pearce
TRREB President

Media are invited to attend TRREB’s 2024 Market Outlook and Year in Review Peel event on Wednesday, February 21, 2024, at 10:00 a.m.

Media are invited to attend TRREB’s 2024 Market Outlook and Year in Review Durham event on Friday, February 16, 2024, at 10:00 a.m.

The Toronto Regional Real Estate Board (TRREB) is forecasting what’s next in the Greater Toronto Area (GTA) real estate market with the sought-after 2024 Market Outlook and Year in Review report and interactive digital digest.

A series of charts summarizing key residential statistics for the GTA, including an affordability indicator and time series for price, new listings and sales.

Home sales were up in January 2024 in comparison to January 2023. This annual increase came as some homebuyers started to benefit from lower borrowing costs associated with fixed rate mortgage products. New listings were also up year-over-year but by a lesser annual rate compared to sales. The resulting tighter market conditions when compared to the same period a year earlier, potentially points toward renewed price growth as we move into the spring market.

The Toronto Regional Real Estate Board (TRREB) is releasing the January 2024 market statistics on Tuesday, February 6 at 5:00 a.m. EST.

Condominium apartment leasing activity continued to be strong in the fourth quarter of 2023. The number of lease transactions reported through TRREB’s MLS® experienced a strong year-over-year increase. However, the number of units listed for rent was up by an even greater annual rate. This resulted in more choice for renters and a slower pace of rent growth compared to the first half of 2023.

Fourth quarter 2023 condominium apartment sales in the Greater Toronto Area (GTA) remained low historically, as the demand for ownership housing continued to be hampered by affordability concerns brought about by high borrowing costs. Buyers who were active in the market benefitted from a substantial amount of choice. This meant that average selling prices were slightly lower than the fourth quarter of 2022.

A series of charts summarizing key residential statistics for the GTA, including an affordability indicator and time series for price, new listings and sales.

While the overall demand for housing remained buoyed by record immigration in 2023, more of this demand was pointed at the rental market. The number of Greater Toronto Area (GTA) home sales in 2023 came in at less than 70,000 due to affordability issues brought about by high mortgage rates.

With Toronto’s ambitious goal to build 285,000 new homes by 2031, it’s essential that the City partner with other levels of government to increase housing supply and build attainable homes that individuals can afford.

High borrowing costs and uncertain economic conditions continued to weigh on Greater Toronto Area (GTA) home sales in November 2023. Sales were down on a year-over-year basis, while listings were up from last year’s trough in supply. With more choice in the market, selling prices remained basically flat year-over-year.