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.

The City of Toronto is the engine that drives Ontario’s economy. When Toronto does well, Ontario does well. However, Toronto has a housing supply crisis, and we desperately need to build more homes if we are going to protect the Canadian dream of home ownership in our City for future generations.

The London St. Thomas Association of REALTORS® (LSTAR) is pleased to announce that we are joining the PropTx MLS® Service.

LSTAR is thrilled with today’s announcement as this move empowers LSTAR Members with enhanced tools and expanded access to invaluable real estate market data.

“Our unwavering objective is to ensure that our valued Members receive the best service, and access to leading technology, information and resources for success in our dynamic industry,” said LSTAR Chair Adam Miller.

New services are coming to LSTAR: REALM™ will join Matrix as a front end of choice; SkySlope DigiSign, Forms and Offers will allow Members to easily find, fill, and sign real estate forms with auto-populating data fields and embedded e-signatures; the HoodQ Homebuyer Hub will provide access to detailed neighbourhood data; and ListTrac to track listing activity.

“This is a win-win. The PropTx Innovations Inc. and LSTAR partnership means seamless service for clients, reaching a broader audience for listings, and providing required resources for LSTAR Members to build their businesses with enhanced technology,” added PropTx Innovations Inc. Chair Kevin Crigger.

Today’s announcement is the start of the transition period for LSTAR Members to join the insight and tool rich PropTx MLS® Service along with the Toronto Regional Real Estate Board, the former Brampton Real Estate Board and the Central Lakes Association of REALTORS® which encompasses the former boards of Durham, Quinte, Northumberland, Peterborough and Kawartha Lakes.


PropTx Innovations Inc. (PropTx) provides leading technology service solutions to REALTORS® through a range of tools, insights and applications that improve the transaction experience for them and the clients they serve.

PropTx is a wholly owned subsidiary of the Toronto Regional Real Estate Board (TRREB).

The Toronto Regional Real Estate Board (TRREB) applauds and welcomes today’s fall economic statement offering several important housing focused initiatives. We especially commend the federal government for listening to many industry stakeholders, including TRREB, in establishing a new Canadian Mortgage Charter. This Charter significantly includes the removal of the stress test requirements for insured mortgage renewals in cases where a borrower is switching lenders, something TRREB has been calling for in recent years.

Since the mortgage stress test was introduced in 2016, borrowers who switched lenders when renewing their mortgages were not exempt from the stress test qualification rule, which in today’s high interest rate environment is approaching 8 per cent. This is a positive change to the current mortgage stress test requirements with close to 60 per cent of Canadian mortgages coming up for renewal in the next three years. This measure will give homeowners more flexibility to shop for the best possible rates and products, helping them save money during a time of heightened affordability challenges.

Paul Baron, TRREB President
John DiMichele, TRREB Chief Executive Officer

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

Lack of affordability and uncertainty remained issues for many would-be home buyers in the Greater Toronto Area (GTA) in October 2023. As a result, sales edged lower compared to last year. However, selling prices remained higher than last year’s levels.

Demand for and supply of rental condominium apartments continued to grow in the Greater Toronto Area (GTA) during the third quarter of 2023, as reported by REALTORS® through TRREB's MLS® System.

The condominium apartment market became much more balanced over the past year. While Q3 2023 condo apartment sales were up year-overyear, growth in listings far outstripped growth in sales. The result was the average price edging lower providing some relief in the face of higher borrowing costs.

Each year the Toronto Regional Real Estate Board (TRREB) recognizes high school students who are pursuing post-secondary education with the Past President's Scholarship. Since the inception of the program in 2007, 66 deserving students have received a total of $242,000 to put towards realizing their dreams.