GTA Housing Market Stable in January 2023 Despite Year-over-Year Decline | Gizella Nyulas

Gizella Nyulas

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GTA Housing Market Stable in January 2023 Despite Year-over-Year Decline

Real Estate News
Feb 08, 2023

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The Greater Toronto Area (GTA) housing market started the year 2023 with similar sales numbers and average selling prices to December 2022. Both sales and prices were down year-over-year, reflecting the impact of higher borrowing costs on affordability. However, with the Bank of Canada announcing that interest rate hikes are likely on hold, home sales and prices have found some support and the tight labour market conditions and record population growth will continue to support housing demand. According to TRREB's CEO, John DiMichele, the government has implemented policies to enhance housing affordability in the long term, including increasing housing supply in ownership and rental markets, with the recent support of Toronto's 2023 Housing Action Plan as part of its $2 billion commitment to housing initiatives.

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