TRREB: Higher Borrowing Costs See Buyers Remain on Hold

In October 2023, TRREB reported that housing demand in the Greater Toronto Area remained strong, but with high borrowing costs and uncertainty on the direction of interest rates, many would-be home buyers remained on the sidelines. As a result, home sales edged lower compared to the same time last year, however selling prices remained higher than last year's levels. On a year-over-year basis, the MLS® Home Price Index Composite benchmark and the average selling price were both up by 1.4 per cent and 3.5 per cent respectively.

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