As 2023 came to an end the resale market, severely punished by high mortgage interest rates, was decelerating monthly. Last November only 4,194 residential properties were reported sold. This November sales rebounded by over 40 percent to 5,875 homes reported sold. A very welcome improvement. Year to date 64,277 properties have been reported sold throughout the greater Toronto Region. By year end we will see a marginal improvement over the 65,877 properties that sold in 2023. Based on the current pace of sales in 2024 the number of sold properties should come in at approximately 68,500. This number is substantially less than the 90,000 reported sales annually (on average) in the decade leading up to the Covid pandemic and the tumultuous market disruption that has since taken place.
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