Sales in 2023 did ease relative to last year’s peak, but with 27,416 sales, levels were still far higher than long-term trends and activity reported before the pandemic.

“Higher lending rates dampened housing demand this year, but thanks to strong
migration levels, housing demand remained relatively strong, especially for
affordable options in our market,” said CREB® Chief Economist Ann-Marie Lurie.
“At the same time, supply levels were low compared to the demand throughout
the year, resulting in stronger than expected price growth.”
Inventory levels were persistently below long-term trends for the city throughout
most of the year, averaging a 44 per cent decline over the 10-year average. We
also saw the months of supply remain well below two months throughout most of
the year across homes priced below $1,000,000.
The persistently tight conditions contributed to our city’s new record high price.
While the average annual benchmark price growth did slow from 12 per cent in
2022 to nearly 6 per cent growth in 2023, the price growth was still relatively
strong especially compared to some markets in the country.