Sales of homes in the GTA are down year over year, while the average price remains about the same.

The latest report from the Toronto Regional Real Estate Board says Greater Toronto home sales fell 6-percent last month compared with November 2022 despite an influx in new listings, as high borrowing costs and uncertain economic conditions persisted.

The report’s authors say last month’s 4,236 home sales were also down 8.7 percent from the 4,640 sales in October of this year.

They also say a lack of affordability has taken its toll on the market, but relief seems to be on the horizon with anticipation of interest rate cuts in the first half of 2024.

“With an increasing number of forecasters anticipating Bank of Canada rate cuts in the first half of 2024, this would help alleviate affordability issues for existing homeowners and those looking to enter the market,” said TRREB president Paul Baron.

New listings rose 16.5 per cent to 10,545 in November compared with 9,053 during the same month last year.

The average home price reached $1,082,179, which was essentially flat compared with November 2022 as the market saw more supply come online.