Home sales were on the rise last month in the GTA, up 11.5 percent over December of 2022.

The latest report from the Toronto Regional Real Estate Board is offering some optimism around the housing market with a projection that 2024 will bring a rebound in activity following a year hit by unaffordability.

It says last month’s 3444 home sales pushed the annual total to 65,982, a 12.1-percent decline compared with 2022, with many buyers on the sidelines last year due to higher mortgage rates.

The average home price at the end of 2023 was $1,084,692 which is up 3.2-percent from December of 2022.

And overall, new listings fell 6.6 percent from December of 2022 to last month.

TRREB’s Chief Market Analyst Jason Mercer says those who were able to participate in the housing market last year benefited from more choice, allowing many of them to negotiate lower selling prices.

He says lower borrowing costs expected this year could create tighter market conditions, contributing to price growth.