In 2023, although sales experienced a slight decline from the previous year's peak, the figures remained robust at 27,416, significantly surpassing long-term trends observed before the onset of the pandemic. Despite the impact of higher lending rates on housing demand, the market exhibited resilience, driven in part by substantial migration levels. Notably, there was a discernible shift towards more affordable apartment condominium-style homes.
Ann-Marie Lurie, the Chief Economist at CREB®, commented on the housing dynamics, stating, “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.” She also highlighted the persistent imbalance between supply and demand, with supply levels consistently lagging behind throughout the year, leading to stronger-than-expected price growth.
Throughout most of the year, inventory levels in the city remained persistently below long-term trends, averaging a 44 percent decline compared to the 10-year average. The months of supply also stayed well below two months for homes priced below $1,000,000.
These consistently tight conditions contributed to the city achieving a new record high price. Although the average annual benchmark price growth moderated from 12 percent in 2022 to nearly six percent in 2023, the market still demonstrated robust price growth, especially when compared to some other markets in the country.
Energy efficiency is a crucial aspect of maintaining a sustainable and cost-effective home. Implementing energy-saving measures not only helps reduce utility bills but also contributes to environmental conservation. Here are some practical energy efficiency tips that you can easily incorporate into your daily lives.
A well-insulated home retains heat in the winter and stays cool in the summer, reducing the workload on heating and cooling systems. Seal gaps and cracks in windows and doors, and consider adding insulation to attics and walls for enhanced thermal performance.
Upgrade Your Thermostat
A programmable thermostat means you can regulate your home's temperature based on daily schedules. Lowering the thermostat during times when the house is unoccupied or at night can lead to significant energy savings over time.
Regular maintenance of heating, ventilation, and air conditioning (HVAC) systems is essential for optimal performance. Clean or replace air filters regularly, schedule professional inspections, and ensure that ductwork is free from leaks to maximize energy efficiency.
Let The Sunshine In
The use of natural light during the day can reduce the reliance on artificial lighting. Curtains or blinds can control the amount of sunlight entering the home, and consider installing skylights or solar tubes for additional natural lighting.
With these tips, you can create a more sustainable living environment while enjoying the long-term benefits of reduced energy consumption and lower utility costs.