toronto real estate

Toronto Real Estate Market Report

Toronto Real Estate Market Report – October 2023

October 2023 Toronto Real Estate Market Report

 

Lack of affordability and uncertainty remained issues for many would-be home buyers in the GTA in October. As a result, sales edged lower compared to last year. However, selling prices remained higher than last year’s levels.

Yet more population growth and a resilient economy have kept overall demand for housing strong. However, high borrowing costs and interest rate concerns have seen many would-be buyers remain on the sidelines. When mortgage rates start trending lower, home sales will likely pick up again.

Realtors reported 4,646 sales in October – down 5.8% compared to October 2022. On a month-over-month, seasonally-adjusted basis, sales were also down in comparison to September. But, new listings were up noticeably compared to the 12-year low reported in October 2022.

The average selling price was up on year-over-year basis, by 3.5%. Competition between buyers remained strong enough to keep the average price above last year, and above the cyclical lows experienced in the first quarter of this year. However, home prices remain well-below their record peak reached at the beginning of 2022, which has mitigated the impact of higher borrowing costs to a certain degree.

 

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