11/13/2023
Here's a glimpse into the latest market update for Toronto in October.
Lack of affordability and uncertainty remained issues for many would-be home buyers in the Greater Toronto Area (GTA) in October 2023. As a result, sales edged lower compared to last year. However, selling prices remained higher than last year’s levels.
The October 2023 MLS® Home Price Index Composite benchmark and the average selling price were both up on a year-over-year basis, by 1.4 percent and 3.5 percent respectively. On a seasonally adjusted basis, the MLS® HPI Composite benchmark edged lower compared to September 2023 while the average selling price remained at a similar level. Both the MLS® HPI Composite benchmark and average price remained above the cyclical lows experienced at the beginning of 2023.
Keep yourself informed about the current market trends and changes, which can guide your future decisions. If you have any questions or want to explore the local market further, please don't hesitate to reach out to me.