11/06/2023
In October 2023, the Greater Toronto Area (GTA) experienced lower home sales than the previous year due to affordability concerns and uncertainty. However, selling prices remained higher than the last year. Despite strong population growth and a resilient local economy, many potential home buyers remained cautious due to increased borrowing costs and interest rate uncertainties. TRREB President Paul Baron expects home sales to increase when mortgage rates decrease.
GTA realtors reported a 5.8% decrease in home sales compared to October 2022, and sales also declined on a month-over-month seasonally-adjusted basis. New listings in October 2023 increased from the previous year but were more modest than the 10-year average. On a seasonally adjusted basis, new listings slightly decreased compared to September 2023.
The MLSยฎ Home Price Index Composite benchmark and average selling price in October 2023 both saw year-over-year increases of 1.4% and 3.5%, respectively. The seasonally adjusted MLSยฎ HPI Composite benchmark decreased compared to September 2023, while the average selling price remained stable. Both benchmarks remained above the cyclical lows observed at the beginning of 2023.