Market Update
GTA REALTORS RELEASE OCTOBER STATS TORONTO, ONTARIO, November 2, 2023 – 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. “Record population growth and a relatively resilient GTA economy have kept the overall demand for housing strong. However, more of that demand has been pointed at the rental market, as high borrowing costs and uncertainty on the direction of interest rates has seen many would-be home buyers remain on the sidelines in the short term. When mortgage rates start trending lower, home sales will pick up quickly, said TRREB President Paul Baron.
Source: TRREB Market Watch
REALTORS® reported 4,646 GTA home sales through TRREB’s MLS® System in October 2023 – down 5.8 per cent compared to October 2022. On a month-over-month seasonally-adjusted basis, sales were also down in comparison to September. New listings in October 2023 were up noticeably compared to the 12-year low reported in October 2022, but up more modestly compared to the 10-year average for October. New listings, on a seasonally-adjusted basis, edged slightly lower month-over-month compared to September 2023. The October 2023 MLS® Home Price Index Composite benchmark and the average selling price were both up on year-over-year basis, by 1.4 per cent and 3.5 per cent respectively. On a seasonally adjusted basis, the MLS® HPI Composite benchmark edged lower compared to September 2023 while 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. “Competition between buyers remained strong enough to keep the average selling price above last year’s level in October and above the cyclical lows experienced in the first quarter of the year. The Bank of Canada also noted this resilience in its October statement. However, home prices remain well-below their record peak reached at the beginning of 2022, so lower home prices have mitigated the impact of higher borrowing costs to a certain degree,” said TRREB Chief Market Analyst Jason Mercer. “In the current environment of extremely high borrowing costs, it is disappointing to see that there has been no relief for uninsured mortgage holders reaching the end of their current term. If these borrowers want to shop around for a more competitive rate, they are still forced to unrealistically qualify at rates approaching 8 per cent. Following their most recent rounds of consultants, the Office of the Superintendent of Financial Institutions should have eliminated this qualification rule for those renewing their mortgages with a different institution,” said TRREB CEO John DiMichele. Source: TRREB Market Watch
GTA MARKET UPDATE
Year-Over-Year Summary October 2023
2023
2022
% CHANGE
SALES
4,646
4,930
-5.8%
NEW LISTINGS
14,397
10,433
38.0%
ACTIVE LISTINGS
19,540
13,019
50.1%
AVERAGE PRICE
$1,125,928
$1,087,590
3.5%
AVERAGE PROPERTY DAYS ON MARKET
32
33
-3.0%
Sales
Average Price
416
905
416
905
Detached YoY % Change
586 -1.5%
1,571 -7.2%
$1,718,440 8.2%
$1,350,022 4.7%
Semi-Detached YoY % Change
194 -3.0%
234 -3.3%
$1,278,347 4.7%
$957,117 -0.6%
Townhouse YoY % Change
162 -11.5%
564 -11.5%
$1,017,094 1.1%
$905,222 1.1%
Condo Apartment YoY % Change
883 0.2%
413 -7.0%
$729,160 -1.7%
$665,208 -0.4%
Source: TRREB Market Watch
MISSISSAUGA MARKET UPDATE AVERAGE HOME PRICE
NEW LISTINGS
$1,106,263
1,222
PROPERTY DAYS ON MARKET
MONTHS OF INVENTORY
YEAR OVER YEAR % CHANGE
32
4.15
0.23%
Source: TRREB Market Watch
TORONTO MARKET UPDATE AVERAGE HOME PRICE
NEW LISTINGS
$1,127,635
5,669
PROPERTY DAYS ON MARKET
MONTHS OF INVENTORY
YEAR OVER YEAR % CHANGE
32
4.31
0.34%
Source: TRREB Market Watch
OAKVILLE MARKET UPDATE AVERAGE HOME PRICE
NEW LISTINGS
$1,395,752
483
PROPERTY DAYS ON MARKET
MONTHS OF INVENTORY
YEAR OVER YEAR % CHANGE
37
5.36
-1.66%
Source: TRREB Market Watch
BURLINGTON MARKET UPDATE AVERAGE HOME PRICE
NEW LISTINGS
$1,140,816
419
PROPERTY DAYS ON MARKET
MONTHS OF INVENTORY
35
4.11
Source: TRREB Market Watch
YEAR OVER YEAR % CHANGE
2.12%
MILTON MARKET UPDATE AVERAGE HOME PRICE
NEW LISTINGS
$1,036,226
298
PROPERTY DAYS ON MARKET
MONTHS OF INVENTORY
YEAR OVER YEAR % CHANGE
37
3.79
-0.56%
Source: TRREB Market Watch
VAUGHAN MARKET UPDATE AVERAGE HOME PRICE
NEW LISTINGS
$1,239,367
693
PROPERTY DAYS ON MARKET
MONTHS OF INVENTORY
YEAR OVER YEAR % CHANGE
41
4.27
4.25%
Source: TRREB Market Watch
DURHAM MARKET UPDATE AVERAGE HOME PRICE
NEW LISTINGS
$931,548
1,761
PROPERTY DAYS ON MARKET
MONTHS OF INVENTORY
YEAR OVER YEAR % CHANGE
26
3.01
1.55%
Source: TRREB Market Watch
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