Real Estate Market Update October 2023 Greater Toronto Area
Real Estate Market Report for the Greater Toronto area 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 in Oakville and Burlington, however, sales edged higher in Milton and Mississauga.
“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.
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.
The October 2023MLS® 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.
“Competition between buyers remained strong enough to keep the average selling price above last year’s level in October and above the cyclic allows experienced in the first quarter of this 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.
A lot depends on the Inflation rate in Canada and time will tell......
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