TRREB has released its monthly report on home sales.By Richard Lautens/Toronto Star file photo
October home sales in the Greater Toronto Area (GTA) were slightly lower compared to last year but the average selling price remained slightly higher, according to the just-released Toronto Regional Real Estate Board (TRREB) report for October.
The average home price for October 2023 was just under $1,128,000 for Toronto and just under $1,125,000 for the rest of the GTA. That compared with October 2022 with an average home price of just under $1,088,000 for both Toronto and the rest of the GTA.
The 4,646 homes sold in October 2023 was down 5.8 per cent compared to last October (4,930).
New listings in October 2023, according to the report, 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.
“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 this year. The Bank of Canada also noted this resilience in its October statement,” stated TRREB chief market analyst Jason Mercer, in the news release.
“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.”
The full report for October 2023 is available here.
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