Toronto & GTA
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.
Highlights from September
Record population growth and a relatively resilient GTA economy have kept the overall demand for housing strong. However, more of that demand has been focused on the rental market, as high borrowing costs and uncertainty on the direction of interest rates has seen many would-be home buyers pause and remain on the sidelines.
- New listings were slightly lower month-over-month compared to September 2023
- Home Sales: October 2023 Home Sales were down 5.8% compared to October 2022
- On a month over month basis, Sales were down compared to September 2023
Mortgage rates and Mortgage Qualification
“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 eight per cent,” said Toronto Real Estate Board CEO John DeMichele.
What to say about the October house market? It definitely had good agents analyzing and reviewing the activity on a weekly, if not daily basis. Suddenly everything seemed to hit a pause button with many wonderful listings seeing no showings and buyers just disappearing. Downward shifting in prices has both Buyers and Sellers watching carefully what is happening in their local areas.
The good news? Towards the end of the month and into November we began to see an increase in activity and there are some wonderful opportunities happening in the market. Now more than ever is the time to ask questions of a trusted real estate professional who can help you understand what is happening in your area with up to the minute numbers and comparable listings that truly reflect what is happening.
Have you been thinking about moving? Do you wonder if now is the right time to buy or sell? Wondering what your home is worth today with the shifting real estate market? Perhaps you’ve been searching for that one of a kind property, but just can’t find it?
We can help answer your questions, provide you with a free no-obligation Home Valuation and help you find that perfect property.