Toronto & GTA
The impact of high borrowing costs, high inflation, uncertainty surrounding future Bank of Canada decisions and slower economic growth continued to weigh on Greater Toronto Area (GTA) home sales in September.
Highlights from September
- Home Sales: A reported 4,642 home sales in September 2023 which is down 7.1% compared to September 2022. On a month over month basis, both average selling price edged lower by approximately 1%.
- New Listings: New listings were up on a month over month and year over year basis, shifting us toward a Buyer’s market.
Short Term and Medium Term Outlooks for the GTA Housing Market
“The short and medium-term outlooks for the GTA housing market are very different. In the short term, the consensus view is that borrowing costs will remain elevated until mid-2024, after which they will start to trend lower. This suggests that we should start to see a marked uptick in demand for ownership housing in the second half of next year, as lower rates and record population growth spur an increase in buyers,” said TRREB President Paul Baron.
This past September caught many of us by surprise. Once the Summer vacations are over and children returned to school often we see a flurry of activity in the housing market. This year was different. The market has definitely slowed down and for the most part a shifting in prices has both Buyers and Sellers watching carefully what is happening in their local areas.
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.