The temperature is dropping along with the number of real estate sales! I’m Britt, a Toronto real estate agent here to break down the October stats with another Toronto Market Update.
Toronto Market Update
October 2023 had approximately 6% fewer sales compared to the same time last year. If you’ve been keeping an eye on the market, you’ve likely noticed the number of listings has significantly increased. In fact, active listings were up by 50% in October 2023 when compared to October 2022.
This boost in inventory has given buyers more options when searching for a home. This could potentially bring prices down in the future. I say potentially because we have yet to see significant price drops, as they remained consistent with last October. In fact, prices are up in the GTA 3.5% when comparing October 2023 to October 2022.
According to Jason Mercer, TRREB’s Chief Market Analyst, intense buyer competition has kept the average selling price slightly above last year. The Bank of Canada also acknowledged this market resilience in its October statement. Nevertheless, it’s worth noting that home prices are still significantly below the record peak they achieved at the start of 2022. This, in turn, has somewhat softened the impact of increased borrowing costs on the housing market after reviewing this month’s Toronto Market Update.
Condo Market Update
The resale condo market in the GTA has experienced slight decreases, with sales and prices showing declines of 3.1% and 1%, respectively. Inventory levels have increased by slightly over 50%. Much of this increase in inventory has been attributed to several investors choosing to sell their assets in response to rising borrowing costs.
Pre-Construction Update
Developers of pre-construction condos and homes are introducing attractive incentives to push sales. Things like extended deposit structures, and longer closing dates.
Average Home Price in the GTA By Month
Market Stats by Region:
GTA Real Estate Market Stats
In October 2023, the average sale price (all home types) in the GTA was down 5.9% to $1,132,681 (year-to-date). When comparing the average year-over-year price in the GTA, prices were up 3.5% to $1,125,928. Condos prices (year-over-year average) in the GTA were down 1.1%, to $708,780. The number of condo sales was down 3.1% in October with 1,296 condo sales.
Toronto Real Estate Market Stats
In October 2023, the average sale price (all home types) in Toronto was down 4.3% to $1,103,138 (year-to-date). When comparing the average year-over-year price in Toronto, prices were up 3.2% to $1,127,635. Condo prices (year-over-year average) in Toronto were down 1.5% to $729,160 year-over-year. The number of condo sales was down in October by 0.6% with 883 condo sales.
Mississauga Real Estate Market Stats
In October 2023, the average sale price (all home types) in Mississauga was down 5.5% to $1,068.367 (year-to-date). When comparing the average year-over-year price in Mississauga, prices were up 12% to $1,106,263. Condo prices (year-over-year average) in Mississauga were down 3.4% to $626,630. The number of condo sales in October was down 33.3% (102 condo sales).
Oakville Real Estate Market Stats
In October 2023, the average sale price (all home types) in Oakville was down 6.6% to $1,536,537 (year-to-date). When comparing the average year-over-year price in Oakville, prices were down by 6.2% to $1,395,752. Condo prices (year-over-year average) in Oakville were down 1.6% to $811,372. The number of condo sales in October was up 11.1%.
Durham Region Real Estate Market Stats
In October 2023, the average sale price (all home types) in the Durham Region was down 9.1% to $944,681 (year-to-date). When comparing the average year-over-year price, they were up 4.2% with an average of $931,548. Condo prices (year-over-year average) in the Durham Region were up 13.5% to $627,911. The number of condo sales in October was up 5.7%.
York Region Real Estate Market Stats
In October 2023, the average sale price (all home types) in the York Region was down 3.9% to $1,347,002 (year-to-date). When comparing the average year-over-year price, they were up by 2.7% to $1,293,179. Condo prices (year-over-year average) in the York Region were consistent with last year with an average price of $690,776. The number of condo sales in October was up 14%.
Brampton Real Estate Market Stats
In October 2023, the average sale price (all home types) in Brampton was down 11% to $1,057,077 (year-to-date). When comparing the average year-over-year price, they were down 0.4% with an average of $999,458. Condo prices (year-over-year average) in Brampton were down 4.4% to $519,000. The number of condo sales in October was down by 41.7%.
If you made it to the end of this blog and still have questions, let’s talk! If you are looking to buy with us, sell with us, or invest, we would love to chat about the real estate market, feel free to contact our experienced team of Toronto real estate agents to discuss your goals.
