As per the Toronto Regional Real Estate Board report on October 4, 2023, the home sales recorded 4,642, less 7.1% compared to September 2022 due to the impact of high borrowing costs, high inflation, uncentainty surrounding future Bank of Canada decisions and slower economic growth. However, the average selling price was $1,119,428, up 3% compared to the same time last year.
“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.
“GTA home selling prices remain above the trough experienced early in the first quarter of 2023. However, we did experience more balanced market in the summer and early fall, with listings increasing noticeably relative to sales. This suggests that some buyers may benefit from more negotiating power, at least in the short term. This could help offset the impact of high borrowing costs,” said TRREB Chief Market Analyst Jason Mercer.