According to the Toronto Regional Real Estate Board (TRREB) average selling prices in September were higher in the GTA by 3%. Average prices increased from $1,086,538 in September 2022 to $1,119,428 in September 2023. Sales volume continues to be weak - dipping 7.1% from September 2022 and down 12.3% from August.

The reasons given by the TRREB are higher borrowing costs, high inventory and uncertainty surrounding future Bank of Canada rate decisions. The next interest rate announcement is set for October 25, 2023.

“The short and medium-term outlooks for the GTA housing market are very different," says TRREB President Paul Baron. "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.”

For the full report click here.

While these numbers provide an overall look at what's happening in the GTA, it's important for buyers and sellers to take a more granular look at what's trends in your neighbourhood or the neighbourhood you are looking to buy into. Ask me for stats on your street, neighbourhood or community. I'd be happy to help.