Market Update: October 2023

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 were lower this October compared to the same time last year.
With the cooling temperature, here in the GTA came a cooling real estate market. In October we had 4646 sales which was 6.3% less than October 2022…but was roughly the same amount of sales we had last month.
With the lack of sales, inventory levels started to climb. Active listings in October were 19,540, a slight increase from the previous month, but a 50% increase from last year, the most amount of listings we have seen in the GTA since Jun 2019. Prices were up 3.5% compared to last October and just under a 1% increase compared to September. This indicates that Demand for real estate continued even with many Buyers still sitting on the sidelines due to market affordability and uncertainty. As the higher borrowing costs take its affect, we expect to see record low sales for the upcoming months to come. If sales continue to decrease, and more product hits the market expect prices to decline unless the Bank of Canada steps in and decreases the overnight rate. Finally, the numbers presented here are for the GTA, but if you wish to know what is happening in your specific market, please reach out, we would love to help!