If you tuned in to the news lately, you have heard a lot of buzz around the housing market here in the GTA. The impact of high borrowing costs, inflation, uncertainty surrounding future Bank of Canada decisions and slower economic growth has weighed in on home sales this past September. despite the market being better supplied with homes for sale than we have seen recently, the average selling price was up 3% year-over-year. The average sale price in September was $1.119M compared to $1.087M last year and was also up 3.4% compared to August of this year. As mentioned, the supply has increased this past month. There were over 16,000 New listings in September, a 44% increase compared to last year, and a 32% increase compared to the previous month. Although supply increased, sales were down in September. The 4,642 sales this past month, represent a 7.1% decrease from last September and a 12.3% decrease compared to August. Usually, in September sales are higher than in the summer months. The biggest dip was in low-rise homes, particularly semi-detached houses and townhouses. What these numbers indicate to us is that we are in more of a balanced market. With more listings for sale, it is natural for prices to soften, in the short term, which would help offset the impact of higher borrowing costs.