Toronto Home Prices in October 2023. Highest rated Toronto real estate agents
Tuesday Oct 10th, 2023
Fall Market Stats 🍂🏡
Despite fewer properties being purchased due to high borrowing costs and uncertainty with decisions from the Bank of Canada, the average home price is still up and holding on.
PRICE & SALES VOLUME:
💰 Compared to last year September 2022, the average property price is up +3.0%. However, when comparing the different housing types, there is substantial variation. Condos in Toronto saw the largest annual price drop at -4.9%, while detached homes in Toronto held on the best with an +8.5% price increase over the past year.
If we look at the month-to-month trend between August and September, we see that all housing prices have increased this Summer on average, from +0.2% for condos to +2.4% for semi-detached homes. Thus, while certain markets such as Toronto condos, reflected softer prices on an annual comparison, property prices improved towards the end of the summer going into early Fall.
📈 The number of active listings has significantly increased by +39.8% in the GTA, creating a more relaxed market for buyers. That being said, there is some buyer hesitancy that is largely driven by higher borrowing costs. This led to a slight decrease in sales, -7.1%, in September compared to the same time last year.
THE INDUSTRY OUTLOOK ON SHORT-TERM VS MID-TERM:
The industry expects higher borrowing costs to continue until mid-2024, with mortgage rates beginning to trend lower thereafter. As interest rates begin to lower, the industry is expecting buyer demand to pick up once again during the second half of next year, especially with record population growth expected.
There are many fantastic opportunities for buyers this Fall. The current market is a much more relaxed pace to shop where there is more inventory and in many parts of the GTA, you can likely avoid the stress around bidding wars. For those who are looking to sell a property, you can make a significant impact by working with the right team to assist with preparation, effective marketing and the right pricing strategy.
If you're looking for guidance to navigate this market & effectively achieve your goals of selling or purchasing real estate, contact our team at 647-836-2895 ☎️