October Toronto Real Estate Market Stats: The temperature drops & so does the number of home sales
Hello everyone, Vanessa here, your trusted local real estate expert, ready to share insights into Toronto's real estate market for October 2023. Join me as we delve into the latest statistics and uncover the current trends shaping our dynamic city's property scene
October has brought some fascinating shifts in our real estate market. While the leaves fell, so did the number of real estate sales, with a 6% decrease compared to last year. But here’s something intriguing: listings have surged. In fact, active listings shot up by a staggering 50% compared to October 2022. This means more choices for buyers, potentially impacting future pricing trends.
Despite this increase in inventory, we haven’t seen a dramatic drop in prices. The consistency is noteworthy, with prices in the GTA seeing a 3.5% uptick compared to last October. This stability suggests a resilient market, despite the fluctuations.
Insights from the Experts:
Jason Mercer, the esteemed Chief Market Analyst at TRREB, notes that the average selling price is just a tad higher than last year, thanks to robust buyer competition. The Bank of Canada's October statement also highlighted this market resilience. Yet, it's important to remember that current home prices are still quite a bit below the record highs at 2022's start. This factor has somewhat cushioned the blow of the rising borrowing costs.
“Competition between buyers remained strong enough to keep the average selling price above last year’s level in October and above the cyclical lows experienced in the first quarter of this year. The Bank of Canada also noted this resilience in its October statement,” stated TRREB chief market analyst Jason Mercer, in the news release.
Condo Market: A Closer Look:
The condo scene in the GTA has felt a slight chill with a 3.1% decrease in sales and a 1% dip in prices. The inventory here, too, has grown by over 50%. This increase is largely attributed to several investors deciding to sell off their assets in light of the climbing borrowing costs.
Pre-Construction Sector:
The pre-construction world is buzzing with developers rolling out attractive incentives to boost sales. Think extended deposit structures and more flexible closing dates – quite the draw for potential buyers.
A Closer Look at Regional Trends
Diving into regional specifics, each area tells its own story:
GTA Real Estate Market:
The average sale price for all home types was down 5.9% year-to-date, settling at $1,132,681. However, on a year-over-year basis, there’s a 3.5% rise. Condos are following a similar pattern, with a minor 1.1% dip in prices and a 3.1% decrease in sales.
Toronto’s Heartbeat:
In Toronto, the average sale price across all home types fell by 4.3% year-to-date to $1,103,138 but increased by 3.2% year-over-year. The condo market here saw a 1.5% decrease in prices and a slight 0.6% reduction in sales.
Mississauga’s Market Moves:
Here, the average sale price dropped 5.5% year-to-date to $1,068,367 but jumped a significant 12% year-over-year. The condo scene experienced a 3.4% price drop and a 33.3% plunge in sales.
Oakville’s Outlook:
Average sale prices decreased 6.6% year-to-date to $1,536,537 and 6.2% year-over-year. However, condo sales actually increased by 11.1%.
Durham Region Dynamics:
The average sale price went down 9.1% year-to-date to $944,681 but rose 4.2% year-over-year. Condo prices and sales both saw increases.
York Region Reflections:
Here, the average sale price decreased 3.9% year-to-date to $1,347,002 but increased by 2.7% year-over-year. Condo prices remained stable, with sales going up by 14%.
Brampton’s Beat:
The average sale price decreased significantly by 11% year-to-date to $1,057,077 and marginally by 0.4% year-over-year. The condo market saw a 4.4% decrease in prices and a 41.7% drop in sales
The Bigger Picture: Market Resilience
What these numbers tell us is that, despite some fluctuations, the Toronto real estate market is showing signs of resilience. Prices, while experiencing some dips, are not plummeting. This could indicate a balanced market where both buyers and sellers can find opportunities.
Navigating these numbers can be overwhelming, but that’s what I’m here for! Whether you’re buying, selling, or just curious about the market, feel free to reach out. Together, we can make sense of these stats and find the perfect strategy for your real estate needs.
