Market Stats

October 2023 Market Stats

Embrace the changing seasons in Toronto’s Real Estate Market! 🍁🏠

As the leaves fall and temperatures cool, so does the real estate market in the Greater Toronto Area. πŸ“‰ This October saw a 6% decrease in sales compared to last year, offering buyers more choices as active listings surged by 50% in 2023. πŸ“Š While this may potentially affect pricing, the market remains resilient, with prices holding steady, up 3.5% from the previous October, driven by sustained demand despite affordability concerns. πŸ’°πŸ’

Jason Mercer, Chief Market Analyst at the Toronto Regional Real Estate Board, confirms that competition among buyers keeps the average selling price above last year’s levels. πŸ’Ό Even the Bank of Canada acknowledges this market strength in its October statement. πŸ’ͺ Though home prices are below their record peak of early 2022, this has somewhat offset the impact of higher borrowing costs. πŸ¦πŸ’²

In the resale condo market, we’ve seen minor declines, with sales and prices dipping by just 3.1% and 1%, respectively. πŸ™οΈ Meanwhile, inventory levels have surged by over 50% in this category, largely due to investors capitalizing on selling opportunities driven by increased borrowing costs. πŸ’ΌπŸ“ˆ

For those looking to invest, developers of new construction condos and homes are offering enticing incentives, including extended deposit structures and flexible closing dates. Many investors are seizing this opportunity, banking on the prospect of lower borrowing costs in the future. πŸ—οΈπŸ“†

If you’re curious or have any real estate questions, don’t hesitate to reach out to us! πŸ“©πŸ 

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