Summary of October 2023 Toronto Real Estate Market Report
- Affordability, uncertainty affected GTA home buyers in Oct 2023; sales lower YoY
- Selling prices higher than last year
- Population growth, resilient GTA economy maintained housing demand
- Demand shifted to rental market due to high borrowing costs, interest rate uncertainty
- TRREB reported 4,646 GTA home sales in Oct 2023, down 5.8% YoY
- Oct 2023 new listings up from Oct 2022’s 12-year low but modestly compared to 10-year average
- New listings slightly lower MoM vs. Sept 2023 on seasonally adjusted basis
- Oct 2023 MLS® Home Price Index Composite benchmark and average selling price up YoY by 1.4% and 3.5% respectively
- MLS® HPI Composite benchmark lower MoM vs. Sept 2023; average selling price similar level
- Average selling price above last year’s level in Oct; below record peak of early 2022
- High borrowing costs impacted uninsured mortgage holders at term end
- Uninsured mortgage holders forced to qualify at rates near eight percent for competitive rates
