We wanted to share with you some exciting news about the real estate market in the Toronto & GTA area for October 2023. There were some amazing developments that took place and we thought you might be interested in learning more about these real estate statistics.
If you’re up for it, we’d love to share some statistics and insights that helped shape the property landscape in this dynamic region. If you’re interested, we can dive right in!
Let’s look at the overall market trends for October. It continues to be an interesting time in the Toronto and GTA real estate market. Buyers continue to grapple with the challenges related to affordability and uncertainty. As a result, we noticed a slight dip in sales when we compared them to the numbers from last year. However, the silver lining is that selling prices have managed to stay on the higher side, surpassing the levels we saw in 2022. Now, let’s get into the numbers that matter. The average selling price for all home types for October is $1.126 Million. This is up slightly from last month, and an increase of 3.5% from October 2022.
Our real estate statistics reveal that we currently have 2.4 months of inventory available on the market, which is up slightly from last month’s 2.2 months of inventory. Overall, these numbers would suggest we have transitioned into a more balanced real estate market. This is where the supply of homes for sale and the demand from potential buyers are somewhat equal. Balanced markets are considered favourable for both buyers and sellers, as they provide a fair and stable environment for real estate transactions. Keep in mind that this balance can vary from one neighbourhood and area to another.
There were 4, 646 homes sales across the board for the month of October. This is 5.8% less than this time last year. We saw a pretty significant increase in new listings compared to the 12-year low we had in October 2022, with 14,397 new homes coming onto the market. The sales to new listings ratio for the month of October is 32%.
Let’s dive into a key real estate metric – ‘Days on Market.’ This number tells us how long homes typically wait for new owners. In October, days on market stood at 21 days. This means it took on average around 3 weeks for a home to sell in the GTA. This is up from the 20 day average we saw in September.
In October, The Bank of Canada announced a second consecutive hold to keep the policy rate steady at 5%. We are seeing mortgage rates ranging from 6 to over 7%. The next Bank of Canada rate decision will be in December, so If you’re in the market to buy a home or thinking about renewing your mortgage, it might be a good time to consider a rate hold. This can offer you protection against potential future rate hikes, and if rates do decrease during your rate hold period, you’ll still have the opportunity to secure the lower rate. By staying informed with real estate statistics, you an make the right decisions at the right time.
So to recap, While prices have not increased as much as they did earlier in 2023 and remain lower than the peak of March 2022, the resilience of the GTA market offers confidence to both prospective homebuyers and investors. The average selling price in the GTA is just under $1.126M dollars, with an average days on market of 21. There have been 4646 homes sales for the month, and active listings across the board are just over 19 thousand homes. Although there is continued uncertainty and concerns of lack of affordability, the GTA housing market remains highly attractive and resilient to the economic challenges we are experiencing.
Keep in mind, the real estate market is always changing, making it crucial to stay well-informed. While general market updates are a good start, they might not address your specific needs. If you are curious about what’s happening in your neighbourhood and area, we recommend a complimentary market evaluation or scheduling a pressure free conversation with us. Feel free to get in touch – we’re here to support you in your real estate goals.
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