The GTA housing market continued to experience slower activity in October, with both home sales and new listings declining compared to last year. Home sales decreased 7.9% year over year, with 5,603 homes sold across the GTA, while new listings fell 11.9% to 14,173. Ongoing uncertainty around inflation, borrowing costs and the economy continued to keep many potential buyers on the sidelines. 📈🏘️
The average selling price reached $1,024,108, down 2.7% from last year, while the MLS® HPI Composite benchmark declined 4.3% year over year. 💼🔍
Compared to September, home sales and new listings increased on a seasonally adjusted basis. At the same time, both the MLS® HPI Composite benchmark and average selling price edged higher, suggesting some month-over-month improvement as we move toward the end of the year. 📊
Despite ongoing economic uncertainty, buyers continue to benefit from greater negotiating power, with lower home prices helping offset increases in borrowing costs. As we look ahead to 2027, changes in economic conditions and consumer confidence could play an important role in shaping the GTA housing market.
With inventory, buyer activity and pricing continuing to shift across the GTA, staying informed is more important than ever for both buyers and sellers.
Curious what these latest trends mean for your next move? Reach out to Bolton & Clements Real Estate Group for insights tailored to your real estate goals. 🏡✨