In October 2023, the Greater Toronto Area (GTA) housing market faced ongoing challenges of affordability and uncertainty. Home sales dipped by 5.8% compared to last year, but selling prices continued to rise.
REALTORS® reported 4,646 GTA home sales, reflecting a slowdown compared to October 2022. New listings saw a notable increase from last year but remained modest compared to the 10-year average for October.
Despite the fluctuations, the October 2023 MLS® Home Price Index Composite benchmark and average selling price both showed year-over-year growth, with a 1.4% and 3.5% increase, respectively.
The GTA housing market remains dynamic and resilient, with prices holding strong above the cyclical lows of early 2023. ️
Are you wondering what this means for the value of your home?
Give us a call on 416-786-0035 or dm @boltonandclements and we'll provide you with expert advice on what this means to you specifically.
Yours in real estate,
Bolton & Clements Real Estate Group