As we approach autumn and the final quarter of the year, let’s take another look at the state of the real estate market in the Greater Toronto Area.
Average sale price remains steady, supply trending upward
In their August 2023 report, the Toronto Regional Real Estate Board noted that while the number of sales in the GTA had dropped 5.3% year-over-year, the average sale price remained essentially the same in that same period, at $1,082,496 (down roughly 3% from July 2023).
Meanwhile, the number of new listings increased by 1.3 from July, and just over 16% year-over-year, which, while still low year-to-date, is promising as it relates to supply concerns, particularly with “solid demand for housing” expected going forward, according to TRREB President Paul Baron.
Higher interest rates result in lower offers, fewer sales
TRREB Chief Analyst Jason Mercer reported that the increase in interest rates, buyer offers were coming in lower, with sellers often not choosing to take them, “resulting in fewer sales.”
With housing demand remaining solid, and selling prices essentially holding, the hope will be that a continued increase in new listings will allow buyers more options for making home purchases.
TRREB CEO John DiMichele suggested in the TRREB report that the City of Toronto should “consider helping first-time home buyers entering the market by adjusting their tax rebate threshold to reflect today’s higher home prices”.
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