Another year has almost come and gone! With the holidays and 2024 just around the corner, here is our last GTA real estate market update for the year.
Sale Prices Remain High Despite Housing Demand
While the number of individual sales in October were down both year-to-year (5.8% from 2022) and month-to-month compared to September, the average sale price of a home in the GTA was still up by 3.5% from last year. Meanwhile, new listings were up considerably compared to October of last year, but were slightly down from September.
According to the TRREB, while “record population growth and a relatively resilient GTA economy” was responsible for keeping demand high, a lot of that demand was “pointed at the rental market” due to high borrowing costs and uncertainty regarding interest rates.
Home Prices Still Low Compared to Record High of 2022
The TRREB noted the consistently high prices in October were due to strong competition for buyers in October. With that said, TRREB Chief Market Analyst Jason Mercer noted that prices are still low compared to historic highs last year: “…[H]ome prices remain well-below their record peak reached at the beginning of 2022, so lower home prices have mitigated the impact of higher borrowing costs to a certain degree.”
Alongside a steady high demand for housing, mortgage costs continue to remain an obstacle for many buyers. TRREB President Paul Baron noted that “[w]hen mortgage rates start trending lower, home sales will pick up quickly.”
The Vetere Team is here for you
Remember, whether you’re buying or selling, we can help you with any of your real estate needs. Don’t hesitate to contact us today with any questions you may have!