➕‘the numbers’ for October are in! The Toronto housing market continues to adjust to increasing borrowing costs. Total Sales for Toronto were down -50%, new listings also declined by -20%, and active listings increased +26% when compared to last October in 2021.
Of particular note, new listings were near historic lows and as a result multiple offers on desirable properties were not uncommon. The average price of a Toronto home experienced the third consecutive month over month gain – from a low of $1,019,100 in July to $1,091,097 in October.
Finally, we recognize that economic uncertainty will remain a significant driver of the short term market dynamics in Toronto, however we also expect a rebound in the medium-longer term.
Looking to buy or sell a home in Toronto? Average prices in October were as follows:
➕Detached $1,609.077 [-10% vs. 2021]
➕Semi-detached $1,219,812 [-8% vs. 2021]
➕Townhouse $1,003,359 [-2% vs. 2021]
➕Condo $740,374 [-11% vs. 2021]
Data presented is for Toronto Only. Source: TRREB.