Lack of affordability and uncertainty of interest rate decisions remained barriers for many would-be home buyers in Toronto. As a result, sales edged slightly lower, vs. October 2022. Yet, robust population growth and a resilient regional economy generated enough competition to increase the overall selling prices by 3% when compared to last year.
Similar to last month, the dynamics varied within the housing market segments. Average selling prices for detached homes rose by an impressive 7%, semi-detached homes saw a 5% increase, while townhomes experienced a 1% uptick. In contrast, the condo market segment witnessed a 2% decline compared to October 2022.
Looking ahead, there is a consensus that once borrowing rates start trending lower, demand will likely return to the market. Based on the most recent Bank of Canada announcement, this shift may occur around mid-2024.
Looking to buy or sell a home in Toronto? Average prices in October were as follows:
➕Detached $1,718,440 [+7% vs. 2022]
➕Semi-detached $1,278,347 [+5% vs. 2022]
➕Townhouse $1,017,094 [+1% vs. 2022]
➕Condo $729,160 [-2% vs. 2022]
Data presented is for City of Toronto Only. Source: TRREB.