GTA home sales drop 5.8% in October amid high borrowing costs
Posted November 2, 2023 5:00 am.
Last Updated November 2, 2023 7:24 am.
Home sales in the Greater Toronto Area fell 5.8 per cent last month compared with October 2022, with sales of townhouses recording the biggest decline.
On a monthly basis, the Toronto Regional Real Estate Board says last month’s 4,646 home sales were relatively flat over the 4,631 sales in September.
The board attributes the year-over-year slide to a lack of affordability and uncertainty associated with high borrowing costs, which has sidelined many would-be homebuyers.
The average home price reached $1,125,928, a 3.5 per cent increase from last October.
New listings surged 38 per cent to 14,397 in October compared with 10,433 in October 2022, which had marked a 12-year low.
TRREB president Paul Baron says record population growth and a relatively resilient economy have kept the overall demand for housing strong and that home sales should pick up quickly once mortgage rates start trending lower.
