For the second consecutive month, average home prices in the GTA have fallen on an annual basis. Couple this with sales dropping 49.1% year over year, and you'd be forgiven for wanting to forget the October market altogether. torontorealestate
. However, a tight shortage of homes for sale helped buoy prices over the short term, with the average ticking up $2,666 from the previous month.
From a big picture perspective, though, there’s no doubt that prices have lost steam. The MLS Home Price Index Composite Benchmark fell into the red after months of consecutive declines, down -1.3% from October 2022, and marking a sharp turnaround from the nearly 36% increase recorded in February 2022. That’s the lowest level since the measure flattened in April 2020, at the onset of the pandemic.
The number of new listings continues to decline, as wary sellers remain resolute in waiting out shaky market conditions. Just 10,390 homes were brought to market, an -11.6% drop, and the lowest October level seen since 2010. This “persistent lack of inventory” has been instrumental in flattening the price trend to the $1.1M-range since the summer, with the largest declines in the mid- and high-density home type segments.
“With new listings at or near historic lows, a moderate uptick in demand from current levels would result in a noticeable tightening in the resale housing market in short order,” he states in the board’s release. “Obviously, there is still a lot of short term economic uncertainty. In the medium-to-long-term, however, the demand for housing will rebound.
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Toronto home sales fall 49% as benchmark price slidesThe GTA\u0027s composite benchmark price fell 1.3% to $1,098,200 in October from $1,110,700 in September. Find out more.
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