Toronto Real Estate Market Sees Decline in Sales and Prices
The Toronto real estate market experienced a slowdown in October compared to the previous year, amidst ongoing economic uncertainty. According to the Toronto Regional Real Estate Board (TRREB), home sales dipped by 9.5% to 6,138 units, with a further 2.3% decrease from September on a seasonally adjusted basis.
New listings, however, saw a 2.7% increase to 16,069 properties, while active listings surged by 17.2% to reach 27,808. This imbalance between supply and demand led to a 5% drop in the benchmark index compared to last year, with the average selling price falling by 7.2% to $1,054,372. On a monthly basis, the average price declined by 1.4% from September.
TRREB President Elechia Barry-Sproule noted that lower home prices and interest rates are creating opportunities for buyers in a favorable market environment. She highlighted that buyers with secure employment and financial stability are benefiting from more affordable housing conditions compared to recent years. However, the lingering economic uncertainty is causing many potential buyers to remain hesitant.
The average price for detached homes decreased by 7.3% to $1,355,506, while condo prices also saw a 4.7% decline to $660,208.
TRREB’s Chief Information Officer, Jason Mercer, expressed optimism for a market rebound once economic confidence improves. Mercer emphasized that enhanced economic certainty, particularly regarding trade relations with the U.S. and China, is likely to drive an increase in home sales.