September Market Update
Tuesday Oct 10th, 2023
In September 2023, the Greater Toronto area (GTA) housing market faced challenges due to high borrowing costs, inflation, Bank of Canada uncertainty, and slower economic growth. Despite increased listings, home sales decreased by 7.1% compared to September 2022, with a more significant drop for ground-oriented homes.
New listings improved significantly compared to the previous year. The average selling price increased by 3%, and the MLS® Home Price Index (HPI) Composite benchmark went up by 2.4% year-over-year. On a month-to-month basis, both the average selling price and the HPI benchmark saw slight decreases.
Key statistics include 4,642 total sales, an average selling price of $1,119,428, an average days-on-market of 20 days, and 16,258 new listings.