TRREB REPORT
What’s trending in the GTA housing market, and
HOW WILL IT AFFECT YOU?
T
by PAUL BARON
he Greater Toronto Area (GTA) real estate market continues to experience the effects of higher borrowing costs, increasing inflation and economic uncertainty. All of these factors have contributed to slower economic growth and impacted home sales. In spite of a surge in listings, the average selling price has increased. “GTA home selling prices remain above the trough experienced in the beginning of 2023,” says TRREB’s Chief Market Analyst Jason Mercer. “However, we did experience more balance in the market place in the summer and early fall, with listings increasing relative to sales. This suggests that some buyers may benefit from more negotiating power, at least in the short term. This could help offset the impact of high borrowing costs.”
50 Builders’ Annual 2023
SEPTEMBER SNAPSHOT: • Total home sales: 4,642 (down by seven per cent yearover-year) • New listings: 16,258 (up by 44 per cent over the same period) • Average condo selling price: $707,065 (up by 3.3 per cent compared to same period) • Average selling price: $1.11 million (up by three per cent over same period) • Sales to new listings ratio: 29 per cent (down by 15 per cent compared to same period) TRREB’s CEO, John DiMichele, says “TRREB’s annual consumer polling has shown that half of intending homebuyers in Toronto will be first-time buyers in any given year. The average price of a condo apartment