The Toronto Regional Real Estate Board (TRREB) has published the sales figures for October. With 4,646 home sales reported, transactions were down 5.8% from last year as affordability and uncertainty around lending rates continue to impact the housing market.
Housing supply continued to trend upwards in October. The 14,397 new homes listed for sale represent a 38% year-over-year increase. Active listings were up 50.1% to 19,540. Housing supply now sits at 4.21-months heading into November.
Despite the rise in inventory, prices were also up on both a year-over-year and a month-over-month basis. The average selling price of $1,125,928 represents a 3.5% increase from 2022 and a 0.6% gain from September. The MLS Home Price Index (HPI) Composite Benchmark, which helps measure inflation in the market, was up 1.42% year-over-year (+0.34% in Toronto).
The average sale took place in 21 days on market at 99% of the listing price, with 70.2% of all transactions sitting between $600,000 and $1,500,000. Sales of homes over $2,000,000 accounted for 6.95% of the sales mix, down slightly from 7.1% in September.
Looking at prices by housing type: detached homes sold for an average of $1,450,112, a year-over-year increase of 6.1% and a month-over-month increase of 0.6%. The average price for semi-detached homes was $1,102,721 (+2.1%/+0.7%), townhomes sold on average for $930,185 (+1.1%/-1.2%), and the average price of condos was $708,780 (-1.2%/+0.2%).
Rising interest rates, inflation, and concerns around affordability have continued to support more balanced market conditions with the number of listings relative to sales. However, competition between buyers remained strong enough in October to keep the average selling price above last year’s level. Record population growth, a resilient economy, and low unemployment will ensure that demand for ownership housing remains strong, but, in the short-term, buyers should continue to benefit from increased negotiating power.
If you are planning to buy or sell real estate, please speak with our team. We are here to help you stay informed. Harvey Kalles Real Estate has been in business since 1957, and we bring a wealth of experience to changing real estate markets.
