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October 2023 | Toronto Real Estate Housing Market Update

October 2023 | Toronto Real Estate Housing Market Update

Despite the high interest rates and the “nervous” predictions of how prices will be impacted, sales stats were similar to last year, both in terms of numbers and prices.

Toronto area realtors sold almost 4,700 homes in October, with the average home taking just 21 days to sell. Year to date the average sale price stands at $1,136,681 down 4.7% from the start of the year, but that’s not significant as one realizes the “mix “of homes sold favours less expensive homes due to the higher cost of borrowing.

The difference that I see today versus a year ago, is that the stock of homes for sale, the inventory, is now at almost 20,000, roughly 4 months’ supply and the highest we have seen for some time. This reflects the fact that while people want to buy, high borrowing rates and fear of the unknown is keeping them on the sidelines. This 4-month’s of inventory represents a great buying opportunity for those in a position to make a move.

Predictions of a drastic drop in prices just haven’t materialized. These predictions have been circulating since the year 2,000 whenever there has been a blip in stabilizing factors such as the financial system meltdown (U.S.) in 2008, mortgage policy changes to qualifying buyers in 2016 and tight inventory.  Today’s 4 months of inventory not only allows for more choice, it reduces competition and multiple offers.

Predictions for next year are that rates will decline, immigration will increase and with it will come buyer competition and a return to bidding wars. If you can, I  recommend getting off the sidelines and move up or renovate. Give me a call, lets chat about the excellent opportunities in this market and how they affect you specifically.

If you know someone thinking of buying or selling, please help us all connect. I will do my utmost for them, even if it’s only advice. I truly appreciate your continued support in making my business successful and at the same time helping someone you care about!

Have a great rest of November.

Read Full Market Stats Report


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