Sales Volume Down Prices Up

“GTA home selling prices remain above the trough experienced early in the first quarter of 2023,” said TRREB chief market analyst Jason Mercer in a press release.

“However, we did experience more balanced market in the summer and early fall, with listings increasing noticeably 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.”

GTA home sales were down 7.1 per cent in September 2023 compared to the same month in 2022. Semi-detached houses and townhouses saw the biggest declines.

September’s 4,642 home sales represented a 12.1 per cent month-over-month decline from August. This was according to the Toronto Regional Real Estate Board’s latest market watch report.

Despite this, the average home price actually increased. It was up 3.4% from August to $1,119,428.

New listings rose a chunky 44.1 per cent to 16,258 in September. This compared to the very low levels in September 2022, when there were just under 5,000.

High interest rates and economic uncertainty received much of the blame for the drop in sales.

Watch this space to see if higher interest rates continue to restrict sales activity.

In the meantime, however, if you are in the market to buy, getting cash back from a Toronto cash back realtor can help offset some of the higher costs.