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October marks the third straight month prices have held steady in the GTA. The average price of a home in the GTA is just under $1.1 million, up 1% since August. One of the drivers behind this resiliency is persistent low inventory. New listings in October were down by 11.6% year-over-year and reached a level not seen since 2010.
“October provided another month’s worth of data suggesting the slow down in Canadian housing markets is winding up,” CREA’s Senior Economist Shaun Cathcart says in a press release. “Sales actually popped up from September to October, and the decline in prices on a month-to-month basis got smaller for the fourth month in a row.”
Rising interest rates, record-high inflation and global and economic uncertainties are contributing to consumer confidence and market activity, but we do expect to see buyers and sellers coming off the sidelines moving into 2023. As a long-term investment, the Canadian housing market continues to yield solid returns.
“September did not bring the typical seasonal lift in the number of homes trading hands in this country, a clear indication that our housing market continues to adjust to higher borrowing costs,” said Phil Soper, President and CEO of Royal LePage. “Home prices follow sales volume trends, which means we will see further softening in the final months of the year. Our revised outlook has national prices at just below where we ended 2021, erasing the gains made in the first quarter of 2022.”
Buying and selling a home is one of life’s most important decisions. With over 30 years of experience, the Dan Cooper Group possesses a wealth of knowledge, steadfast work ethic and unparalleled service that delivers results. We are full-service real estate experts and our clients are at the heart of everything we do. Contact us today so we can begin building your roadmap to success!