October home sales in the Greater Toronto Area fell 49.1 per cent as compared to year-ago levels and benchmark prices declined slightly on a month-over-month basis as the region’s housing market continues to transition to higher borrowing rates.
According to monthly figures released by the Toronto Regional Real Estate Board on Thursday, the GTA’s composite benchmark price fell 1.3 per cent to $1,098,200 in October from $1,110,700 in September while the average price edged up to $1,098,502 from $1,086,762 a month earlier.
New listings, meanwhile, were down on a year-over-year basis by 11.6 per cent to 10,390 from 11,749 in October 2021. The board noted that new listings were down on an annual basis more so for mid-density and high-density home types, which it said helps to explain why prices have held up better in these categories compared to detached houses.
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“With new listings at or near historic lows, a moderate uptick in demand from current levels would result in a tightening in the resale housing market in short order. Obviously, there is still a lot of short-term economic uncertainty. In the medium noticeable -to-long-term, however, the demand for housing will rebound,” TRREB president Kevin Crigger said in the report.
Crigger said he believes public policy initiatives like strong mayor provisions will help ensure the region sees more affordable homes being built to meet the needs of new households.
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