Great Toronto Area

Steady Rise in GTA Home Prices Despite Buyer's Market

The Greater Toronto Area (GTA) housing market continued to show resilience in October 2023, with home prices steadily increasing. The average price of a house in the GTA reached $1,125,928, representing a 1% increase from the previous month's average of $1,119,428, and a 3% increase compared to the same period last year when the average price stood at $1,089,428.

This indicates a 4% increase in GTA home prices since August 2023. Throughout September and October, the GTA housing market experienced a considerable surplus of properties, resulting in a buyer's market. The sales-to-new-listings ratio (SNLR) for this month was 32%, falling below the 40% threshold that classifies it as a buyer's market. Being in a buyer's market means that there is a relatively higher number of available properties compared to potential buyers, granting buyers more negotiating power in terms of prices and conditions.

This occurrence marks the second time the GTA has entered a buyer's market since January 2009, with the first instance being the previous month. Despite the buyer-friendly conditions, home prices have continued to climb, highlighting the strength and resilience of Toronto's housing market.

In summary, the GTA housing market has shown resilience in October 2023, with steady price increases despite the buyer's market conditions. The rise in home prices indicates sustained demand in the face of a surplus of available properties, highlighting the strength of the Toronto housing market.