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hows the market - October 2023

GTA Market update – October 2023

As we step into October 2023, the GTA real estate market is experiencing a shift reminiscent of the fall season. The cooling weather isn’t the only thing that’s cooling down; the Great Toronto Area Real Estate Market is showing a 6% drop in sales compared to the previous year, signaling a noticeable change in the real estate landscape.

One of the most striking changes can be seen in the number of active listings, which have surged by a remarkable 50% when compared to October 2022. This influx of properties hitting the market has given potential buyers a wider array of choices. While this increased supply may exert some downward pressure on pricing, the full impact remains to be seen. Surprisingly, prices have remained relatively steady, recording a 3.5% increase compared to last October. Demand for real estate remains strong, despite many prospective buyers still hesitating due to market affordability concerns and uncertainty.


Jason Mercer, Chief Market Analyst at the Toronto Regional Real Estate Board, reports that strong competition among buyers has kept the average selling price above last year’s level in October. The Bank of Canada also recognized this resilience in its October statement. Nevertheless, it’s worth noting that home prices are still below their record peak from early 2022, which has somewhat offset the impact of higher borrowing costs.

In the resale condo market, we’ve observed minor declines, with sales and prices dipping by only 3.1% and 1%, respectively. Interestingly, inventory levels in this category of housing have surged by over 50%, as some investors opt to sell their assets due to the rise in borrowing costs.

On the other hand, developers of new construction condos and homes are bringing exciting opportunities to the market. Unprecedented incentives, including extended deposit structures and longer closing dates, are drawing in investors who are anticipating a decrease in borrowing costs in the future.

For any questions or inquiries about the evolving real estate market in the GTA, please don’t hesitate to reach out to us. We’re here to assist you in navigating this dynamic landscape and making informed decisions for your real estate endeavors.

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Gagan Verma - top toronto realtor