Monday, August 7, 2023 / by Matthew Daniel Tamburello
HomeSellers, HomeBuyers & Investors: New Listings Down While the Average Selling Price in the GTA Levels Off!
Matthew Daniel Tamburello
Team Leader & Broker
Trinity Real Estate Consultants
Home sales continued to decline in the Greater Toronto Area in October, while the average selling price stayed flat as fewer new listings hit the market, data from the Toronto Regional Real Estate Board (TRREB) shows.
Sales for the month reached 4,961, similar to last month but down by 49% compared to October 2021. New listings were down by 11.6% year-over-year and reached a level not seen since October 2010.
The average selling price remained fairly steady, up slightly from last month to $1,089,428 and down 5.7% from October’s 2021 figure of $1,155,624.
“With new listings at or near historic lows, a moderate uptick in demand from current levels would result in a noticeable tightening in the resale housing market in short order. Obviously, there is still a lot of short term economic uncertainty. In the medium-to-long-term, however, the demand for housing will rebound. Public policy initiatives like the recently introduced provincial More Homes Built Faster Act and strong mayor provisions will help ensure we see more homes being built to affordably meet the needs of new households,” said TRREB President Kevin Crigger.
Here are key market highlights:
- Sales: October 2022 sales totalled 4,961, down 49.1% from 9,743 last year.
- New Listings: 10,390 in October 2022, down 11.6% from 11,749 in October 2021.
- Active Listings: There were 13,023 listings on the market in October 2022, compared with 7,748 in October 2021, a 68.1% increase.
- Average Listing Days on Market: 21 days in October, up 61.5 % from October 2021 at 13 days.
- Average selling price: $1,089,428 in October 2022, down 5.7% from $1,155,624 in October 2021.
- Detached Homes: $1,372,438 in October 2022, down 11% on a year-over-year basis, while sales dropped by 46.9% to 1,701.
- Semi-detached Homes: Prices of semi-detached homes dropped 6.2% from last October to $1,079,393, while sales fell 48.9% to 446.
- Townhomes: Townhome prices decreased by 3.9% to $919,903, while sales fell year-over-year by 46.6% to 822.
- Condo Apartments: In October 2022, condo apartment prices increased 1.8% year-over-year to $716,515 and sales fell 53.7% to 1,338.