Greater Toronto home sales in September down from year ago, average price also lower

Home sales in the Greater Toronto Area (GTA) decreased in September compared to the previous year, and the average selling price also experienced a decline. The Toronto Regional Real Estate Board (TRREB) reported that total sales amounted to 5,040, a nine percent decrease from the same period last year. The average price for homes sold in September stood at $1,006,409, which was $53,627 less than the $1,060,036 recorded in September of the prior year.

The composite benchmark price, intended to reflect the typical home, saw a 4.7 percent year-over-year decrease. TRREB attributes the subdued market activity to various factors, including uncertainty surrounding the economy, high inflation, and rising borrowing costs. Geopolitical tensions, particularly with the United States and ongoing conflicts in the Middle East, have resulted in a surge in gas prices, further deterring potential buyers.

Municipal elections scheduled for October 26 in Ontario, including the GTA, have also impacted the housing market. Daniel Steinfeld, president of TRREB, noted that housing is a top concern for voters and that the upcoming municipal election will influence housing policies in the GTA and Simcoe County for the next four years. He emphasized that the decisions made by future mayors and councillors on affordability, housing supply, and associated costs could significantly affect buyer demand and market confidence.

September also saw a reduction in new listings, with 16,500 properties added to the market, a decline of 14.4 percent compared to September of the previous year. Global News has been designated as a preferred source on Google, allowing users to access more of their stories in search results.