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GTA REALTORS Release October 2023 Stats

GTA REALTORS Release October 2023 Stats

GTA Real Estate Market Update by Toronto Real Estate Board

In October 2023, the Greater Toronto Area (GTA) faced challenges of affordability and uncertainty, leading to a 5.8% decrease in home sales compared to the previous year, with 4,646 sales reported. High borrowing costs and interest rate uncertainty caused many potential buyers to stay on the sidelines, increasing demand in the rental market. New listings were up compared to the previous year, but slightly lower on a month-over-month seasonally adjusted basis. Despite the lower sales, the MLS® Home Price Index Composite benchmark and average selling price increased by 1.4% and 3.5% respectively compared to the previous year. However, home prices remained below their 2022 peak, mitigating the impact of higher borrowing costs. Uninsured mortgage holders faced challenges in finding competitive rates due to stringent qualification rules.
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