{"id":25178,"date":"2023-11-02T12:18:07","date_gmt":"2023-11-02T16:18:07","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=25178"},"modified":"2023-11-02T12:18:08","modified_gmt":"2023-11-02T16:18:08","slug":"trreb-october-2023","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/trreb-october-2023\/","title":{"rendered":"GTA Market Holding Steady as Would-Be Homebuyers Back on the Sidelines: TRREB"},"content":{"rendered":"\n<p>Tightening affordability forced many <a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\/filter?latitude=0&amp;longitude=0&amp;sort=price\" target=\"_blank\" rel=\"noreferrer noopener\">Toronto<\/a> and Greater Toronto Area homebuyers to put their real estate plans on pause in October. Although now that the <a href=\"https:\/\/www.zoocasa.com\/blog\/boc-october-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">Bank of Canada<\/a> announced that it would hold the overnight lending rate at 5%, some of those cautious buyers might re-enter the market in the coming months. According to the Toronto Regional Real Estate Board, year-over-year sales activity was down by 5.8% but month-over-month sales remained stable increasing by 0.1% from September.\u00a0<\/p>\n\n\n\n<p>\u201cRecord population growth and a relatively resilient GTA economy have kept the overall demand for housing strong. However, more of that demand has been pointed at the rental market, as high borrowing costs and uncertainty on the direction of interest rates has seen many would-be home buyers remain on the sidelines in the short term. When mortgage rates start trending lower, home sales will pick up quickly,\u201d said TRREB President Paul Baron.<\/p>\n\n\n\n<p><strong><em>Enjoying our content? Subscribe to our free<\/em><\/strong><a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em> weekly newsletter<\/em><\/strong><\/a><strong><em> to get real estate market insights, news, and reports straight to your inbox.<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"1286\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/TRREB-CHART-COT-OCT-23.png\" alt=\"\" class=\"wp-image-25180\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/TRREB-CHART-COT-OCT-23.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/TRREB-CHART-COT-OCT-23-140x300.png 140w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/TRREB-CHART-COT-OCT-23-478x1024.png 478w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/TRREB-CHART-COT-OCT-23-768x1646.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/TRREB-CHART-COT-OCT-23-717x1536.png 717w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/TRREB-CHART-COT-OCT-23-955x2048.png 955w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"1286\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/TRREB-CHART-TRREB-REGION-OCT-23.png\" alt=\"\" class=\"wp-image-25181\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/TRREB-CHART-TRREB-REGION-OCT-23.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/TRREB-CHART-TRREB-REGION-OCT-23-140x300.png 140w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/TRREB-CHART-TRREB-REGION-OCT-23-478x1024.png 478w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/TRREB-CHART-TRREB-REGION-OCT-23-768x1646.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/TRREB-CHART-TRREB-REGION-OCT-23-717x1536.png 717w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/11\/TRREB-CHART-TRREB-REGION-OCT-23-955x2048.png 955w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<h1 class=\"wp-block-heading\">Demand Still Solid in Some Markets Despite Sales and Prices Softening in Most Regions<\/h1>\n\n\n\n<p>All property types besides condos experienced an increase in year-over-year price, with detached homes increasing the most by 6.1% to $1,450,112. The average price of a condo apartment fell by 1.2% year-over-year to $708,780, but Durham Region and Halton Region both experienced a month-over-month increase of 12.8% and 4.2% respectively.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/toronto-detached-homes-below-the-average-oct-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Where Can You Buy a Detached Home in Toronto for Less than the Average Price?<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>The average home price for the Toronto Region in October was $1,125,928 &#8211; just a 0.6% increase from the previous month and a 3.5% increase from last year, indicating demand has not fallen off for motivated buyers. Month-over-month sales increased in <a href=\"https:\/\/www.zoocasa.com\/mississauga-on-real-estate\/filter?zoom=13&amp;sort=price\" target=\"_blank\" rel=\"noreferrer noopener\">Mississauga<\/a>, <a href=\"https:\/\/www.zoocasa.com\/milton-on-real-estate\/filter?zoom=13&amp;sort=price\" target=\"_blank\" rel=\"noreferrer noopener\">Milton<\/a>, the City of Toronto, and <a href=\"https:\/\/www.zoocasa.com\/markham-on-real-estate\/filter?zoom=13&amp;sort=price\" target=\"_blank\" rel=\"noreferrer noopener\">York Region<\/a>. Detached sales also increased month-over-month in those areas by 25%, 6%, 6.7%, and 8.9% respectively.\u00a0<\/p>\n\n\n\n<p>However, in general sales and prices were on a downward trend in October. Home sales dropped month-over-month by more than 10% in Oakville, <a href=\"https:\/\/www.zoocasa.com\/halton-hills-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Halton Hills<\/a>, and <a href=\"https:\/\/www.zoocasa.com\/brampton-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Brampton<\/a>, and by 7.4% in <a href=\"https:\/\/www.zoocasa.com\/burlington-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Burlington<\/a>. With competition cooling down in many cities, this provides an opportunity for buyers to snag homes at more affordable price points. The average price for a condo in York Region dropped to under $700,000 for the first time since April 2023 and in Oakville, the average price of a home dropped month-over-month by 10%. Brampton also benefitted from softening prices, with the average price of a detached home decreasing month-over-month by 5.4% and the average price of a condo by 4.2%.\u00a0<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Inventory Gains Slowing Down<\/h1>\n\n\n\n<p>Though new listings were down month-over-month by 11.5% in Toronto Region, active listings were up by 3.3%. Months of inventory also increased from 2.2 months in September to 2.4 months in October.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/most-expensive-and-affordable-ontario-oct-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>The Most Expensive and Affordable Ontario Homes Sold in October<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>Locally, it was more of a mixed bag with some areas, like <a href=\"https:\/\/www.zoocasa.com\/oakville-on-real-estate\/filter?zoom=13&amp;sort=price\" target=\"_blank\" rel=\"noreferrer noopener\">Oakville<\/a> and Brampton, experiencing a month-over-month drop in both active listings and new listings. New listings in the City of Toronto fell by 13% month-over-month, while active listings were up month-over-month by 4.3%. Burlington and Halton Hills experienced significant gains in active listings, increasing month-over-month by 11.7% and 6.9% respectively.\u00a0<\/p>\n\n\n\n<p>If you\u2019re on the fence about buying or selling in today\u2019s unpredictable market, <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">give us a call<\/a>! Our real estate agents can answer your questions on mortgage rates, affordable cities, and market conditions in your local market.<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Looking in the GTA?<\/div>\n<div class=\"cta-body\">Contact us today to speak to a Realtor in your area<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/sell-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Tightening affordability forced many Toronto and Greater Toronto Area homebuyers to put their real estate plans on pause in October. Although now that the Bank of Canada announced that it would hold the overnight lending rate at 5%, some of those cautious buyers might re-enter the market in the coming months. According to the Toronto [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":25182,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[1160,181],"tags":[],"class_list":["post-25178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-insights","category-toronto-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GTA Market Holding Steady as Would-Be Homebuyers Back on the Sidelines: TRREB | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"Tightening affordability forced many Toronto and Greater Toronto Area homebuyers to put their real estate plans on pause in October. 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