October was a busy month for the Greater Toronto Area’s real estate market. Home sales went up 44% compared to last year, as more buyers jumped back in, helped by lower interest rates. New listings increased too, though not as much as sales, which made the market a bit tighter than last October.
Prices held steady, with the average home selling for around $1.13 million, up just a little over 1% from a year ago. While there are still plenty of options for buyers, experts think prices could rise in the coming months as available homes get bought up faster than new ones are built.
The Toronto Regional Real Estate Board is also pushing for policies to help buyers with affordability, like lowering taxes on home purchases. These changes could make a big difference for new buyers and encourage more home construction in the GTA.
Let’s take a closer look at the details driving these trends:
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