GTA home sales drop, but prices don't
The average sale price of a home was 1 $098,502 in October, says TRREB.
Property sales fell 49.1% in October in the Toronto area per compared to the same period last year.
The number of properties sold in October in the Toronto area fell by 49.1% compared to the same period last year. ;last year. However, the average sale price was almost the same as September.
According to the Greater Toronto Real Estate Board (TRREB), prices have plateaued following a series of declines through the summer and spring.
Price The average sale price was $1,098,502 in October, very slightly more than in September, says the TRREB (the average price was $1,159,763 in October 2021).
The reason for this recent price stabilization: The number of properties newly listed for sale was down 11.6% last month compared to October 2021. In fact, the number of listings was at an all time low for an October since 2010, says the real estate board.
Many owners recently hesitated to sell their house or condominium for fear of obtaining a lower price than 10 or 12 months ago.
Real estate prices in the Greater Toronto Area have stabilized over the past several months as declining spring and summer prices have offset the cost of housing. #x27;Higher borrowing, says TRREB analyst Jason Mercer
Much short-term economic uncertainty remains, chamber speaker admits real estate, Kevin Crigger.
The latter adds, however, that a moderate increase in demand would be enough to create a tightening of the market, given the fact that the number of properties put up for sale is currently at or approaching a historic low.