that Toronto's housing market will soon be booming again, the stats continue to prove them wrong, and October's numbers are no different from recent trends.
The latest report from the Toronto Regional Real Estate Board indicates that high interest rates and the incredibly expensive cost of living in the city — factors that have persisted for many months now — are keeping people out of the real estate game, and it's noticeably impacting our historically red-hot market.The number of home sales across the GTA was down 5 per cent last month from the month prior, and fell 5.
And, while both the MLS benchmark price and actual average selling price increased from last October — by 1.4 per cent and 3.5 per cent, respectively — the report notes that the benchmark dropped 1.7 per cent compared to September.bailing on pre-construction homesway longer than they used to — TRREB's own data has shown a steady month-over-month rise in listing days on the market, now at an average of 21, and property days on the market, now at 32.
"More 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.