Nov 03, 2022
By Jane Brown
While house prices are more or less staying steady in the GTA, the latest report from the Toronto Regional Real Estate board says that October saw half the sales recorded a year earlier as new listings dropped to levels not seen in more than a decade.
The TRREB report says sales for the month fell by 49.1 per cent from October 2021 to reach 4,961 but were little changed from September.
Much of the sales decline is attributed to a lack of inventory with a prediction that even a moderate uptick in demand would trigger tightening in the resale housing market.
New listings fell 11.6 per cent from October of 2021 to a total of 11,749 for a monthly level last seen in 2010.
With fewer homes to choose from and sellers holding off listing properties, the average selling price in October was just under $1,090,000 which is a 5.7 per cent drop from October of last year but up from about $1,060,000 in September of this year.