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Greater Toronto Area home sales declined sharply in October, as economic uncertainty, inflation concerns and rising borrowing costs kept many potential buyers from entering the market, according to the Toronto Regional Real Estate Board.
Sales Fall Year-Over-Year
TRREB reported that 5,603 homes changed hands across the GTA in October. That figure represents a 7.9 per cent drop compared with the same month last year. However, sales edged up 1.2 per cent from September on a seasonally adjusted basis, suggesting some modest short-term momentum.
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TRREB president Daniel Steinfeld said buyers are closely watching Canada-U.S. trade negotiations and ongoing conflict in the Middle East. He noted that many residents want clearer signs of economic stability before committing to a home purchase.
Prices and Listings Also Decline
The average selling price in October came in at $1,024,108. That marks a 2.7 per cent decrease from October of the previous year. Meanwhile, the composite benchmark price, which reflects the cost of a typical home, fell by a steeper 4.3 per cent over the same period.
New listings also dropped significantly. Sellers brought 14,173 homes to market in October, down 11.9 per cent from a year earlier. As a result, total active inventory across the GTA fell 10 per cent year-over-year, leaving 25,098 homes available for sale.
Uncertainty Weighing on Buyers
The combination of fewer listings and weaker sales reflects the cautious mood among GTA residents. Inflation concerns and unclear borrowing cost trends have made many prospective buyers hesitant. Steinfeld indicated that a resolution to trade tensions and easing geopolitical pressures could help restore confidence in the housing market.
For now, the GTA real estate market remains in a holding pattern. Both buyers and sellers appear to be waiting for greater economic clarity before making major decisions.
