In conjunction with TRREB's redistricting project, historical data may be subject to revision moving forward. October generally represents the peak of the fall market, so it will be important to see where price trends head over the next month,= said TRREB Chief Market Analyst Jason Mercer. With new listings down quite substantially year-over-year and well-below historic norms, some home buyers are quite possibly experiencing tighter market conditions in some GTA neighbourhoods.

Hovering just below $1.1 million, the average selling price may have found some support during the last couple months of summer. The average price was up compared to August 2022. Over the same period of time, the average price dipped by 4.3 per cent to $1,086,762. The MLS® Home Price Index (HPI) Composite benchmark was up on a year-over-year basis by 4.3 per cent. Potential new policies like mandatory home energy audits could also create unnecessary interference and delays in the home selling process and dissuade some homeowners from listing their homes for sale,= said TRREB CEO John DiMichele. Municipal council decisions have a direct impact on housing affordability, in terms of the protracted development approval processes, high development fees and other related policies that preclude timely housing development,= said TRREB President Kevin Crigger.Įlected councils must also reconsider existing policies that preclude homeowners from listing their homes for sale, including significant added upfront costs like the land transfer tax. Candidates running in the upcoming Ontario municipal elections must ensure home buyers and renters have adequate housing options in the years to come. We must ensure that the temporary dip in housing demand is not allowed to mask the critical shortage of homes available for sale in the GTA. This is especially troublesome given that the stock of homes in the GTA increased markedly over the last 20 years.

This was the lowest number of new listings reported for the month of September since 2002. New listings were also down on a year-over-year basis by 16.7 per cent to 11,237. Sales for the month reached 5,038, but were down by 44.1 per cent compared to September 2021. The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs in September 2022. TRREB Market Outlook & Year in Review Report.

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