October Real Estate Market Update: What’s Happening in the GTA Housing Market?

The latest data from the Toronto Regional Real Estate Board (TRREB) is here, giving us a glimpse into how the GTA housing market performed in October. With 6,658 homes sold via MLS—a significant 44.4% increase from the same time last year—it's clear that momentum is building in the market. Lower borrowing costs and steady home prices have attracted more buyers, contributing to this upswing.

Market Dynamics: Sales vs. New Listings

In October, the growth in home sales outpaced the rise in new listings, tightening the market slightly. The GTA saw 15,328 new listings, which is a 4.3% increase from last year, while active listings jumped by 25.3% to 24,481. Currently, there is an estimated housing supply of about 3.7 months—enough to support ongoing buyer demand while keeping a balance in the market.

Average Prices & Market Breakdown

The average home price for the month was $1,135,215, marking a modest 1.1% increase compared to October 2023. Meanwhile, the MLS Home Price Index (HPI)—which offers a more accurate read on market inflation—showed a 3.3% decrease from last year, with a 2.7% drop in Toronto specifically.

On average, homes took 27 days to sell, with properties closing at around 99% of the listing price. Most sales (69.7%) were in the $600,000 to $1,500,000 range, with properties over $2 million making up 7.3% of total sales, a small rise from September's 6.3%.

Price Averages by Property Type

• Detached Homes: $1,462,838 (up 1.2% YoY and 2.8% from September)
• Semi-Detached Homes: $1,108,376 (up 0.7% YoY and 1.6% from September)
• Townhomes: $920,201 (down 1.1% YoY, but up 1.8% from September)
• Condos: $694,038 (down 2.0% YoY, but up 1.7% from September)

Detached homes led in terms of sales volume, accounting for 47.1% of transactions, followed by condos at 25.9%.

What’s Ahead? 

While the market has tightened slightly, high inventory levels are helping to keep prices stable. Looking forward, home prices may begin to rise as we move closer to spring, with buyers and sellers continuing to adjust to interest rate shifts, policy changes, and evolving supply levels.

Whether you’re thinking about buying, selling, or leasing property in the GTA, I’d be happy to help you navigate the market to achieve your goals. Reach out anytime, and let’s talk about how I can assist you in making the most of current market conditions!