One Minute Market Update - October 2023

October 2023 Key Takeaways: 
  • Average sale price was up month over month 1% and year over year 3%.
  • New home sales are starting to pick up signalling a potential rise in buyer confidence. 
  • New listings are down month over month which shows sellers are still holding on.
  • With the Bank of Canada holding rates again this month and other economic data showing signs that we may be at the peak of those announcements, I still anticipate to see further signs of seller/buyer pain in the market but am hopeful sale values will continue to either hold strong or worst case, dip only slightly over the next few months. 
  • As of the end of October, Toronto Freeholds are sitting at 3.3 Months Of Inventory (Balanced Market) and Toronto Condos are sitting at 5.4 Months Of Inventory (Creeping into Buyer's Market territory).

All data below. What do you think? 

*I intentionally like to keep these reports short and straightforward. If you have questions about any specific aspect of the market or want me to expand on the data shared, please reach out.