For September 2023, GTA real estate average prices broke into an upward monthly trend. Low rise homes were up from this time last year by about 5%, but for condos prices actually dropped by 3.3%.
There was more supply in the market in general. However, we still saw that transactions fell month-over-month and year-over-year across all property types. This highlighted a gap between seller and buyer expectations. Perhaps affordability factors continued to push buyers to the sidelines while some sellers were still able to find buyers who could afford the higher prices.
That said, with expectations of interest rates easing in the second half of 2024 and population growth, we may expect that the market is setting up for increased buyer activity some time in 2024.
For now, with supply continuing to outpace sales, some buyers may benefit from more negotiating power.