House prices in the Greater Toronto Area (GTA) are higher than they were this time last year, even though sales are cooling down, according to a new report.
Average selling and benchmark prices have both gone up, according to the Toronto Regional Real Estate Board . The average price for a home has risen by 3.5 per cent since October 2022 to $1,125,928 this October, while the benchmark price has increased by 1.4 percent to about $1,103,600.“Competition between buyers remained strong enough to keep the average selling price above last year’s level in October and above the cyclical lows experienced in the first quarter of this year.
In Toronto, the average price has decreased by roughly $49,160 from October 2022, with homes currently on the market at around $1.1 million. Compared to September’s report, the TRREB noted, on a seasonally adjusted basis, benchmark prices edged lower, though average selling prices remained nearly the same, hovering at roughly $1.1 million.
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