Sales jump, Prices hold steady - October Real Estate Market Update

The lowering of interest rates had a positive effect on Buyer activity in October. Sales in the GTA were up by 44% compared to last year - 6658 transactions have been reported through the MLS system (vs. 4611 in October 2023). The average price of $1,135,215 for all type of homes combined remained pretty much unchanged (+1%).

York Region prices (avg. $1,310,681) saw a bit of an uptick compared to September (+3.7%) and increased by 1.4% compared to last year.

More Sales in Aurora and Newmarket

The average house price in Aurora ($1,381,537) still hovers around the $1.4-mark. But more importantly, sales went from 41 one year ago to now 71 (+73%). The total amount of transactions in Newmarket increased by 41% (79 vs. 56), but the average home price of $1,077,014 decreased by 6.8% on a year-over year basis.

East Gwillimbury and Bradford prices down

Bradford was down 3.4% (from $1,131,229 to $1,092,894) but sales have almost doubled: while last year only 28 homes sold in October, there were 55 this month. The average price in East Gwillimbury ($1,130,583) was down in a similar fashion (-5.7%).

Next Rate Announcement on December 11

There is still a lot of inventory on the market and therefore choice for Buyers. New listings (15,328) were up by 4.3%. But lower rates allow Buyers to enter the market at a lower price level which explains why the average price point is slightly down while sales are significantly up.

The next interest rate announcement by the Bank of Canada is scheduled for December 11, followed by January 29.