In September 2023, REALTORS® reported 4,642 home sales through TRREB's MLS® System, representing a 7.1 percent decrease compared to the same month in 2022. The decline in sales was particularly noticeable for ground-oriented homes, including semi-detached houses and townhouses. On a month-over-month seasonally-adjusted basis, sales also experienced a slight decrease.

Jason Mercer, TRREB's Chief Market Analyst, noted that GTA home prices remained above the low point seen early in the first quarter of 2023. However, there has been a shift towards a more balanced market in the summer and early fall, with a noticeable increase in listings compared to sales. This could provide some buyers with increased negotiating power, at least in the short term, potentially offsetting the impact of high borrowing costs.

Our monthly market update showcases everything you need to know about local real estate trends over the last month.