More listings and lower borrowing costs give homebuyers fresh leverage across the region
Greater Toronto’s real estate market cooled in October as home sales dropped from last year, while a modest rise in listings gave buyers greater choice and bargaining power.
According to new data from the Toronto Regional Real Estate Board (TRREB), there were 6,138 sales recorded through TRREB’s MLS System, a 9.5% decline from October 2024, as 16,069 new listings came to market, up 2.7% year-over-year.
The average selling price, now $1,054,372, was 7.2% lower than a year earlier, while the MLS Home Price Index Composite Benchmark slipped 5%.
TRREB president Elechia Barry-Sproule notes that, despite the cooler pace, well-prepared buyers are finding opportunity.
“Buyers who are confident in their employment situation and ability to make their mortgage payments over the long term are benefitting from affordable housing market conditions relative to the past few years. However, many intending homebuyers remain on the sidelines due to uncertainty about their economic future,” she says.
Seasonally adjusted figures also showed a slight monthly slowdown in both sales and listings compared with September. The benchmark price held roughly steady, while the average price edged down.
TRREB chief information officer Jason Mercer explains that easing mortgage rates are improving affordability.
“The monthly mortgage payment for an average-priced GTA home continued to trend lower in October, benefitting from both lower borrowing costs, and lower selling prices,” he says. “This means more buyers can now afford to purchase a home that meets their housing needs. Once we have more certainty on the economic front, including trade with the U.S. and China, home sales should increase.”
And TRREB CEO John DiMichele emphasizes the need for long-term supply solutions, noting that housing is essential economic infrastructure.
“As the population continues to grow, innovation and private capital are required to accelerate new construction across all housing types. Governments can help by modernizing tax rules, cutting buyer costs, and ending exclusionary zoning. Working together, we can rebuild confidence, create jobs, and deliver the homes Ontarians need. We have to act now,” he says.
