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Home sales in the Greater Toronto Area (GTA) were down in October compared to a year ago, as economic uncertainty kept homebuyers on the sidelines.
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There were 6,138 homes sold in the GTA last month, down 9.5 per cent from 2024, according to the latest data from the Toronto Regional Real Estate Board (TRREB).
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“Many intending homebuyers remain on the sidelines due to uncertainty about their economic future,” TRREB president Elechia Barry-Sproule said in a press release.
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She said, however, that relatively affordable housing market conditions compared to the past few years are benefitting buyers who are confident in their employment situation and ability to make their mortgage payments over the long term.
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Prices were also down in October, with the average selling price at $1,054,372, a 7.2 per cent drop from 2024.
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“Market conditions continued to favour homebuyers, as average selling prices were negotiated down alongside lower mortgage rates,” said TRREB.
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Meanwhile, the real estate board said 16,069 new listings were entered into its system in October, a 2.7 per cent increase year over year.
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On a seasonally adjusted basis, home sales were down month over month compared to September 2025. New listings were also down from September, the report said.
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TRREB’s chief information officer, Jason Mercer, said in a press release that more buyers can now afford to purchase a home, as monthly mortgage payments for an average-priced GTA house continued to trend lower in October, thanks to both lower borrowing costs and lower selling prices.
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“Once we have more certainty on the economic front, including trade with the U.S. and China, home sales should increase,” he said.
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English (US)