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GTA Housing Market Update: Buyers Gain More Leverage This Fall

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The Greater Toronto Area housing market saw a noticeable shift this October, with home sales down 9.5% year-over-year and new listings up slightly by 2.7%. This change signals a market that continues to lean in favour of buyers, as more homes become available and sellers adjust expectations to meet current demand. Lower mortgage rates are also helping to balance the market, making conditions more accessible for those looking to make a move.

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The average selling price in the GTA came in at $1,054,372 — a 7.2% decline compared to last October. The MLS® Home Price Index Composite benchmark also dipped by 5% year-over-year. While prices held steady month-over-month, the slower sales pace suggests buyers have more room to negotiate and explore their options as we move toward the end of the year.

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Curious how this market shift might impact your neighbourhood?

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