Home listings in the GTA were terminated at 35% higher rate than homes sold in October, new HouseSigma monthly market data has found.
That means for every three home sales in the region in October, there were four listing terminations.
With a soft market making both buyers and sellers tentative, new home listings in the GTA dropped by 17% compared with September’s new listings. That decline dampened active listings down to 27,282 – still high, but lower than the HouseSigma record-high of 32,091 in June this year.
October’s average “property days on market” – the true measure of how long a home has been for sale, as it takes into account any delisting and rapid relisting – remained high at 68 days. That’s the joint-third longest in HouseSigma records of this data, starting in 2015.
Sales across all resale home types combined in October were up slightly from September, at 2.9%, but were nearly 14% lower than the same month last year. The median price of all GTA homes sold last month was $915,000, virtually flat with September’s median of $912,000.
Check out more details and property type breakdowns in the infographic below.
Steven Yanni, HouseSigma’s Managing Broker for Ontario, commented, “The pickup in October sales shows some signs of buyers getting more confident to enter the property market. However, it’s still a prime hunting season for great deals, as stable prices and healthy inventory mean those ready to act have real options and negotiating power.”
Find all your market trends data for the Greater Toronto Area here – and keep up to date with our Ontario blog page here.