GTA Homebuyers Benefit from Lower Prices and More Options

Home sales in the Greater Toronto Area fell 9% year-over-year in September, totaling 5,040, while the average selling price dropped to $1,006,409 from $1,060,036. The composite benchmark price declined 4.7%. Economic uncertainty, inflation, borrowing costs, and geopolitical tensions have dampened buyer activity. New listings also decreased by 14.4% to 16,500. Upcoming municipal elections may impact housing policies and market confidence.