70% of homes still selling for below list price in GTA, Ontario
The Toronto Regional Real Estate Board showed increases in sales and prices in many areas in October. In Mississauga, the average home price increased 3.2 per cent to $1,081,951 and sales were up 27 per cent.
Monthly home sales climbed in the GTA on a month-over-month basis in both September and October for the first time since 2020, when the market was in overdrive during the pandemic, according to digital real estate platform Wahi.
Experts believe Bank of Canada rate cuts are behind the increased sales activity.
“The real test will be next year’s spring market,” says Wahi CEO Benjy Katchen. “It’s still too early to tell what the cumulative effects of the Bank of Canada’s rate cuts will be on the GTA’s real estate market.”
October saw many buyers get homes for below the asking price.
Some 70 per cent of all homes that changed hands across the GTA in October sold for less than the seller’s asking price, according to Wahi’s report.
READ MORE: https://www.insauga.com/70-of-homes-still-selling-for-below-list-price-in-gta-ontario/
