Today, we're diving into the latest trends and insights of the Toronto housing market as we move into the second half of 2023. It's been a rollercoaster of a year, and I'm here to break down what's been happening and what we might expect in the coming months.

First up, let's talk numbers. In September 2023, the average home in the Greater Toronto Area (GTA) sold for $1,119,428, which is a 3% increase from last year. Interestingly, even though we've entered a deep buyer’s market for the first time in 14 years, prices are still nudging upwards. Now, let's break it down by property type. Detached homes in the GTA are averaging at $1,440,786, showing a 5.2% year-over-year increase. Semi-detached homes aren't far behind, with a 5% increase to $1,094,074. Freehold townhouses have seen a similar trend, while condo apartments have slightly bucked the trend with a 3% annual decrease. The big news is that the GTA housing market has plunged into a deep buyer’s market. This shift is largely due to a surge in new listings and a slowdown in sales. Despite this, home prices have continued to rise, albeit at a slower pace. It's a fascinating development, and it's been a while since we've seen a market like this. In terms of regional differences, the City of Toronto is closely mirroring the GTA trends. Prices in York Region are seeing some decline, while Halton Region and Durham Region are experiencing increases. Brampton's market is showing a slight dip, whereas Mississauga is booming with an 8% monthly increase in prices. Looking forward, we're firmly in buyer’s market territory, which could mean more opportunities for those looking to buy. The average home is selling at its asking price, and we might see prices start to fall in the coming months. For the rest of 2023, we expect to see the market continue to adapt to higher borrowing costs and economic uncertainties. While home prices are still on the rise, the growth rate is moderating. And a big focus will be on affordability and potential policy changes, especially with the government's efforts to address housing needs for a growing population. That's a wrap for today's market update!