As Toronto Housing Market Cools, Inventory Builds - October 2023 Market Update

The Toronto housing market has cooled as the summer transitioned into the fall home-buying season. New listings have increased closer to historical monthly levels and sales have declined, pushing the Months of Inventory (MOI) for houses from 1.3 in May to 3.8 in September. In the condo market, sales are below the long-term average but new listings have climbed to a new high for September. The MOI for condos has increased from 1.6 in May to 5.1 in September. If new listings continue to outpace sales, housing inventory will increase and prices will be put under downward pressure.

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