The latest TRREB Market Watch report for October shows a market that continues to rebalance. While the headlines may focus on year-over-year declines, the real story is in the shift we’re seeing beneath the surface: more choice for buyers, more strategy required for sellers, and a market that’s moving with intention rather than urgency.

Sales across the GTA totalled 6,138 in October, which is a 9.5% decrease compared to the same time last year. On the other hand, new listings rose to 16,069, up 2.7% year-over-year, and active listings climbed to 27,808, a 17.2% increase. In simple terms: there are more homes available, and buyers have more room to weigh their options.

With inventory building, the average selling price settled at $1,054,372, which is 7.2% lower than last year. Homes are also spending more time on the market, averaging 31 days, compared to 27 days a year ago.

These numbers line up with what we’re seeing day-to-day. Buyers who are confident in their employment, financial stability, and long-term plans are taking advantage of lower borrowing costs and more accessible prices. However, some buyers are still waiting for more clarity in the broader economy before making a move. This dynamic is shaping how quickly (or slowly) homes sell.

For Buyers:

This is one of the more balanced markets we’ve seen in recent years. The intense competition that defined the pandemic market has eased. You have more choice, more negotiating power, and fewer situations where you need to rush or compete aggressively. If you’ve been waiting for conditions where you can approach your home purchase thoughtfully, this environment is well suited to that.

For Sellers:

Pricing strategy matters now more than ever. In a market with more competing listings, buyers are comparison shopping. Homes that are priced appropriately and presented well are still selling. Homes that are priced with last year’s expectations in mind are sitting longer and often require price adjustments. The days of testing the market with aggressive list prices are behind us — planning and positioning are key.

Looking Ahead

TRREB points out that lower mortgage payments on an average-priced home continue to improve affordability. If borrowing costs ease further in the coming months, we could see more buyers re-entering the market and more momentum as we move into the new year.

But real estate has always been local. Even within Mississauga, neighbourhoods like Erin Mills, Clarkson, and Port Credit are each experiencing slightly different rhythms when it comes to demand and pricing.

If you’re considering a move — whether now or six months from now — it’s worth understanding how your specific neighbourhood is performing. The broader market tells part of the story, but the street-level details are what matter when it comes to timing and strategy.

If you’d like a breakdown of what these numbers mean for your home or your buying plans, feel free to reach out. I’m always happy to walk through it with you.