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Toronto's housing market is showing signs of recovery, with increased activity in October. The Toronto Regional Real Estate Board (TRREB) reported a 44.4% year-over-year rise in home sales, driven by a more affordable market due to lower borrowing costs and stable home prices. Detached homes led the way with 3,139 sales, followed by condos, townhouses, and semi-detached homes.
New listings also saw a slight increase in October, up 4.3% compared to the previous year, though they were lower than in September. TRREB analysts noted that while the market tightened, there is still plenty of inventory for buyers to choose from, which will help moderate price growth over the next few months.
Looking ahead, TRREB expects home price growth to pick up as inventory is absorbed and population growth outpaces housing supply. To address affordability challenges, TRREB supports policies like the Conservative Party's proposal to remove the GST on new homes under $1 million, which it believes would offer much-needed relief for buyers and encourage more home construction.
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