Greater Toronto Area condominium sales fell 11% year-over-year in October as the market continued its lengthy struggle, says the Greater Toronto Regional Real Estate Board.

Condos were the worst-performing housing sector as unit sales totalled 1,558. The average condo price declined 4.7% year-over-year to $660,208.

“Buyers who are confident in their employment situation and ability to make their mortgage payments over the long term are benefitting from affordable housing market conditions relative to the past few years,” said TRREB President Elechia Barry-Sproule.

“However, many intending homebuyers remain on the sidelines due to uncertainty about their economic future.”

The region’s overall home sales dropped 9.5% to 6,138 units, while the average selling price across all housing types was down 7.2% to $1,054,372.

New listings rose 2.7% to 16,069, while active listings climbed 17.2% from October 2024 to 27,808.

Detached-home sales matched the condo sector’s 11% year-over-year decline, falling to 2,856. The average price for a detached home fell 7.3% to $1,355,506.

Semi-detached home sales dropped 2.8% to 595 from a year earlier, while the average price was down 8.5% at $1,033,770.

Townhouse sales were down 8.5% year-over-year at 1,558, while the average price of such a unit dropped 8.3% to $846,105.

“The monthly mortgage payment for an average-priced GTA home continued to trend lower in October, benefitting from both lower borrowing costs, and lower selling prices,” said Jason Mercer, TRREB’s chief information officer.

“This means more buyers can now afford to purchase a home that meets their housing needs. Once we have more certainty on the economic front, including trade with the U.S. and China, home sales should increase.”

In an interview with The Toronto Star, broker Cailey Heaps described a “slow and steady” overall market, noting that buyers are in the driver’s seat due to increased purchasing power.

“The broader economy is still a concern,” Heaps told the Star. “It has an impact on consumer confidence.”