November Toronto Real Estate Market Stats: Prices ALMOST Fall Flat Year-Over-Year, Still up 0.3%
In this November 2023 Real Estate Market Update, we're not just talking about the drop in temperature but also a cooling in the real estate activities, a yearly rhythm that echoes the natural pause of our city. But, as any seasoned Torontonian knows, a quieter market doesn't mean a lack of opportunity. In fact, it's during these cooler months that savvy investors and homebuyers can find some of the most intriguing prospects.
So as your dedicated Toronto real estate agent, I invite you to grab a cup of hot cocoa, and let’s delve into the latest statistics and trends of Toronto's real estate market. With a keen eye and the right guidance, the end of the year could be just the beginning for those looking to make a smart move in real estate.
Toronto Real Estate Market Update
As we felt the November chill, the real estate sales also experienced a bit of a cool down. Sales dipped by 6% to 4,236 compared to the same time last year. Despite this decrease in transactions, listings rose significantly, up nearly 41% compared to last year.
This increase is a promising sign, addressing some of the inventory challenges we've been facing. Meanwhile, prices stayed resilient, averaging at $1,082,179 in the GTA, marking a slight 0.3% increase year-over-year.
The Economic Climate
The current economic landscape, marked by inflation and higher borrowing costs, has undoubtedly impacted housing affordability. However, there's a glimmer of hope on the horizon. Economic forecasters are optimistic about the Bank of Canada potentially reducing rates in the first half of 2024. This change could provide the much-needed relief for homeowners and aspiring buyers alike.
Market Predictions
Jason Mercer, a leading voice in market analysis, anticipates that a decrease in rates could reignite pricing pressures, especially as our population continues to grow at a record pace. Such shifts in the market always open up new avenues for opportunity, whether you're a buyer, seller, investor, or just keeping an eye on the market.
Condo Market Outlook
Balanced Market Shift: The condo market has become more balanced, with a 6.2% increase in sales compared to Q3 2022 but a more significant 28.8% increase in new listings.
Average Price Trends: There's a slight decrease in the average selling price of condos (from $720,628 in Q3 2022 to $716,145 in Q3 2023).
Regional Variations: The average selling price in the City of Toronto ($736,566) is higher than the GTA-wide average, indicating a continued demand for condos in prime locations.
A Closer Look at Regional Trends
GTA Real Estate Market Stats
Average Sale Price: (All Home Types): Down 5.6% to $1,129,012 (YTD)
Year-Over-Year Price: Up 0.3% to $1,082,179
Condo Prices: Up 0.3% to $710,501
Condo Sales: Down 6% with 1,212 transactions
Toronto Real Estate Market Stats:
Average Sale Price (All Home Types): Down 4.1% to $1,099,033 (YTD)
Year-Over-Year Price: Stable at $1,051,180
Condo Prices: Down 2% to $720,280
Condo Sales: Down 8.2% with 825 transactions
Mississauga Real Estate Market Stats
Average Sale Price (All Home Types): Down 5.3% to $1,063,198 (YTD)
Year-Over-Year Price: Down 2.8% to $993,352
Condo Prices: Up 8.2% to $649,756
Condo Sales: Down 10.2% with 106 transactions
Oakville Real Estate Market Stats
Average Sale Price (All Home Types): Down 5.6% to $1,538,644 (YTD)
Year-Over-Year Price: Up 12.5% to $1,572,012
Condo Prices: Up a staggering 85.8% to $1,335,092
Condo Sales: Up 4.2% with 25 transactions
Durham Region Real Estate Market Stats
Average Sale Price (All Home Types): Down 8.7% to $940,468 (YTD)
Year-Over-Year Price: Down 1.1% to $883,115
Condo Prices: Up 2.9% to $572,737
Condo Sales: Up 9.4% with 35 transactions
York Region Real Estate Market Stats
Average Sale Price (All Home Types): Down 3.8% to $1,342,367 (YTD)
Year-Over-Year Price: Down 1.8% to $1,286,617
Condo Prices: Down 1.8% to $680,416
Condo Sales: Up 12%
Brampton Real Estate Market Stats
Average Sale Price (All Home Types): Down 10.6% to $1,053,767 (YTD)
Year-Over-Year Price: Up slightly by 0.3% to $1,002,482
Condo Prices: Up 3.9% to $550,421
Condo Sales: Down 5% with 19 transactions
Your Next Move In the Market
Navigating these changes can be challenging, but remember, every market shift brings new possibilities. Whether you're planning to buy, sell, or invest, staying well-informed is key. Please don't hesitate to contact us for a personalized discussion about the Toronto real estate market. Our team is always here to guide you through these exciting times with expert advice and insights.
Stay tuned for more updates, and remember, we're just a call or email away for any of your real estate needs!
