As the temperature falls, so do the real estate sales figures. My name is Britt Huggins, I’m a Toronto real estate agent, ready to delve into the November statistics for another Toronto Real Estate Market Update.
Toronto Real Estate Market Update
Sales were down 6% last month to 4,236 when compared to November 2022. Though transactions were down, listings were up nearly 41% compared to last year and the inventory issues that we faced have dissolved (for the time being). Prices in the GTA remained consistent with last year with the average price of a home in the GTA (year-over-year) as of November 2023 selling at $1,082,179.
Housing affordability has been heavily impacted by inflation and increased borrowing costs. There seems to be some light at the end of the tunnel as economic forecasters are anticipating the Bank of Canada will cut rates in the first half of 2024. These rates could be the relief homeowners and potential buyers are looking for!
Jason Mercer, the chief market Analyst of the Toronto Regional Real Estate Board predicts a decrease in rates will put pressure on pricing once again as our population continues to grow at a record pace.
Whenever a market undergoes a shift or transformation, new opportunities emerge. Whether you’re a buyer, seller, investor, or observing from the sidelines, staying informed about current real estate market conditions is crucial. Stepping away might mean missing out on potential opportunities. I’m here to assist, guiding you through and addressing any real estate queries you might have.
Average Home Price in the GTA By Month
Market Stats by Region
Let’s take a look at some of the regional stats across the GTA, Toronto, Mississauga, Oakville, Durham Region, York Region and Brampton.
GTA Real Estate Market Stats
In November 2023, the average sale price (all home types) in the Greater Toronto Area was down 5.6% to $1,129,012 (year-to-date). When comparing the average year-over-year price in the Greater Toronto Area, prices were up 0.3% to $1,082,179 compared to last year. Condos prices (year-over-year average) in the GTA were up 0.3%, to $710,501. The number of condo sales was down 6% in November with 1,212 condo sales.
Toronto Real Estate Market Stats
In November 2023, the average sale price (all home types) in Toronto was down 4.1% to $1,099,033 (year-to-date). When comparing the average year-over-year price in Toronto, prices remained consistent with last year at $1,051,180. Condo prices (year-over-year average) in Toronto were down 2% to $720,280 year-over-year. The number of condo sales was down in November by 8.2% with 825 condo sales.
Mississauga Real Estate Market Stats
In November 2023, the average sale price (all home types) in Mississauga was down 5.3% to $1,063,198 (year-to-date). When comparing the average year-over-year price in Mississauga, prices were down 2.8% to $993,352. Condo prices (year-over-year average) in Mississauga were up 8.2% to $649,756. The number of condo sales in November was down 10.2% (106 condo sales).
Oakville Real Estate Market Stats
In November 2023, the average sale price (all home types) in Oakville was down 5.6% to $1,538,644 (year-to-date). When comparing the average year-over-year price in Oakville, prices were up by 12.5% to $1,572,012. Condo prices (year-over-year average) in Oakville were up 85.8% to $1,335,092. The number of condo sales in November was up 4.2% to 25 condo sales.
Durham Region Real Estate Market Stats
In November 2023, the average sale price (all home types) in the Durham Region was down 8.7% to $940,468 (year-to-date). When comparing the average year-over-year price, they were down 1.1% with an average of $883,115. Condo prices (year-over-year average) in the Durham Region were up 2.9% to $572,737. The number of condo sales in November was up 9.4% to 35 condo sales.
York Region Real Estate Market Stats
In November 2023, the average sale price (all home types) in the York Region was down 3.8% to $1,342,367 (year-to-date). When comparing the average year-over-year price, they were down by 1.8% to $1,286,617. Condo prices (year-over-year average) in the York Region were down 1.8% compared to last year with an average price of $680,416. The number of condo sales in November was up 12%.
Brampton Real Estate Market Stats
In November 2023, the average sale price (all home types) in Brampton was down 10.6% to $1,053,767 (year-to-date). When comparing the average year-over-year price, they were up slightly by 0.3% with an average of $1,002,482. Condo prices (year-over-year average) in Brampton were up 3.9% to $550,421. The number of condo sales in November was down by 5% (19 condos sold)%.
If you still have unanswered questions, let’s talk! Whether you’re interested in buying, selling, or investing, we’re eager to discuss the real estate market with you. Don’t hesitate to reach out to our seasoned team of Toronto real estate agents to explore your goals further.
