As temperatures drop, so do real estate sales figures. I’m Danielle Demerino a Toronto real estate agent, ready to dive into the November 2023 statistics for another Toronto Real Estate Market Update.
Toronto Real Estate Market Update
Last month we saw a 6% decline in sales, totalling 4,236 transactions compared to November 2022. While transactions dipped, listings peaked by nearly 41% from last year, resolving the inventory issues (for the time being). Prices in the Greater Toronto Area (GTA) held steady, mirroring last year, with the average residential home in November 2023 selling at $1,082,179.
Housing affordability took a hit due to inflation and rising borrowing costs. However, there is some light at the end of the tunnel as economic predictors foresee a potential rate cut by the Bank of Canada in the first half of 2024. These anticipated rates might lend the much-needed relief homeowners and prospective buyers have hoped for!
I have learned from 15 years of experience as a Toronto Realtor that any time we feel the pulls of a changing market, new opportunities arise. Whether you are buying, selling, investing, or simply on watch, keeping yourself educated and informed on the market could give you the upper hand you need to create a real estate opportunity that may not exist in a different market. Prices are as low as they are going to be RIGHT NOW! Get a short-term mortgage, buy and you will thank me next year.
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 GTA saw a 5.6% year-to-date decrease in the average sale price of all home types, settling at $1,129,012. Meanwhile, year-over-year prices in the GTA increased by 0.3%, reaching $1,082,179. Condo prices in the GTA were slightly year-over-year by 0.3%, to $710,501. There was a 6% decrease in condo sales in November, totalling 1,212 units sold.
Toronto Real Estate Market Stats
In November 2023, Toronto saw a 4.1% year-to-date decrease in the average sale price of all home types, to $1,099,033. Meanwhile, year-over-year prices in Toronto remained consistent at $1,051,180. Condo prices in Toronto dropped by 2% year-over-year to $720,280. There was an 8.2% decrease in condo sales in November, totalling 825 units sold.
Mississauga Real Estate Market Stats
In November 2023, Mississauga saw a 5.3% year-to-date decrease in the average sale price of all home types, settling at $1,063.198. Meanwhile, year-over-year prices in Mississauga decreased by 2.8%, reaching $993,352. Condo prices in Mississauga increased by 8.2% year-over-year to $649,756. There was a 10.2% decrease in condo sales in November, totalling 106 units sold.
Oakville Real Estate Market Stats
In November 2023, Oakville saw a 5.6% year-to-date decrease in the average sale price of all home types, dipping to $1,538,664. Meanwhile, year-over-year prices in Oakville increased by 12.5%, to $1,572,012. Condo prices in Oakville increased by 85.5% year-over-year to $1,335,092. There was a 4% increase in condo sales in November with 25 units sold.
Durham Region Real Estate Market Stats
In November 2023, the Durham Region saw an 8.7% year-to-date decrease in the average sale price of all home types, settling at $940,468. Meanwhile, year-over-year prices in the Durham Region decreased by 1.1%, dipping to $883,115. Condo prices in the Durham Region were up by 2.9% year-over-year to $572,737. There was a 9.4% increase in condo sales in November with 35 units sold.
York Region Real Estate Market Stats
In November 2023, the York Region saw a 3.8% year-to-date decrease in the average sale price of all home types, settling at $1,342,367. Meanwhile, year-over-year prices in the York Region decreased by 1.8%, dipping to $1,286,617. Condo prices in the York Region were down 1.8% with an average price of $680,416. There was a 12.1% increase in condo sales in November, selling 157 units.
Brampton Real Estate Market Stats
In November 2023, Brampton saw a 10.6% year-to-date decrease in the average sale price of all home types, dipping to $1,053,767. Meanwhile, year-over-year prices in Brampton slightly increased by 0.3%, to $1,002,482. Condo prices in Brampton increased by 3.9% year-over-year to $550,421. There was a 5% decrease in condo sales in November, selling 19 units.
If you or someone you know is looking to buy, sell, or invest, our team of Toronto real estate experts is here to help. Feel free to book a no-obligation chat. Book Consultation.
Danielle Demerino
ddemerino@royallepage.ca
416-728-5401
Brittany Huggins
bhuggins@royallepage.ca