GTA Real Estate Market November 2023
GTA Real Estate Market November 2023 Summary
Home Sales in November: 4,236 (6% decline compared to 2022)
New Listings: 16.5% increase compared to 2022
Average Selling Price: $1,082,179 (relatively flat with 0.3% increase compared to 2022)
As per the November 2023 TRREB Market Watch Report, GTA grappled with subdued home sales influenced by formidable challenges like high borrowing costs and economic uncertainties. The Toronto Regional Real Estate Board (TRREB) revealed a year-over-year decline of 6% in sales, juxtaposed with a noteworthy upswing of 16.5% in new listings, marking a shift from the previous year’s supply lows.
This increased inventory provided prospective buyers with more options, resulting in selling prices remaining essentially flat on a year-over-year basis.
TRREB highlighted that rising prices and expensive loans are making it harder to afford homes, especially in the housing market sensitive to interest rates. But there’s some good news as bond yields, important for fixed-rate mortgages, are going down.
Forecasts predicting Bank of Canada rate cuts in the first half of 2024 further hinted at potential relief, which could ease affordability challenges for both existing homeowners and those aspiring to enter the market.
GTA Real Estate Market November 2023 Stats
| Average Home Prices by City November 2023 | ||||
| Detached | Semi Detached | Condo Townhouse | Condo Apartment | |
| Mississauga | $1,398,829 | $1,056,765 | $764,399 | $649,756 |
| Milton | $1,288,274 | $942,154 | $671,586 | $619,211 |
| Oakville | $1,888,364 | $1,102,500 | $778,133 | $1,335,092 |
| Burlington | $1,345,590 | $854,000 | $751,781 | $614,389 |
| Brampton | $1,154,327 | $930,915 | $709,945 | $550,421 |
| City of Toronto | $1,617,918 | $1,217,811 | $890,822 | $720,280 |
| GTA Monthly Statistics as per TRREB Reports | ||||||
|---|---|---|---|---|---|---|
Avg. Price | Home Sales | |||||
| 2021 | 2022 | 2023 | 2021 | 2022 | 2023 | |
| January | $966K | $1,242K | $1,037K (BOTTOM) | 6,887 | 5,593 | 3,087 |
| February | $1,044K | $1,334K (PEAK) | $1,096K | 10,925 | 9,028 | 4,754 |
| March | $1,097K | $1,298K | $1,108K | 15,627 | 10,864 | 6,876 |
| April | $1,090K | $1,250K | $1,153K | 13,613 | 7,941 | 7,501 |
| May | $1,108K | $1,210K | $1,195K | 11,902 | 7,229 | 8,997 |
| June | $1,089K | $1,145K | $1,182K | 11,052 | 6,424 | 7,481 |
| July | $1,061K | $1,073K | $1,118K | 9,338 | 4,871 | 5,250 |
| August | $1,070K | $1,079K | $1,082K | 8,550 | 5,591 | 5,281 |
| September | $1,135K | $1,086K | $1,119K | 9,010 | 5,008 | 4,642 |
| October | $1,155K | $1,087K | $1,125K | 9,743 | 4,930 | 4,646 |
| November | $1,162K | $1,079K | $1,082K | 8,979 | 4,534 | 4,236 |
| December | $1,157K | $1,051K | 6,013 | 3,117 | ||
| Annual | $1,095K | $1,189K | $1,132K | 121,639 | 75,140 | 58,367 |
Year-Over-Year Summary
| GTA | 2023 | 2022 | %age Change |
|---|---|---|---|
| Sales (All Home Types) | 4,236 | 4,507 | -6.0% |
| New Listings | 10,545 | 9,053 | 16.5% |
| Active Listings | 16,759 | 11,911 | 40.7% |
| Average Price | $1,082,179 | $1,079,420 | 0.3% |
| Average LDOM | 25 | 22 | 13.6% |
| Average PDOM | 39 | 33 | 18.2% |
Average Listing Days on Market (Avg. LDOM) refers to the average number of days sold listings were on the market. Average Property Days on Market (Avg. PDOM) refers to the average number of days a property was on the market before selling, irrespective of whether the property was listed more than once by the same combination of seller and brokerage during the original listing contract period.
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