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
202120222023202120222023
January$966K$1,242K$1,037K (BOTTOM)6,8875,5933,087
February$1,044K$1,334K (PEAK)$1,096K10,9259,0284,754
March$1,097K$1,298K$1,108K15,62710,8646,876
April$1,090K$1,250K$1,153K13,6137,9417,501
May$1,108K$1,210K$1,195K11,9027,2298,997
June$1,089K$1,145K$1,182K11,0526,4247,481
July$1,061K$1,073K$1,118K9,3384,8715,250
August$1,070K$1,079K$1,082K8,5505,5915,281
September$1,135K$1,086K$1,119K9,0105,0084,642
October$1,155K$1,087K$1,125K9,7434,9304,646
November$1,162K$1,079K$1,082K8,9794,5344,236
December$1,157K$1,051K6,0133,117
Annual$1,095K$1,189K$1,132K121,63975,14058,367

Year-Over-Year Summary

GTA20232022%age Change
Sales (All Home Types)4,2364,507-6.0%
New Listings10,5459,05316.5%
Active Listings16,75911,91140.7%
Average Price$1,082,179$1,079,4200.3%
Average LDOM252213.6%
Average PDOM393318.2%

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.

Planning to Sell Your Mississauga & Area Property?

Need a consultation for Selling Your Home or Condo in the current market? Simply pick up the phone and give us a call at 905-339-5111 for a Free Seller Session & Home Evaluation.

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If you are planning to buy your first home, invest in real estate, buy a builder new condo or home, buy a property with basement apartment or if you are ready to downsize, Team Kalia is just a phone call away!

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Take Advantage of Our Experience since 2003!

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Take advantage of our superior selling to asking price ratio and fewer number of days on market to net more dollars in your pocket and to sell your home faster.

We serve Mississauga, Milton, Brampton, Oakville, Burlington, Hamilton, Kitchener-Waterloo-Cambridge, York, Durham, Toronto and other markets in & around the GTA, based on client requirement.

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