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 
City of Toronto$1,617,918$1,217,811$890,822$720,280
GTA Monthly Statistics as per TRREB Reports

Avg. Price

Home Sales
January$966K$1,242K$1,037K (BOTTOM)6,8875,5933,087
February$1,044K$1,334K (PEAK)$1,096K10,9259,0284,754

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.

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