Real Estate Market in Review – November 2023: Home sales volume across detached, semi-detached and condo apartment segments was down -11.2% from the same time last year. Year-over-year, there was a 16% decrease in new listings, and a +2% increase in average home prices in the City of Toronto.

Comparing price performance in the City vs the GTA: for detached, semi-detached and condo apartments combined, the average price in the City was 11% higher last month vs. GTA.

On December 6, the Bank of Canada announced the overnight rate would hold steady at 5%, for the third consecutive meeting. Variable rate mortgages will therefore remain unchanged. Noting ongoing concern for the inflation outlook, the BoC stated that it is prepared to raise the policy rate further if needed. The next announcement is scheduled for January 24, 2024.

Here are the numbers for November:

Desirable location, premium quality, thoughtful staging, strategic preparation and professional support all add up to a formula for success in the current landscape.

With all the recent shifts in the market, it is crucial to have an informed approach for selling and buying as we head into 2024. Contact me anytime, so we can discuss your unique needs and opportunities.