Market Update: November 2023

Numbers are in for November 2023…how did the continued high borrowing costs and economic conditions affect the market this past month for real estate in the GTA? Home sales in November 2023 were down while listings were up from last year. even With more choice in the market, selling prices remained basically flat year-over-year. However, the market was down compared to October, which normal. Let’s dive into the numbers! November we had 4,236 sales which was 6% lower than last November and a 8.8% decrease from October . This is the lowest amount of activity we have seen in a November since 2008. Active listings were up 40.7% over the same period last year, but were down 14.2% compared last month. More choice in the market, gives buyers options which put downward pressure on price. Average price for this past month was 1.082M which was flat compared to last year, but represents a 3.9% decrease compared to October. Although the high interest rates have affected the market and Buyers have benefited, news of a slowing economy, stabilizing interest rates, and other economic factors has led to the bank of Canada to hint that rates will start to decrease as early as Q2 of next year,This could give some needed to relief to homeowners. However, will rate cuts see soaring home prices?   
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