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SO&Co.: Exploring the Toronto Real Estate Market Update

As the temperatures cool down, so do the real estate sales figures. Welcome to another Toronto Real Estate Market Update, where we delve into the November statistics. I'm Britt Huggins, a Toronto real estate agent,...

As the temperatures cool down, so do the real estate sales figures. Welcome to another Toronto Real Estate Market Update, where we delve into the November statistics. I'm Britt Huggins, a Toronto real estate agent, and I'm here to provide you with all the information you need to stay up-to-date in the market.

Toronto Real Estate Market Update

In November 2023, sales were down 6% compared to the previous year, totaling 4,236 transactions. However, there was a significant increase in listings, with a nearly 41% rise compared to last year. This surge in listings has helped to dissolve the inventory issues we faced earlier. Despite these changes, the average price of a home in the Greater Toronto Area (GTA) remained consistent with last year, selling at $1,082,179.

Easing Housing Affordability

Housing affordability has been heavily impacted by inflation and increased borrowing costs. However, there is hope on the horizon. Economic forecasters are anticipating that the Bank of Canada will cut rates in the first half of 2024. This potential rate reduction could provide much-needed relief for homeowners and potential buyers alike.

Jason Mercer, the chief market analyst of the Toronto Regional Real Estate Board, predicts that a decrease in rates will put pressure on pricing once again. The ever-growing population of Toronto continues to contribute to the demand for housing, making it a promising market for both buyers and sellers.

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Market Stats by Region

Let's take a closer look at how the real estate market is performing in various regions across the GTA, including Toronto, Mississauga, Oakville, Durham Region, York Region, and Brampton.

GTA Real Estate Market Stats

In November 2023, the average sale price of all home types in the Greater Toronto Area (GTA) was $1,129,012 (year-to-date), representing a 5.6% decrease compared to the previous year. However, the year-over-year average price in the GTA remained relatively stable, with a slight increase of 0.3% to $1,082,179. Condo prices also saw a slight increase of 0.3%, with an average price of $710,501. The number of condo sales in November was slightly down by 6%, reaching 1,212.

SO&Co. - GTA GTA Real Estate Market Stats

Toronto Real Estate Market Stats

In November 2023, the average sale price of all home types in Toronto was $1,099,033 (year-to-date), representing a 4.1% decrease compared to the previous year. However, the average year-over-year price in Toronto remained consistent with last year at $1,051,180. Condo prices in Toronto saw a 2% decrease year-over-year, with an average price of $720,280. The number of condo sales in November experienced an 8.2% decrease, with 825 condos sold.

SO&Co. - Toronto Toronto Real Estate Market Stats

Mississauga Real Estate Market Stats

In November 2023, the average sale price of all home types in Mississauga was $1,063,198 (year-to-date), representing a 5.3% decrease compared to the previous year. The average year-over-year price in Mississauga saw a 2.8% decrease, reaching $993,352. However, condo prices in Mississauga experienced an 8.2% increase year-over-year, with an average price of $649,756. The number of condo sales in November was down by 10.2%, with 106 condos sold.

SO&Co. - Mississauga Mississauga Real Estate Market Stats

Oakville Real Estate Market Stats

In November 2023, the average sale price of all home types in Oakville was $1,538,644 (year-to-date), representing a 5.6% decrease compared to the previous year. However, the average year-over-year price in Oakville saw a significant increase of 12.5% to $1,572,012. Condo prices in Oakville experienced a substantial 85.8% increase year-over-year, with an average price of $1,335,092. The number of condo sales in November saw a 4.2% increase, with 25 condos sold.

SO&Co. - Oakville Oakville Real Estate Market Stats

Durham Region Real Estate Market Stats

In November 2023, the average sale price of all home types in the Durham Region was $940,468 (year-to-date), representing an 8.7% decrease compared to the previous year. The average year-over-year price in the Durham Region saw a 1.1% decrease, reaching $883,115. Condo prices in the Durham Region, however, experienced a 2.9% increase year-over-year, with an average price of $572,737. The number of condo sales in November saw a 9.4% increase, with 35 condos sold.

SO&Co. - Durham Region Durham Region Real Estate Market Stats

York Region Real Estate Market Stats

In November 2023, the average sale price of all home types in the York Region was $1,342,367 (year-to-date), representing a 3.8% decrease compared to the previous year. The average year-over-year price in the York Region saw a 1.8% decrease, reaching $1,286,617. Condo prices in the York Region also experienced a 1.8% decrease compared to last year, with an average price of $680,416. The number of condo sales in November saw a 12% increase.

SO&Co. - York Region York Region Real Estate Market Stats

Brampton Real Estate Market Stats

In November 2023, the average sale price of all home types in Brampton was $1,053,767 (year-to-date), representing a 10.6% decrease compared to the previous year. However, the average year-over-year price in Brampton saw a slight increase of 0.3%, reaching $1,002,482. Condo prices in Brampton experienced a 3.9% increase year-over-year, with an average price of $550,421. The number of condo sales in November saw a 5% decrease, with 19 condos sold.

SO&Co. - Brampton Brampton Real Estate Market Stats

Get in Touch Today!

If you have any unanswered questions or if you're interested in buying, selling, or investing in the real estate market, our seasoned team of Toronto real estate agents is here to help. Don't hesitate to reach out to us and discuss your goals further.

Remember, the Toronto real estate market is constantly evolving, and staying informed is key to making informed decisions. Trust the experts at SO&Co. to guide you through the exciting world of real estate.

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