Market Update: November 2023

Another year has almost come and gone! With the holidays and 2024 just around the corner, here is our last GTA real estate market update for the year.

Sale Prices Remain High Despite Housing Demand

While the number of individual sales in October were down both year-to-year (5.8% from 2022) and month-to-month compared to September, the average sale price of a home in the GTA was still up by 3.5% from last year. Meanwhile, new listings were up considerably compared to October of last year, but were slightly down from September.

According to the TRREB, while “record population growth and a relatively resilient GTA economy” was responsible for keeping demand high, a lot of that demand was “pointed at the rental market” due to high borrowing costs and uncertainty regarding interest rates.

Home Prices Still Low Compared to Record High of 2022

The TRREB noted the consistently high prices in October were due to strong competition for buyers in October. With that said, TRREB Chief Market Analyst Jason Mercer noted that prices are still low compared to historic highs last year: “…[H]ome prices remain well-below their record peak reached at the beginning of 2022, so lower home prices have mitigated the impact of higher borrowing costs to a certain degree.”

Alongside a steady high demand for housing, mortgage costs continue to remain an obstacle for many buyers. TRREB President Paul Baron noted that “[w]hen mortgage rates start trending lower, home sales will pick up quickly.”

The Vetere Team is here for you

Remember, whether you’re buying or selling, we can help you with any of your real estate needs. Don’t hesitate to contact us today with any questions you may have!

SHARE THIS:

Facebook
Twitter
LinkedIn
Reddit

REALTOR®, REALTORS®, and the REALTOR® logo are certification marks that are owned by REALTOR® Canada Inc. and licensed exclusively to The Canadian Real Estate Association (CREA). These certification marks identify real estate professionals who are members of CREA and who must abide by CREA’s By-Laws, Rules, and the REALTOR® Code. The MLS® trademark and the MLS® logo are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association (CREA), who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy. This website is operated by a brokerage or salesperson who is a member of The Canadian Real Estate Association. The listing content on this website is protected by copyright and other laws, and is intended solely for the private, non-commercial use by individuals. Any other reproduction, distribution or use of the content, in whole or in part, is specifically forbidden. The prohibited uses include commercial use, “screen scraping”, “database scraping”, and any other activity intended to collect, store, reorganize or manipulate data on the pages produced by or displayed on this website.