NOVEMBER 2023 UPDATE: NAVIGATING THE GTA & DURHAM REGION REAL ESTATE MARKET

Welcome back to our monthly real estate market update for the Greater Toronto Area (GTA) and Durham Region. November 2023 has been a noteworthy month, witnessing continued impacts of high borrowing costs and uncertain economic conditions on the housing market. Let's delve into the latest developments:

GTA Market Insights:

• Sales Activity: November 2023 saw a decrease in home sales in the GTA, with REALTORS® reporting 4,236 sales through TRREB’s MLS® System – a 6 percent decline compared to November 2022. This downturn is primarily attributed to inflation and the impact of elevated borrowing costs on affordability.

• New Listings: In contrast to the drop in sales, the number of new listings in November 2023 rose by 16.5 percent year-over-year, providing more choice in the market. Despite this increase, the average selling prices remained largely unchanged from the previous year, demonstrating a balance in the market.

• Average Selling Price and MLS® HPI: The average selling price in November 2023 stood at $1,082,179, showing minimal change from November 2022. The MLS® Home Price Index Composite benchmark also remained flat, with a slight month-over-month decrease of 1.7 percent.

Short and Medium-Term Outlook: TRREB President Paul Baron highlighted the potential relief on the horizon, with forecasters anticipating Bank of Canada rate cuts in the first half of 2024. This could alleviate affordability issues and stimulate demand in the housing market.

Durham Region Insights:

• Average Home Price: The Durham Region reported an average home price of $883,115 in November 2023, reflecting the region's continued appeal for homebuyers.

• Sales Activity: The region saw 540 home sales in November, indicating a stable demand in the face of broader economic conditions.

• New Listings and Days on the Market: There were 1,262 new listings in the Durham Region, with homes spending an average of 19 days on the market, showcasing a still active but slightly slowing market.

Looking Ahead: The real estate market in the GTA and Durham Region continues to adapt to the changing economic landscape. With policies aimed at improving housing affordability and forecasts of lowering mortgage rates, the market is poised for potential shifts in demand and supply dynamics.

Stay tuned for our future updates as we keep you informed on the latest trends and insights in the GTA and Durham Region real estate markets. Your journey in real estate investment, buying, or selling awaits!

STATS PROVIDED FROM TRREB & INDEPENDENT REPORTING COMPANY RE STATS INC. INFORMATION IS DEEMED RELIABLE BUT NOT GUARANTEED. DOES NOT REFLECT ALL MARKET ACTIVITY. DATA MAY VARY BY 2.5%