Dear Clients,
Winter is upon us with the holidays and the New Year fast approaching. This will be my final monthly residential real estate update before my year end review in early 2024.
This past November saw 4,236 sales, a 6% decline compared to November 2022. Sales were down on a year-over-year basis, while listings were up 40.7% from last year’s limited supply. With more choice in the market, the average selling price remained flat at $1,082,179 in comparison to November 2022.
Inflation and elevated borrowing costs has affected housing affordability. However, it does appear relief is on the horizon, an increasing number of economic forecasters are anticipating Bank of Canada rate cuts could come as early as the first half of 2024. Lower rates will help alleviate affordability issues for existing homeowners and those looking to enter the market.
The Toronto Regional Real Estate Board's Chief Market Analyst Jason Mercer has stated that prices have adjusted down from their peak and is providing some relief for buyers. However, Jason is predicting a renewed growth in home prices as mortgage rates begin to trend lower in 2024 and as our population continues to grow at a record pace.
Anytime there is a shift or change in a market opportunities present themselves. Whether you are a buyer, seller, investor or simply waiting to see what happens, it is important to stay engaged and educated on current real estate market conditions. As soon as you step away an opportunity could be missed. I am here to help navigate and address any real estate questions you have.
Have a fantastic holiday season and I look forward to connecting with you soon.
Kind Regards,
Chris Gregoris