November 2023 Key Takeaways:
- Average sale price is starting to trend downward month over month although still flat compared to where we were last year.
- Last month's hike in home sales was more of a moment as sales are down month over month 13% and 11% year over year.
- Key metric here is inventory which is continuing to have a steady decline in new homes coming to market month over month.
- The Bank of Canada held rates again signaling that their efforts of slowing down the economy are working and experts are anticipating rates to actually start coming down by Q2/3 2024.
- Expect the market to continue cooling in the coming couple months as the holidays are typically one of the slowest times of the year and most buyers and sellers are now looking at seeing what the new year brings.
- As of the end of November, Toronto Freeholds are sitting at 3.3 Months Of Inventory (Balanced Market) and Toronto Condos are sitting at 5.5 Months Of Inventory (Creeping into Buyer's Market territory).
Data below.
*I intentionally like to keep these reports short and straightforward. If you have questions about any specific aspect of the market or want me to expand on the data shared, please reach out.
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