November 2023 Market Overview

Wow, a real shocker as buyers reaffirm the strength of the Toronto real estate market! Toronto realtors sold 4236 homes, a similar amount to the previous November, and the average home price was only down 2% from November 2022! Given the high interest rates and predictions of home prices falling drastically, the November numbers prove that the Toronto real estate market is extremely strong!

These numbers reaffirm the strong desire people have to own their own home, confidence in the economy and the long term confidence of the real estate market.

In November, homes sold in all price ranges (256 homes sold over $2,000,000) and categories, (62.5% single-family homes and 37.5% being condominiums). The listing stock is at 16,759, approximately four months’ worth of inventory. This is an excellent opportunity to get into the market. Buyers are able to see several homes in their price range and gives them an opportunity to negotiate on price and terms, something they have not been able to do in the past when the inventory of homes for sale was limited.

I truly believe this is a great time to get into the market if one has the means to do so. Some people will be triggered to get into the market once they feel confident interest rates will not go up. Others will be triggered when interest rates start to drop. As prices start to increase even more buyers jump in so as not to miss their opportunity.

The longer the delay, the more buyers will jump into the market which cause limited supply, choice and rising prices.

If you are considering buying or upgrading your current home, or buying an investment property, there are great opportunities available. If you want to help your children get a start in the real estate market, or get a place near their university, todays condominiums might be the answer for you. Give me a call, lets chat to see if now is the best opportune time for you, no obligation! After all, you have a friend in real estate!

Best wishes in the holiday season!