November 2023 - Almost the same as last year...
Almost the same! That's certainly true for the November TRREB overall average sale price which came in just a few thousand dollars above the 2022 number.
The difference comes when you compare Toronto-only detached and semi-detached averages (up 4% and 3% respectively) to downtown hi-rise condos in C01 west of Yonge VS those in C08 east of Yonge (lower by -7% and -2% respectively).
Projecting ahead to the end of December, annual TRREB sales are likely to not exceed 66,000 houses and condos combined. That will make 2023 the slowest year since the year 2000.
The only bright light, and a weak one at that, is the possibility of mortgage rates beginning a slight decline sometime in the late spring to early summer of 2024.
There will for sure be some bargains to be had in our ongoing real estate buyer's market over the next several months.
My best wishes to you and your families during our upcoming holiday season. Stay safe and hugs to all :).
Thomas
NOVEMBER 2023 Toronto Real Estate Market Report
Here’s a ‘highlights’ summary of the significant real estate milestones across the entire Toronto Real Estate Board territory and in the City of Toronto specifically for NOVEMBER 2023 as we nearly close out this year’s real estate market.
Across the entire TRREB Board, NOVEMBER sales (4,236) were -7% below last year and, AGAIN, were the lowest for the month since the year 1999
Active Listings (16,759) however were +41% above those in November 2022
The ratio of sales-to-listings were steady at 25% in November – in a ‘neutral’ or even buyer market territory
The November average sale price came in at $1,082,179– basically flat over the last 10 months (the YTD average so far this year is $1,118,356) and identical to one year ago
The GTA real estate market ‘velocity’ overall slowed to 25 days-on-market
Detached home sales in November 2023 with a purchase price over $2,000,000 were down by -8% (228 houses) while condo apartment sales over $2M were down by -12% (15 suites) compared to November 2022
The CONDO townhouse / highrise share of the overall market was steady at 6% during the month and all condo-type sales (1,545) dropped by -7% from 2022
In the City of Toronto only, detached house sales (461) dropped by -15% from 2022 while the average detached sale price ($1,617,918) was up by +4%
Similarly, November Toronto semi-detached sales (168) decreased by -1% year-over-year while the average semi sale price ($1,217,811) increased by 3%
Downtown condo active listing numbers were up big time… an increase of 53% in C01 and by 84% in C08 from last year
November year-over-year downtown condo sales decreased in C01 (-19%) and were lower in C08 (-14%) compared to 2022 with 3-month rolling average Y-O-Y sale prices showing declines of -7% in C01 and -2% in C08
The downtown condo days-on-market average slowed to between 27 & 29 days in both C01 and C08
The November ratio of sales-to-listings for high-rise condos downtown remained steady in buyer market territory in both C01 (15%) and in C08 (14%), defined mainly by the huge increase in condo suite inventories
In the Toronto hi-rise rental market 3rd quarter, listings increased by 22% while the number of leased units increased by 8% but still left over 30% of inventory available for rent
In the 905 districts, November saw average detached home prices flat compared to 2022 while condo apartment prices in the 905 districts were up 6% compared to last year. Sales here showed contrasts (-5% houses / -1% condos) from one year ago
Thomas@LivingInToronto.com
647-962-1650