The Toronto Regional Real Estate Board (TRREB) has published the sales figures for November. With 4,236 home sales reported, transactions were down 6.0% from last year. The higher cost of borrowing and uncertain economic conditions continue to influence the housing market.
Housing supply continued its upward trend in November. The 10,545 new homes listed for sale represent a 16.5% year-over-year increase. Active listings were up 40.7% to 16,759. Housing supply now sits at 4.0 months heading into December.
Preparing to sell your home? Explore these resources for informative insights.
- How Agent Performance Impacts Sellers in a Challenging Market
- Strategic Pricing When Selling Your Home
- How to Sell Your Home Without Losing Money
With more choice in the market, sales prices were essentially flat on a year-over-year basis, and down on a month-over-month basis. The average selling price of $1,082,179 represents a 0.3% increase from 2022, and a 3.9% decrease from October. The MLS Home Price Index (HPI) Composite Benchmark, which helps measure inflation in the market, was up 0.1% year-over-year (0% in Toronto).
The average sale took place in 25 days on market at 98% of the listing price with 70.9% of all transactions sitting between $600,000 and $1,500,000. Sales of homes over $2,000,000 accounted for 6.0% of the sales mix, down from 7.0% in October.
Looking at prices by housing type: detached homes sold for an average of $1,403,500, a year-over-year increase of 0.8% and a month-over-month decrease of 3.2%. The average price for semi-detached homes was $1,060,829 +2%/-3.8%), townhomes sold on average for $885,818 (-1.7%/-4.8%), and the average price of condos was $710,501 (+0.4%/+0%).
Seeking more strategic insights about home ownership? Consider these other posts from our blog.
- An Essential Guide to Property Values
- The Strategic Value of a Starter Home
- Why You Should Think Twice About Working With a Discount Agent
If buying or selling real estate is one of your plans for the New Year, or you are simply looking for professional insight on what is happening in your community, please speak to a member of our team. We are here to help.
From all of us at Christensen Real Estate Group, we wish you and your loved ones the very best in health and happiness in 2024!
For over 40 years, our clients have trusted us to minimize risk, offer unbiased opinions, and ensure their best interests are served. Contact us today to talk about your needs. Email us at info@christensengroup.ca or call 416-722-4723.
