Navigating November: Key Insights from GTA Real Estate Market

As we approach the end of the year, it’s time to dive into the November market snapshot for the Greater Toronto and Hamilton Area (GTHA). With the Bank of Canada holding rates steady and a general slowdown in showings, let’s explore the trends and data that shaped the real estate market last month.

Overall Market Trends

November witnessed a continuation of the BoC’s decision to hold rates, impacting the real estate market’s dynamics. As the year winds down, a typical seasonal downward trend in activity is observed. Interestingly, despite the slower pace, multiple offers are still prevalent in certain neighbourhoods.

Decrease in Inventory

The Greater Toronto Area saw a notable decrease in inventory. This reduction is largely attributed to suspensions, cancellations, and expiries of listings. However, a silver lining appears with an anticipated slight surge in inventory starting from mid to late January.

Area-Specific Highlights

Freehold Unit Sales

In the realm of freehold units, November brought some surprises. The top two cities experiencing an increase in freehold unit sales, compared to October, were Aurora and East Gwillimbury.

Condo Apartment Sales

Condo apartments also saw a shift in momentum. The cities leading this change with increased sales were Brampton and Clarington.

In-Depth Market Analysis

Let’s take a closer look at the overall GTA market across all home types for November.

Freehold Market Overview

  • Total Sales: There were 2,666 freehold sales, marking an 8% decrease from October.
  • Average Days on Market: Properties took an average of 22 days to sell.
  • Sales Increase: 37% of GTA areas saw more sales than in October.
  • Price Trends: 38% of areas experienced an increase in average sale price.
  • Sales at or Above Asking Price: 29% of sales achieved this milestone.

Condo Apartment Market Overview

  • Total Sales: The market recorded 1,115 condo sales, 12% fewer than in October.
  • Average Days on Market: Condos averaged 29 days on the market before selling.
  • Sales Increase: 36% of GTA areas witnessed a rise in condo sales.
  • Price Trends: A more significant 48% of areas saw an increase in average sale price for condos.
  • Sales at or Above Asking Price: 20% of condos sold at or above the asking price.

Final Thoughts

As we gear up for the holiday season and the new year, it’s an opportune time to reflect on the trends and prepare for what 2024 has in store. The real estate market, ever dynamic, continues to provide interesting insights, and we’ll be here to analyze and report on these changes.

This is the TanTeam signing off for the holiday season – we’ll still be around, so don’t hestitate to call in to say hi! Let’s stay connected and informed as we navigate these evolving market conditions, wishing you a fantastic upcoming 2024!

The TanTeam Editorial

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