On this page, you can find VIP Condos Toronto's summary of the Toronto Regional Real Estate Board (TRREB)'s November 2023 real estate market watch, with info on prices & trends in the region's housing market. VIP's report will provide information such as an overall real estate market outlook, updates & news from November 2023 - as well as specific info on both condo and home prices in the GTA. TRREB Chief Market Analyst Jason Mercer discusses how higher borrowing costs have led to a refinement of home prices, which has in turn provided buyers with more options regarding affordability. Between continued population growth and an anticipated lowering of mortgage rates next year, increased demand in 2024 is expected to yet again lead to increases in home prices.

Real Estate Market Watch: Residential Transactions

• 4,236 residential home transactions took place in November 2023, down from 4,507 in November 2022 - a decrease of 6%.
• There was a 5% decrease in the number of purchases from October 2023 (4,851) to November 2023 (4,932).

November 2023 Real Estate News: Average Selling Prices

• The average sale price for November 2023 was $1,082,179. This is an increase of 0.3% from November 2022, when it was $1,079,420.
• The average price for homes in the Greater Toronto Area saw a 2.2% decrease compared to the previous month (from $1,128,412 to $1,104,062).

 

Monthly Market Update: New Listings

• There were 10,545 listings available for November 2023, which is a 16.5% increase from November 2022 (when there were 9,053).
• The sales-to-listings ratio has decreased by 10% from November 2022, from 50% to 40%.

 

Real Estate Market Watch for November 2023: Days On The Market

• The average property spent 39 days on the market, compared to 32 last year - an increase of 18.2%.
• Listings spent an average of 25 days on the market, which is a 13.6% increase from this month last year (when they also spent an average of 22).

   

Click Here To Read TRREB's November 2023 Real Estate Market Watch Report for Both Homes and Condos

  In order for you to use these monthly market updates to your advantage, our informative guide for buying pre-construction properties can be found under the Resources tab in the top right corner of this page. It will answer common questions such as:

• How do I get my down payment?
• Can I use my RRSP for my down payment?
• Principal Residence Exemptions
• What type of home or mortgage can I afford?
• Which incentives are available for first-time buyers?
• What is a PDI?
• What are the pros & cons of buying or selling an assignment before closing?

We at VIP Condos are pleased to offer further information regarding outlooks & prices in the GTA's home & condo markets - both for November 2023 and beyond. Check out our full series of real estate market watch reports, as well as our home & condo market outlook for 2023.

This guide is for general informational purposes and does not constitute legal, financial, or tax advice. Every situation is different — always consult a licensed real estate professional, lawyer, and tax advisor before making any decisions.

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Create your free, secure account at www.VIPCondosToronto.net for full MLS access, real-time sold data, and VIP pre-construction pricing and floor plans — the same tools our team uses every day.

For personalized advice on your specific Toronto buying or selling situation, contact Frank Merigliano and the VIP Condos Toronto team directly:

• Phone: 416-885-0172

• Email: frank@vipcondostoronto.net

• Web: www.VIPCondosToronto.net

Frank Merigliano, Team Leader / Sales Representative, VIP Condos Toronto, RE/MAX PREMIER INTERNATIONAL INC., Brokerage — licensed since 1993, with RE/MAX since 1995, and a Top 50 RE/MAX team in Canada since 2015.