➕november 2023➕
Uncertain economic conditions and high borrowing costs continue to be barriers for many potential home buyers in Toronto, resulting in a decline in sales by 11% compared to November 2022.
On a somewhat positive note for buyers, home prices have adjusted from their peak, providing some relief in terms of affordability. However, market dynamics vary within different housing segments. Average selling prices for detached homes rose by 4%, and semi-detached homes saw a 3% increase. In contrast, average selling prices for townhomes declined by 3%, and the condo market segment witnessed a 2% decrease compared to November 2022.
Looking ahead, with mortgage rates expected to decrease in the coming year and a growing population, there is anticipation of increased demand relative to supply, ultimately leading to renewed growth in home prices.
Looking to buy or sell a home in Toronto? Average prices in November were as follows:
➕Detached $1,617,918 [+4% vs. 2022]
➕Semi-detached $1,217,811 [+3% vs. 2022]
➕Townhouse $962,335 [-3% vs. 2022]
➕Condo $720,280 [-2% vs. 2022]
Data presented is for City of Toronto Only. Source: TRREB.
