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November 2023 Real Estate Market Update

November 2023 Real Estate Market Update

November saw little change in the average Greater Toronto Area home price year-over-year, ending the month at $1,082,179, up just 0.3%.

Examining individual asset classes, the semi-detached market remains stalwart in price stability, maintaining a sales price within a $42,000 band since July. November’s average sales price of $1,060,829 reflects a 2% yearly gain.

In the detached market, monthly losses led to an average sales price of $1,403,500, which is still $61,652 above the lows of January.

The condo sector remains the most active, with a 50% yearly increase in inventory. However, values remain flat on a yearly comparison.

Sales were down 6% from November 2022, while new listings and active listings were up 16.5% and 40.7%, respectively, from last year’s trough in supply. Months of inventory at the end of November was 4 months, which is indicative of a balanced market, giving buyers more leverage and resulting in stagnant price growth. However, the likelihood of this opportune period lasting for an extended duration appears low.

Since November, the surge in inventory appears to have slowed, possibly due to winter seasonality or subdued buyer and seller activity amid heightened borrowing costs.

Looking to 2024, economists are speculating the Bank of Canada may cut interest rates as early as spring. Lower rates would help alleviate affordability issues for existing homeowners and those looking to enter the market. But as demand increases relative to supply, this will lead to a renewed growth in home prices.

In fact, it could happen in as little as two months, as it did last spring. It was just 10 months ago when the Bank of Canada’s premature rate pause inspired home-buying enough to drive prices $74,167 higher in two months and $116,840 higher in just four months. Part of that rise was because of a change in the types of homes purchased — what economists call the “composition effect” — but the point remains: low interest rates and low prices attract high demand.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in November. If you live or are interested in obtaining real estate data on another neighbourhood, contact Clare Tattersall at 647-625-3282 or clare@realtorontowest.com.

Alderwood
Average Home Price: $1,315,000
Number of Homes Sold: 7
Average Days on Market: 22

In the community of Alderwood, 7 homes sold in November 2023, representing an increase of 2 homes from the same month last year. The average selling price for homes rose by 32.7% to $1,315,000 in November 2023, from $991,200 a year earlier. This significant percentage change may be partially attributed to sales of higher end homes in November 2023. Bungalows (4) accounted for more than half of all sales. Average days on market decreased to 22 days from 23 days year-over-year.

Average home prices for Alderwood for Q3 of 2023 are available here.

Islington-City Centre West
Average Home Price: $1,388,364
Number of Homes Sold: 11
Average Days on Market: 23

In the community of Islington-City Centre West, 11 homes sold in November 2023, representing an increase of 3 homes from the same month last year. The average selling price for homes fell by 0.5% to $1,388,364 in November 2023, from $1,395,688 a year earlier. Bungalows (7) accounted for two-thirds of all sales. Average days on market increased to 23 days from 17 days year-over-year.

Overall Average Condo Price: $637,853
Total Number of Condos Sold: 34
Average Days on Market: 30

In the community of Islington-City Centre West, 34 condominium apartments sold in November 2023, representing an increase of 16 units from the same month last year. The overall average selling price rose by 2.9% to $637,853 in November 2023, from $619,751 a year earlier.

The average selling price for one-bedroom, one-bathroom condominium apartments fell by 10.5% to $497,296 in November 2023, from $555,840 in November 2022. Average days on market decreased to 24 days from 29 days over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments rose by 5% to $681,875 in November 2023, from $649,250 in November 2022. Average days on market increased to 35 days from 21 days over the same time period.

Average home prices for Islington-City Centre West for Q3 of 2023 are available here.

Long Branch
Average Home Price: $1,312,500
Number of Homes Sold: 2
Average Days on Market: 7

In the community of Long Branch, 2 homes sold in November 2023, representing a decrease of 5 homes from the same month last year. The average selling price for homes fell by 9.2% to $1,312,500 in November 2023, from $1,444,643 a year earlier. Sales were comprised of a three-storey townhouse and a two-storey detached home. Average days on market decreased to 7 days from 30 days year-over-year.

Average home prices for Long Branch for Q3 of 2023 are available here.

Mimico
Average Home Price: $1,199,167
Number of Homes Sold: 6
Average Days on Market: 19

In the community of Mimico, 6 homes sold in November 2023, representing a decrease of 4 homes from the same month last year. The average selling price for homes rose by 6.7% to $1,199,167 in November 2023, from $1,124,350 a year earlier. Two-storey detached homes (4) accounted for more than half of all sales. Average days on market decreased to 19 days from 26 days year-over-year.

Overall Average Condo Price: $746,309
Total Number of Condos Sold: 30
Average Days on Market: 26

In the community of Mimico, 30 condominium apartments sold in November 2023, representing a decrease of 7 units from the same month last year. The overall average selling price for condominium apartments fell by 1.7% to $746,309 in November 2023, from $759,221 a year earlier.

The average selling price for one-bedroom, one-bathroom condominium apartments fell by 3.2% to $561,163 in November 2023, from $579,400 in November 2022. Average days on market decreased to 27 days from 43 over the same time period.

The average selling price for two-bedroom, two-bathroom condominium apartments rose by 17.3% to $885,000 in November 2023, from $754,444 in November 2022. Average days on market decreased to 18 days from 31 days over the same time period.

Average home prices for Mimico for Q3 of 2023 are available here.

New Toronto
Average Home Price: $845,000
Number of Homes Sold: 2
Average Days on Market: 17

In the community of New Toronto, 2 homes sold in November 2023, representing a decrease of 9 homes from the same month last year. The average selling price for homes fell by 40.6% to $845,000 in November 2023, from $1,421,769 a year earlier. This significant percentage change may be partially attributed to sales of higher-end homes in November 2022. In November 2023, bungalows accounted for all sales. Average days on market decreased to 17 days from 27 days over the same time period.

Average home prices for New Toronto for Q3 of 2023 are available here.

Stonegate-Queensway
Average Home Price: $1,342,000
Number of Homes Sold: 4
Average Days on Market: 14

In the community of Stonegate-Queensway, 4 homes sold in November 2023, representing a decrease of 7 homes from the same month last year. The average selling price for homes fell by 20.4% to $1,342,000 in November 2023, from $1,686,091 a year earlier. This significant percentage change may be partially attributed to sales of higher-end homes in November 2022. Sales were comprised of three-storey townhomes (2), a bungalow and a two-storey detached home in November 2023. Average days on market increased to 14 days from 12 days over the same time period.

Average home prices for Stonegate-Queensway for Q3 of 2023 are available here.

Overall average condo price includes all condo apartment configurations. One-bedroom condos include one bathroom only. Two-bedroom condos include two bathrooms only.