In November 2023, the GTA real estate market saw a decline in prices and volume compared to the previous month. While prices remained stable relative to last year, there was a notable 6% decrease in volume.
Condos maintained their value from the previous month, whereas the average price decrease was driven by low-rise homes. The overall decrease may reflect a broader trend of increased options for buyers, giving them more bargaining power.
Although active listings were still high relative to the last 2 years, that number was falling along with the number of new listings. If the seasonal decline of active listings continues and buyers gear up in expectation of an improving lending landscape, we might anticipate a significant increase in prices by Spring 2024.