Hello and thank you for visiting my site.
Not many properties changed hands during the month with less than 100 property sales and 50 lease transactions. Yet consumers are still moving and there are currently 400 homes and condo's available for sale. And most people looking have some choice with many neighbourhoods and streets experiencing a buyers market. ie. having more than one option.
Forty-five of the November sales were for detached 2 storey homes which had an average sale price of $1,988,267. Year over year that is down less than 1%.
Bungalows average sale price was $1,325,818 almost 14% below November 2022.
Condo apartment sales averaged more than double the figure of a year ago with an average sale price of $1,532,000. Four of the 19 apartment sales achieved over $2,000,000 and two of those sold above $4.5 million. Henceforth the big year over year jump.
As I write this article it is interesting to note that the stock market has rebounded over the last few days. I expect this roller coaster ride will continue into 2024. As long as consumer equity at the end of the day is on a positive upward trend, then that will be good for real estate.
It looks like interest rates will hold their current levels into the first half of 2024. This should give some confidence to some perspective buyers in the new year to continue on with their housing plans and go ahead and make a move that they would like to make. First time buyers will likely hold off until interest rates start to fall which may not occur until the end of next year and into 2025. Move up and move down buyers and sellers can continue on with their plans at the start of 2024.
I would be happy to answer any questions that you may have. Feel free to contact me at 905-330-9197.
