November 2023 – GTA Housing Market News
Here is our quick market update for the Toronto Real Estate Board and Milton area.
In recent months, October stood out as the quietest period in about 25 years. With just a month remaining in 2023, transactions are anticipated to fall below 70,000, marking the lowest point since 2001 despite increased immigration rates. Factors like inflation and higher borrowing expenses have impacted affordability significantly. Yet, there’s a silver lining with fixed rates showing a downward trend, and predictions suggest the Bank of Canada might lower rates in the first half of 2024. As for November, sale prices remained largely unchanged compared to the previous year.
Re/Max Canada’s 2024 Predictions are out.
They anticipate that the prices are expected to rise 0.5% in 2024 across Canada
Halton Region
- Sellers / Balanced Market
- Prices up 4-12% depending on the location
- Transactions up 3-14% depending on the location
GTA 2024 predictions:
- Balanced / Buyer’s Market
- Prices down 3%
- Transactions up 10.4%
Top trends
- Condos seeing a lot of demand
- Due to affordability challenges, young buyers going in on homes with family members or renting longer than expected
By: Maggie Barnett
Milton Real Estate Market
The average price in Milton $1,041,949
Burlington Real Estate Market
The average price in Burlington $1,022,569
Oakville Real Estate Market
The average price in Oakville $1,572,012
