Hello! Here is the November 2023 real estate market update
Mississauga and GTA real estate market continued to be slow in October 2023.
It was as slow as September 2023.
Number of sales in October 2023 was 5.8% lower than in October 2022.
The average home price was still higher by 3.5%! comparing to October of 2022.
Sales were lower in all categories.
The biggest drop (-11.5%) in sales was in townhouse category, in both 416 and 905 area.
Please have a look below
Source: Market Watch, TRREB
The number of sales in Mississauga and GTA was lower than in October of last year.
The average home price was higher by 3.5% comparing to October of last year, and in terms of dollars it was $38,338 higher.
The average home price, comparing to the previous month went up by $6,500.
Please have a look below.
Source: Market Watch, TRREB
The real estate market was slow in October 2023.
The average home price was a bit higher than in October of last year, and also a bit higher than in September of 2023.
Fixed posted mortgage interest rates were stable but discounted rates were mixed. The prime rate is still 7.2%.
~ T h i s M o n t h ~
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Mississauga & GTA Real Estate Market Watch
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Current Interest Rates
GTA Realtors® Release October 2023 Stats
TORONTO, ONTARIO, November 2, 2023 – Lack of affordability and uncertainty remained issues for many would-be home buyers in the Greater Toronto Area (GTA) in October 2023. As a result, sales edged lower compared to last year. However, selling prices remained higher than last year’s levels.
“Record population growth and a relatively resilient GTA economy have kept the overall demand for housing strong. However, more of that demand has been pointed at the rental market, as high borrowing costs and uncertainty on the direction of interest rates has seen many would-be home buyers remain on the sidelines in the short term. When mortgage rates start trending lower, home sales will pick up quickly,” said TRREB President Paul Baron.
REALTORS® reported 4,646 GTA home sales through TRREB’s MLS® System in October 2023 – down 5.8 per cent compared to October 2022. On a month-over-month seasonally-adjusted basis, sales were also down in comparison to September.
New listings in October 2023 were up noticeably compared to the 12-year low reported in October 2022, but up more modestly compared to the 10-year average for October. New listings, on a seasonally-adjusted basis, edged slightly lower month-over-month compared to September 2023.
The October 2023 MLS® Home Price Index Composite benchmark and the average selling price were both up on yearover-year basis, by 1.4 per cent and 3.5 per cent respectively. On a seasonally adjusted basis, the MLS® HPI Composite benchmark edged lower compared to September 2023 while the average selling price remained at a similar level. Both the MLS® HPI Composite benchmark and average price remained above the cyclical lows experienced at the beginning of 2023.
“Competition between buyers remained strong enough to keep the average selling price above last year’s level in October and above the cyclical lows experienced in the first quarter of this year. The Bank of Canada also noted this resilience in its October statement. However, home prices remain well-below their record peak reached at the beginning of 2022, so lower home prices have mitigated the impact of higher borrowing costs to a certain degree,” said TRREB Chief Market Analyst Jason Mercer.
“In the current environment of extremely high borrowing costs, it is disappointing to see that there has been no relief for uninsured mortgage holders reaching the end of their current term. If these borrowers want to shop around for a more competitive rate, they are still forced to unrealistically qualify at rates approaching eight per cent. Following their most recent round of consultations, the Office of the Superintendent of Financial Institutions should have eliminated this qualification rule for those renewing their mortgages with a different institution,” said TRREB CEO John DiMichele.
Source: Market Watch, TRREB
Mississauga & GTA Home Sales
October 2022 - October 2023 Comparison
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Average home price was up by $38,338, number of sales was down by 284 units, time to sell a home was 1 day shorter.
Mississauga & GTA Home Sales
September 2023 - October 2023 Comparison
Average home price was higher by $6,500, number of home sales was higher by 4 units, time to sell was 2 days longer.
Current Interest Rates
Rates quoted by Invis Canada are subject to change up↑ or down↓ without notice.
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Quote of the Month It doesn't matter how slowly you go as long as you do not stop. ~ Confucius ~ |
Sales and Average Price Up in Calendar Year 2013
January 6, 2014 – Greater Toronto Area REALTORS® reported 4,078 residential
transactions through the TorontoMLS system in December 2013 – up by almost 14 per cent
compared to 3,582 sales reported in December 2012. New listings entered into the
TorontoMLS system were down by almost four per cent over the same period.
Total sales for calendar year 2013, at 87,111, were up by approximately two per cent
compared to 85,496 transactions in calendar year 2012.
“After a slow start to the year, sales growth accelerated to a brisk pace in the second half
of 2013. Despite the inclement weather in December, we finished the year with a
respectable gain in transactions compared to 2012. Looking forward, I believe that home
ownership in the GTA will remain affordable as borrowing costs stay low. The result could
be a further increase in sales in 2014,” said Toronto Real Estate Board President Dianne
Usher.
“The average selling price will be up again in 2014 and by more than the rate of inflation.
The seller’s market conditions that drove price growth in the second half of 2013 will
remain in place in many parts of the GTA. Some neighbourhoods, especially those
characterized by low-rise home types like singles, semis and townhomes, will continue to
have less than two months of inventory,” said Jason Mercer, TREB’s Senior Manager of
Market Analysis.
The average selling price for December 2013 sales was $520,398 – up by 8.9 per cent
compared to the average of $477,756 in December 2012.
The average selling price for 2013 as a whole was $523,036, which represented an increase
of 5.2 per cent compared to the calendar year 2012 average of $497,130.