We spoke with Mitch MacKenzie about how November’s numbers compare to the rest of the year, and what that means for the market.
Despite the Bank of Canada's decision to increase interest rates, the average home prices demonstrated robust growth, surpassing the figures from the previous year. Homes saw a 1.2% increase, and condos experienced an even more substantial rise of 1.6% when compared to November 2022.
On the flip side, the sales landscape painted a mixed picture. The number of houses sold decreased by 4.9%, while condos experienced a positive trajectory with a 6.4% increase compared to the previous year.
The time it took to sell a property saw a slight extension last month, adding about a week to the process compared to November 2022. The average selling time for both houses and condos combined now stands at 45 days. This number started at 69 days in January, hit a low of 34 days in June, and went up to 56 days in November.
Examining price trends, we notice a similar pattern. Starting the year at $612,083, prices peaked at $683,100 in July, eventually settling at $623,186 by November. The annual average for 2023 is $656,464, showcasing the market's dynamic nature throughout the year.
November presented a mix of ups and downs, reinforcing the unpredictable nature of the real estate market. However, looking at the bigger picture, the sector has demonstrated resilience and stability in 2023.
As we look forward to 2024, a return to a more typical real estate pattern is anticipated. We expect the familiar cycle of a spring uptick, a summer cooldown, and a fall boost to continue. Attention will be on interest rate announcements, projected to remain stable or decrease throughout 2024. These announcements will play a pivotal role in shaping buyer interest and potentially influencing prices.
Interested in how changes in the market will impact you? Reach out via phone or email!
Mitch MacKenzie
mitch@newpurveyors.com
