Mia's Market Sense | Nov 2023 | Mia Macdonald | Real Estate

Mia's Market Sense | November 2023

Nov 7, 2023 | The leaves may be falling, but GTA home prices are not. October stats are in, and while the number of actual sales edged lower compared to this time last year, average home prices across the GTA are up by 3.5% year over year.

Record population growth and a resilient GTA economy have kept overall demand for housing alive. Though we’re still nowhere near the record prices of early 2022 (it may take a while to get there again), competition between buyers that qualify for a mortgage remained strong enough to keep average selling prices above last year’s level in October.

The Bank of Canada held its interest rate at 5% in October as it waits for the effects of previous rate hikes to filter through the economy. Its next announcement is Dec. 6th, but they will likely hit pause on rate hikes due to the volume of mortgage renewals coming up soon. Rates should begin to come down in mid-2024, if not sooner. When rates do, expect home sales and prices to pick up very quickly.

There are always opportunities in any market. Please visit miamacdonald.ca for a more in-depth look. If you have any questions, please reach out. We love to talk real estate!

Mia's Market Sense | November 2023

Nov 7, 2023 | The leaves may be falling, but GTA home prices are not. October stats are in, and while the number of actual sales edged lower compared to this time last year, average home prices across the GTA are up by 3.5% year over year.

Record population growth and a resilient GTA economy have kept overall demand for housing alive. Though we’re still nowhere near the record prices of early 2022 (it may take a while to get there again), competition between buyers that qualify for a mortgage remained strong enough to keep average selling prices above last year’s level in October.

The Bank of Canada held its interest rate at 5% in October as it waits for the effects of previous rate hikes to filter through the economy. Its next announcement is Dec. 6th, but they will likely hit pause on rate hikes due to the volume of mortgage renewals coming up soon. Rates should begin to come down in mid-2024, if not sooner. When rates do, expect home sales and prices to pick up very quickly.

There are always opportunities in any market. Please visit miamacdonald.ca for a more in-depth look. If you have any questions, please reach out. We love to talk real estate!

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