Sales in November were sluggish, with 421 residences changing hands. That’s historically low, and about half of the volume compared to the peak Covid years. Prices were down concurrently, with the average falling to $605K, a significant decline. The median price sits at $568K (half the homes sold above and have below this price). For context, that means 210 homes sold at or below $568K, and the same 210 homes sold above $568K. If you compare that to active listings, there are approx.. 440 listings below $568K, and about 1,400 above that price. 2 months of inventory in the bottom half of the market; 7 months of inventory in the top half of the market.
This tells us we have a shortage of “affordable” housing options. We have a plethora of “expensive” options. We would be blessed if our policy makers could track inventory by market price!
The GTA market is somewhat mirroring our London region, with reduced volume and falling prices. The economy is slowing as is consumer confidence. Declining mortgage rates and the potential of a rate cut in the first half of 2024 is providing hints of optimism, although certainly having to fight through a thick fog of uncertainty.
Blog also available on LONDON INC MAGAZINE and CBC NEWS