November brought 4,171 new listings, fewer than both October and the same month last year. Properties spent an average of 53 days on the market before selling. The average sale price of $1,036,632 marks a 14.5% year-over-year decline.
Below is the average sold prices for key housing categories, along with year-over-year (YoY) comparisons for both prices and sales. Figures in parentheses reflect October data for month-over-month context:
Detached Homes Average price: $1,545,941 ($1,619,047) — down 9% YoY (9.1% MoM) Sales: down 11.4% YoY (10.4% MoM)
Semi-Detached Homes Average price: $1,187,111 ($1,219,254) — down 4.8% YoY (6.9% MoM) Sales: up by 1.5% YoY (17.6% MoM)
Townhomes Average price: $870,793 ($890,678) — down 3.7% YoY (13.8% MoM) Sales: up 1% YoY (12.6% MoM)
Condos Average price: $701,259 ($699,241) — down 1.7% YoY (-2.7% MoM) Sales: down 21.8% YoY (-8% MoM)
November saw a decline in prices across all home types with detached homes hit hardest and condos least affected. Semi-detached and townhome sales showed modest gains. Condo sales nosedived and detached home sales also continued to descend.
Month-over-month, the average sale price for condos ticked upward slightly while it decreased for the rest. Home sales are down for all categories.
Despite lower prices and borrowing costs, sales remain sluggish. Many potential buyers are waiting on the sidelines, monitoring economic signals. Concerns about job security and long-term stability are keeping demand subdued. Until confidence improves, the market is likely to remain cautious.
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