Don't buy a house without it!
November 6th, 2023
The number of Greater Toronto Existing Homes purchased involving a real estate brokerage in a November fell to the lowest level recorded since 1995.
The number of Greater Toronto Existing Homes that will be purchased involving a real estate brokerage in 2023 will be the lowest number of homes purchased since 1995.
The 1995 calendar year in context was the year the Ontario House Price Correction of the 1990s bottomed in terms of Existing Homes purchased when the Annual Trading Rate province wide reached it's lowest point
in June of that year.
The Appraised Value of the Average Existing Home across Greater Toronto dropped 8.2% from November 2022 and are now over 28% lower than their Peak Value established in April 2022.
The Median Greater Toronto Existing Home is now Appraised at $820,000 a 26% drop from Peak Value.
Greater Toronto Existing Home Buyers are commonly purchasing homes at below their Mid-2017 Appraised Value.
Home Buyers are encouraged to refrain from paying an inflation adjusted price above 2015 valuations or approximately 24% above what a home was worth in 2015.
The Greater Toronto Home Trading Market in the first two quarters of 2024 is on pace to record only an 8% increase in Existing Homes being purchased involving a real estate brokerage regardless if mortgage interest rates are held steady or decline.
Barring a change to the Home Trading Infrastructure in Ontario the first half of 2024 will be able to be confirmed once December's Purchases are understood.
Insights supplied by
Ross Kay HomeOwnership Advisors
The Wealthy HomeOwner Buying Program.