Home ownership Market Activity in November continued to be influenced by higher borrowing rates compared to this time last year, which has created a short-term shock in the market.
The housing types with the greatest impact of declined sales and prices have been the more expensive segments, including detached homes.
Toronto & GTA
New listings are down substantially from last year.
The number of sales on the Toronto MLS system are down 49% compared to November 2021. However, they are similar month over month to October (last month).
Average selling price in Toronto & the GTA was down 7.2% year-over-year.
November 2022 Residential Sales in Muskoka were down by -26% on non waterfront properties and down -45% on waterfront listings year over year.
Sales in the Condo sector were down -33% in the non- waterfront sector and were down -56% in the waterfront sector this November over last
Total Residential Listings were up by 13% on non waterfront properties and up 42% on waterfront properties compared to November 2021.
Listings priced competitively continue to sell with a median number of days on market of 33 (non waterfront) & 43 (waterfront).
The Muskoka Median Residential sale price was down -1% (non waterfront) and up 2% (waterfront) year over year.
There is definitely a shifting of the market, and with that comes a different mindset requirement for Sellers. While it may feel like you’re not making as much as you think you should, you are not losing. If you are selling and buying now, the numbers are still comparable, versus a market where your sale price is low but the purchase price is higher.
While as a Seller you may not see the same frantic activity as earlier in the year and your house may be on the market longer now, Buyers are still out there but taking a bit more time to do their area research (on likely one of the biggest purchases of their life). Now more than ever, knowing the true market value of your home is important.
Have you been thinking about moving? Wondering what your home is worth today with the shifting real estate market? Wondering if now is a good time to make a move?
We can help answer your questions, provide you with a free no-obligation Home Valuation and help you find that perfect property.