{"id":6612,"date":"2022-12-08T11:33:43","date_gmt":"2022-12-08T19:33:43","guid":{"rendered":"https:\/\/blog.justo.ca\/blog-admin\/?p=6612"},"modified":"2023-09-12T11:19:15","modified_gmt":"2023-09-12T19:19:15","slug":"average-selling-price-levels-off-home-sales-and-new-listings-down-in-november","status":"publish","type":"post","link":"https:\/\/blog.justo.ca\/blog\/average-selling-price-levels-off-home-sales-and-new-listings-down-in-november\/","title":{"rendered":"Average Selling Price Levels Off, Home Sales and New Listings Down in November"},"content":{"rendered":"\n

Homeownership market activity in November continued to be influenced by the impact of higher borrowing costs on affordability. Sales were down markedly compared to the same period last year, following the trend that unfolded since the interest rate hikes<\/a> started this spring, data from the Toronto Regional Real Estate Board<\/a> (TRREB) shows.<\/p>\n\n\n\n

TRREB President Kevin Crigger says that while increased borrowing costs represent \u201ca short-term shock to the housing market,\u201d he anticipates that demand for housing will \u201cpick up strongly\u201d in the medium- to long-term. <\/p>\n\n\n\n

\u201cThis is because a huge share of record immigration will be pointed at the GTA and the Greater Golden Horseshoe in the coming years, and all of these people will require a place to live, with the majority looking to buy,\u201d he says. \u201cThe long-term problem for policymakers will not be inflation and borrowing costs, but rather ensuring we have enough housing to accommodate population growth.\u201d<\/p>\n\n\n\n

Sales for the month reached 4,544 in November, down a staggering 49% compared to November 2021. There were 8,880 new listings recorded, down 11.6% from last year. <\/p>\n\n\n\n

The average selling price remained fairly steady, down slightly to $1,079,395 in November from $1,089,428 in October. In November\u2019s 2021, the average selling price sat at $1,162,564, reflecting a 7.2% decrease year-over-year.<\/p>\n\n\n\n

 \u201cSelling prices declined from the early year peak as market conditions became more balanced and homebuyers have sought to mitigate the impact of higher borrowing costs. With that being said, the marked downward price trend experienced in the spring has come to an end. Selling prices have flatlined alongside average monthly mortgage payments since the summer,\u201d said TRREB Chief Market Analyst Jason Mercer. <\/p>\n\n\n\n

\"Toronto<\/figure>\n\n\n\n

Here are key market highlights from November 2022:<\/p>\n\n\n\n