Courtesy: Royal LePage Binder Real Estate
According to WECAR, the monthly average sales price for November 2023 was $529,143. This is only a small decrease from the average sales price in October 2023 ($530,223). Interestingly, the average sales price is up 3.32% when compared to November 2022.
Even though prices remained stable, there were only 319 sales in November 2023. While it is normal for sales to slow as we approach the holiday season, there were 367 sales in October 2023 – this represents a fairly quick slowdown in the market. This decrease in activity may be due to the sustained high-interest rates. While the Bank of Canada hasn’t raised interest rates in many months, the 5% overnight lending rate continues to dampen the economy.
As usual, bungalows and ranches sold best out of all types of homes. The least popular type was two-story homes, with only 31 sold in November 2023. By far, homes priced in the $300,000-$499,999 range sold best last month. The fewest homes sold were in the $1 million and above category.
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