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GTA Real Estate Update: November 2023 Market Update:

The market continued to favour buyers in November despite a slight dip in months of inventory relative to October. Prices were up 0.3% year-over-year but down 3.89% month-over-month. The current average price of a home in the GTA sits at $1,082,179.

We had 16.5% more new listings relative to November ‘22 although not surprisingly fewer homes (10,545) came on the market in last month relative to October (14,397) as buyers and sellers turned their attention to the holiday season. As a result sales were down 8.82% month over month. Sales were down 6% from November ‘22.

What does this mean for buyers and sellers?

Buyers

Buyers remain in a strong negotiating position with inventory to choose from and the ability to negotiate favourable terms when presenting offers. Now remains to be a good time to buy. Pricing has been trending downward and with indications pointing to interest rates coming down as early as Q2 2024 buyers who purchase now will be ahead of the curve when those on the sidelines re-enter the market.

Sellers

Fewer properties came online in November meaning sellers today have slightly less competition then they did through October albeit more than a year ago. It continues to be important to price properties effectively to attract buyers who can offer the best possible price and terms. Preparing a home and presenting it to best showcase its strengths is key.

New Legislation

Another big change impacting Real Estate is the release of new regulations governing Realtors®. TRESA or the Trust in Real Estate Services Act replaced previous regulations on December 1, 2023. Among several changes will be a new Open Offer Process available to sellers when listing their property. Read more about this process and it’s impact on buyers and sellers here [insert link to other blog post].

Planning a Move

Whether you are considering upgrading, downsizing or relocating now may be a better time then you think. Purchasing a home in the next 60-90 days may be your ideal time to get a home at the best possible price. Even though mortgage rates are high, making a purchase before they go down and more buyers step back into the market can put you at an advantage. Just be sure to explore your options with qualified professionals including well informed Realtors® like ourselves, lenders, etc. 

Interest Rates and Their Impact:

On December 6th the Bank of Canada held its policy rate for a third straight time indicating we may be at the end of a cycle of increasing rates. Recently, bond yields, which underpin fixed rate mortgages have been trending lower which has provided some short term relief for those looking at fixed rate mortgages. 

A look ahead

As more and more financial experts begin forecasting a move by the Bank of Canada to lower its policy rate in 2024 in response to the changing economy and a growing number of upcoming mortgage renewals, the outlook is better for existing homeowners and those looking to get into the market.



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What You Need To Know About The New Open Offer Process

The Open Offer Process

How will more transparency change the offer process?

As housing costs have risen and inventory remains well below demand, multiple offer situations have increased dramatically. Buyers and sellers have demanded more transparency.

In response to that the government has introduced an Open Offer Process with new legislation under TRESA (Trust in Real Estate Services Act 2002) which came into effect as part of phase 2 of the act on December 1, 2023.

So what does this mean going forward?

The Open Offer Process does not mean all multiple offers will be disclosed from here on out. Sellers will be the ones to decide what if anything they will disclose in the offer process.

Here are the key takeaways:

  1. Sellers initiate the Open Offer Process

  2. Sellers can initiate this at any time in the offer process

  3. Sellers decide what to disclose (ex; price, terms, etc.)

  4. Sellers do not have to disclose that information from all offers received

  5. If offer details are being disclosed, all buyers must receive the information

  6. Sellers must not disclose any personal identifying information about buyers

  7. Sellers must still disclose the number of registered offers to all interested parties

How does this impact you as a Seller?

Sellers can now determine whether they would like to sell their home under the traditional blind bidding process in which buyers are only notified how many offers are registered, or they can choose to disclose select information about one or more offers to all buyers involved. There are advantages and risks to this process but it can open up a myriad of options for sellers and become a powerful negotiating tool to encourage buyers to submit their highest and best offer.

How does this impact you as a Buyer?

For Buyers, it provides some extra consideration when drafting an offer. Knowing that the price or terms of your offer may be disclosed to other buyers can affect your decision to make an offer in the first place. Given the seller determines the process and that they have complete control of when and if they disclose offer information you need to go into each offer fully informed. 

As with Sellers, there are advantages and disadvantages of knowing the terms of competing offers. Knowing how your offer stacks up against competitors can help you negotiate, but you may not always have a complete picture. Sellers are not obliged to provide information on all the competing offers nor are they obliged to provide all the terms on a given offer. 

So how can you come out on top?

This is where working with an experienced Realtor and negotiator is essential. You need someone in your corner who understands the strategies being deployed and can use the available information to help you make strong and secure decisions. We are laser-focused on helping our clients achieve their goals through powerful negotiations and providing valuable insights to help you every step of the way.

Call to book a free Real Estate Consultation with us - 905-995-3372

Read

GTA Real Estate Update: November 2023 Market Update

The market continued to favour buyers in November despite a slight dip in months of inventory relative to October. Prices were up 0.3% year-over-year but down 3.89% month-over-month. The current average price of a home in the GTA sits at $1,082,179.

November 2023 TRREB GTA Market Update at a Glance

We had 16.5% more new listings relative to November ‘22 although not surprisingly fewer homes (10,545) came on the market in last month relative to October (14,397) as buyers and sellers turned their attention to the holiday season. As a result sales were down 8.82% month over month. Sales were down 6% from November ‘22.

Durham & Toronto Market Insights

Every city/town is unique as are the communities within them. Scroll through to find your town.

November 2023 Market Stats Durham


November 2023 Market Stats Toronto

What does this mean for buyers and sellers?

Buyers

Buyers remain in a strong negotiating position with inventory to choose from and the ability to negotiate favourable terms when presenting offers. Now remains to be a good time to buy. Pricing has been trending downward and with indications pointing to interest rates coming down as early as Q2 2024 buyers who purchase now will be ahead of the curve when those on the sidelines re-enter the market.

Sellers

Fewer properties came online in November meaning sellers today have slightly less competition then they did through October albeit more than a year ago. It continues to be important to price properties effectively to attract buyers who can offer the best possible price and terms. Preparing a home and presenting it to best showcase its strengths is key.

New Legislation

Another big change impacting Real Estate is the release of new regulations governing Realtors®. TRESA or the Trust in Real Estate Services Act replaced previous regulations on December 1, 2023. Among several changes will be a new Open Offer Process available to sellers when listing their property. Read more about this process and it’s impact on buyers and sellers here [insert link to other blog post].

Planning a Move

Whether you are considering upgrading, downsizing or relocating now may be a better time then you think. Purchasing a home in the next 60-90 days may be your ideal time to get a home at the best possible price. Even though mortgage rates are high, making a purchase before they go down and more buyers step back into the market can put you at an advantage. Just be sure to explore your options with qualified professionals including well informed Realtors® like ourselves, lenders, etc. 

Interest Rates and Their Impact:

On December 6th the Bank of Canada held its policy rate for a third straight time indicating we may be at the end of a cycle of increasing rates. Recently, bond yields, which underpin fixed rate mortgages have been trending lower which has provided some short term relief for those looking at fixed rate mortgages. 

A look ahead

As more and more financial experts begin forecasting a move by the Bank of Canada to lower its policy rate in 2024 in response to the changing economy and a growing number of upcoming mortgage renewals, the outlook is better for existing homeowners and those looking to get into the market.

MORE MARKET INSIGHTS

November 2023 Market Stats Markham Stouffville


November 2023 Market Stats Northumberland
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TRESA: What you need to know about the New Open Offer Process

The Open Offer Process

How will more transparency change the offer process?

As housing costs have risen and inventory remains well below demand, multiple offer situations have increased dramatically. Buyers and sellers have demanded more transparency.

In response to that the government has introduced an Open Offer Process with new legislation under TRESA coming into effect on December 1, 2023.

So what does this mean going forward?

The Open Offer Process does not mean all multiple offers will be disclosed from here on out. Sellers will be the ones to decide what if anything they will disclose in the offer process.

Here are the key takeaways:

  1. Sellers initiate the Open Offer Process

  2. Sellers can initiate this at any time in the offer process

  3. Sellers decide what to disclose (ex; price, terms, etc.)

  4. Sellers do not have to disclose that information from all offers received

  5. If offer details are being disclosed, all buyers must receive the information

  6. Sellers must not disclose any personal identifying information about buyers

  7. Sellers must still disclose the number of registered offers to all interested parties

How does this impact you as a Seller?

Sellers can now determine whether they would like to sell their home under the traditional blind bidding process in which buyers are only notified how many offers are registered, or they can choose to disclose select information about one or more offers to all buyers involved. There are advantages and risks to this process but it can open up a myriad of options for sellers and become a powerful negotiating tool to encourage buyers to submit their highest and best offer.

How does this impact you as a Buyer?

For Buyers, it provides some extra consideration when drafting an offer. Knowing that the price or terms of your offer may be disclosed to other buyers can affect your decision to make an offer in the first place. Given the seller determines the process and that they have complete control of when and if they disclose offer information you need to go into each offer fully informed. 

As with Sellers, there are advantages and disadvantages of knowing the terms of competing offers. Knowing how your offer stacks up against competitors can help you negotiate, but you may not always have a complete picture. Sellers are not obliged to provide information on all the competing offers nor are they obliged to provide all the terms on a given offer. 

So how can you come out on top?

This is where working with an experienced Realtor and negotiator is essential. You need someone in your corner who understands the strategies being deployed and can use the available information to help you make strong and secure decisions. We are laser-focused on helping our clients achieve their goals through powerful negotiations and providing valuable insights to help you every step of the way.

Call to book a free Real Estate Consultation with us - 905-995-3372

Read
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