As November drew to a close, appointments dropped by nearly 17% compared to the previous week. The busiest day for appointments was Friday with nearly 400 total appointments. For the first time since August 27-September 2, solds are surpassing new listings, indicating that buyers are taking advantage of the transitional market we are currently in. Compared to November of 2022, November 2023 saw a 13.6% reduction in total appointments.
The appointment/sold index dropped from 11.4 to 8.3 in the past week which is the lowest it has been since December 2022, indicating buyer’s confidence in the real estate market, due to the BOC’s back to back mortgage rate pauses. This trend is something that we are likely to see continue through the entire holiday season.
Our top price ranges this week saw some more noticeable changes compared to previous weeks. Specifically, Hamilton saw the $650-700k price range rise in popularity while the $850-900k range fell from the chart altogether. In Halton, our most expensive price ranges still occupy the majority of the chart besides the $450-500k range. Except for the $1-2M price range at number 1 for Niagara, there are no price ranges above $650-700k on the chart for that area.
