Prices for three leading real estate categories fell in November compared to October, data released Thursday by the Canadian Real Estate Association shows.
It's the fourth month-over-month fall in a row.
Looking at seasonally adjusted numbers, average single-family homes in Ontario fell from $979,800 to $962,600, condos fell from $643,900 to $639,700 and townhouses fell from $720,000 to $706,500.
Compared to November of 2022, the picture is more mixed: single-family homes, townhouses and condos are within one per cent year-over-year.
“I wouldn’t expect anything too headline-grabbing from the resale housing market for the next few months,” CREA chair Larry Cerqua, said in a release Thursday.
“That’s a good thing, because a market that looks to be stabilizing in balanced territory increasingly suggests the soft-landing scenario."
CREA seems resigned to the idea that higher rates have dampened the market.
“Not getting offers they were willing to accept, it’s looking like many (sellers) are also now resigned to hunker down until next year," CREA senior economist Shaun Cathcart.
"It’s probably a good move, given that recent expectations around interest rate cuts suggest it might be a somewhat more active spring market than we thought.”
Locally in the Guelph real estate district, single-family home prices fell 1.5 per cent and condos fell .5 per cent since November of last year.
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