Monthly Market Update: October Recap and November Outlook

As we look back on October and into the market trends of November, real estate prices remain relatively stable overall, though some distinctions are emerging between different property types. Condos, for instance, continue to show softer price trends, while detached housing is seeing an uptick in activity. Even with their higher price points, detached homes are experiencing increased demand, partially driven by recent adjustments in interest rates that have made mortgage qualifying slightly easier for buyers.

In fact, one of the most notable developments is the dip in interest rates, with renewal rates for 5-year fixed terms now falling below 4%. This drop represents a meaningful benchmark that is likely to make homeownership a more achievable goal for many potential buyers.

Inventory, Bidding Wars, and High-Demand Areas

Listing activity, however, has seen a roughly 9% decrease month-over-month, creating a leaner inventory that’s pushing some areas into competitive bidding scenarios. In high-demand neighbourhoods such as Kortright West, student rentals have attracted particularly strong interest, with some properties seeing bully offers and closing at up to $200,000 over asking price within just a couple of days. As demand outpaces supply, quick sales and premium offers are becoming more common.

If you’re considering buying, now could be an ideal time to start the pre-approval process and explore financing options to set your budget and prepare for a possible purchase. This proactive approach allows buyers to make timely decisions, particularly in fast-paced and competitive segments of the market.

Property Management Services and Leasing for Next Year

For current property owners, now is the season for fall maintenance and property preparation. If you need help managing your property, we offer comprehensive in-house property management services and are organizing fall cleanups for our clients. Additionally, we’re already beginning to lease properties for the next year, so if you have tenants or are looking to rent out your property, now’s the time to start planning.

For any questions about buying, selling, or property management, please feel free to reach out. We’re here to help you navigate the evolving real estate landscape, and we’ll be back with another update next month!