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November 2023 Market Update: Orangeville | Shelburne | Dufferin County

MARKET UPDATE NOVEMBER 2023 SHELBURNE, ORANGEVILLE & DUFFERIN COUNTY

Welcome to your detailed update on the latest real estate market trends of Dufferin County and surrounding areas from NOVEMBER 2023. This will include a breakdown for Orangeville & Shelburne, Ontario as well as the county as a whole, breaking down where we stand compared to last month and year-over-year. And I’m sure you’ll be as surprised as I am at the results. Plus, make sure you stick around until the end of this video where I will tell you about some big changes to the buying and selling process in Ontario, and how they directly affect you.

MONTHS OF INVENTORY

Jumping in, let’s take a look at what type of market we are currently sitting in for each area.  Starting with Orangeville, in November the months of inventory dropped from 4.5 months to 2.05  pushing it into a Seller’s market. In Shelburne, we saw a similar trend with a decline in months of inventory from 15 down to 10.7. This still has Shelburne in a strong buyers market, but a good shove towards a more balanced market for sure.  When looking at ALL of Dufferin County, again, much of the same with months of inventory dropping from 7.6 down to 4.7 indicating that, overall, Dufferin sits in a pretty balanced market.

AVERAGE PRICE

The average price for Orangeville, including all types of residential homes from condo to freehold, dropped 3% from October to $784,578. A little discouraging, but when we look at it compared to this time last year in 2022 we are actually up 7%!
Shelburne saw an increase from October of 9.8% bringing the average price up to $775,714 which is an increase of 1.25% YOY, while Dufferin County saw a pretty big dip of 7.9% MOM to bring the average to $925,663.  But again, when we take a look compared to last year Dufferin is actually up 10%.

LIST-TO-SALE PRICE RATIO

For list to sale price ratio, Orangeville and Shelburne are both sitting at 97%. Meaning, on average, buyers were able to negotiate 3% off of the listing price during negotiations. Dufferin isn’t too far behind at 96%.


Each location experienced a 1% decrease from last month but are now on par with averages from this time last year.

DAYS ON MARKET

Days on market give a good indication at how long it may take for your home to sell. 

Orangeville took a jump from 17 days on average in october to 31 days in November, in my opinion giving us a much better representation of what we have been seeing on the ground. In Shelburne things remained pretty close to last month going form 35 days to 37 and Dufferin jumping from 28 to 36. 

 

Across the board we have seen an increase both month-over-month and year-over-year, but I am happy to see these numbers are now a much more accurate representation.

 

INTEREST RATES

I’ve been told recently that fixed rates have, in some situations, taken a slight dip.  So if you are shopping around for a new property now could be a great time to renew your pre-approval and lock that in!  Currently, after the rate hold announced by the Bank of canada on Wednesday rates are sitting between 4.99% – 6.9% depending on whether you are on the A-side, B-side, private, etc.

Prime is currently sitting at 7.2%.

Overall things are stabalizing, that’s for sure.  But what we did see that was super unexpected was an increase in sales across every area of the county combined with a decline in new listings. Dufferin saw a 37% increased compared to October, Orangeville 68% with a total of 37 sales and Shelburne, although slight, still saw an increase of 16% to 7 sales. Buyer confidence is coming back with 3 rate holds and lower, more stable prices.

One important thing I do want to mention is the introduction to TRESA 2002, the revised real estate legislation for Ontario. Now known as the “TRUST IN REAL ESTATE SERVICES ACT” some huge changes have been implemented to improve client and agent trust and transparency. 

While there is a LOT to unpack in these changes, one of the biggest and most clearly impactful is the introduction of “Self Represented Parties”.

We can no longer assist potential buyers or sellers until it is clearly laid out (in writing) what type of agency you wish to be under.

WHAT DOES THIS MEAN?

Well, it means that Realtors now have to provide EVERY potential client with a Consumer Information Guide, which needs to be acknowledged, but also that in order to see ANY properties (this is for you buyers) you will need to sign an agreement one way or another beforehand or, no showings for you.  You can sign a Buyer Rep Agreement giving the Realtor permission to educate and represent you, either for one specific property at a time, or a blanket agreement for a set period of time if you like, know and trust the agent. Alternatively, you can choose to represent yourself, which means the Realtor is, by law, not allowed to discuss ANY details about offers or properties that isn’t already public knowledge. We also can’t even help you write an offer if you choose to be self represented. Eek!

As you can see, some of these new regulations are extremely impactful and will really change the way we are used to trading in real estate. Buyers will need to get familiar with these changes and what the pros and cons of each side really are.  If you’d like more info, go to orea.com/tresa or shoot me an email at hello@realtorjclement.ca and I’ll send you a copy of the information guide, no strings attached.  

If you’re thinking of selling and would like an accurate market analysis for your home or if you’re thinking of buying and want to know where the best opportunities are, you can either request a free no-obligation market evaluation or book a call with me to have a no-pressure conversation about your options. I’ll always just give you an honest analysis so that you’re informed to make the best decision that’s right for you, based on your situation. If you feel that would be helpful, just click the link below to set it up. 

Otherwise, feel free to check out my other videos and I’ll be back next month with an updated report.

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