November 2024 Market Update

Winter is slowly moving in and I am sure some of us are more excited to see the snow than others.  In sharing some warmer news the Greater Toronto Area home sales increased strongly on a year over year basis in November. Many buyers benefitted from more affordable market conditions brought about by lower borrowing costs. The number of new listings were also up compared to November 2023 but by a much lesser annual rate. This is resulting in tighter market conditions and contributing to overall average price growth compared to last year.  With the momentum we are experiencing we expect an accelerating market recovery in 2025.  

There were 5,875 home sales through November, up by 40.1% compared to 4,194 sales reported in November 2023. Total active listings on the MLS® System amounted to
21,818, up by 30.2% year over year.  November sales were up month-over month compared to October.  The average selling price was up by 2.6% compared to November 2023 to $1,106,050. 

Toronto's Regional Real Estate Board Chief Market Analyst, Jason Mercer, recently stated that on a seasonally adjusted basis, the average selling price edged slightly lower compared to October.  Although market conditions have tightened, particularly for single-family homes, the detached home market in particular experienced average annual price growth above the rate of inflation, particularly in the City of Toronto. However, the condominium apartment market continues to experience lower average selling prices compared to a year ago.  Condo buyers are benefitting from a lot of choice, giving them negotiating power. This will attract renter households into homeownership as borrowing costs trend lower in the months ahead.