The Greater Toronto Area (GTA) housing market saw a significant upswing in November 2024, with home sales surging year-over-year. Buyers are increasingly taking advantage of more affordable conditions, thanks to lower borrowing costs. Although new listings also increased compared to November 2023, the growth rate was more modest, leading to tightened market conditions and an overall rise in average prices.
TRREB President Jennifer Pearce shared her optimism about the market’s recovery:“As we approach the end of 2024, I am pleased to report an improvement in housing market conditions. Many home buyers patiently waited on the sidelines for reduced inflation and lower borrowing costs. With selling prices remaining well off their historic peak and monthly mortgage payments trending lower, the stage is set for an accelerating market recovery in 2025.
Key Highlights from November 2024:
Home Sales: 5,875 homes sold through TRREB’s MLS® System, marking a 40.1% increase compared to November 2023 (4,194 sales).
New Listings: 11,592 listings entered the market, up by 6.6% year-over-year.
Home Prices: The average selling price rose by 2.6% year-over-year to $1,106,050, driven by strong activity in the detached home market.
Although the MLS® Home Price Index Composite benchmark declined by 1.2% year-over-year, the pace of decline was much slower than earlier in 2024. Detached homes, particularly in Toronto, saw price growth surpassing inflation, while condominiums offered more negotiating power for buyers.
Jason Mercer, TRREB’s Chief Market Analyst, explained:“Market conditions have tightened, particularly for single-family homes. The detached market segment experienced average annual price growth above the rate of inflation. In contrast, the condominium apartment segment continued to experience lower average selling prices compared to a year ago. This will attract renter households into homeownership as borrowing costs trend lower in the months ahead.
The Rental Market Outlook
As more renters move into homeownership, rental demand is expected to remain robust, supported by high population growth. However, rental market improvements hinge on reducing the backlog at the Landlord and Tenant Board (LTB).
“Reforming the LTB to make it faster and fairer will go a long way to getting more individuals and families into homes they can afford,” said TRREB CEO John DiMichele.
Looking Ahead to 2025
With stabilized borrowing costs and prices well below historic peaks, the stage is set for continued recovery in the GTA housing market. Whether you’re looking to buy, sell, or invest, now is an excellent time to explore your options.
If you have questions about the market or need guidance, Diana and Reneeta are here to help. Reach out to us anytime to discuss how we can make your real estate goals a reality!
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