The Toronto Regional Real Estate Board released their Market Report for November 2024 today.
The report shows that the GTA housing market saw a significant year-over-year increase in home sales for the month. This was largely driven by more favorable market conditions as many buyers started to benefit from lower borrowing costs.
“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,” said TRREB’s President Jennifer Pearce. She went on to say that with “monthly mortgage payments trending lower, the stage is set for an accelerating market recovery in 2025.”
An Increase in the Number of sales, Average Selling Price and New Listings
TRREB reported 5,875 home sales in November. Which represents a 40.1% increase compared to the 4,194 sales reported last November.
The average selling price reached $1,106,050 which is an increase of 2.6% compared to November 2023. The report notes that this is likely because there were a higher proportion of detached home sales compared to the previous year.
New listings amounted to 11,592. Which reflects a 6.6% year-over-year rise. However, although new listings were up, the increase wasn’t enough to keep up with demand. This has lead to tighter market conditions and higher average prices.
“Market conditions have tightened. Particularly for single-family homes. The detached market segment experienced average annual price growth above the rate of inflation. Particularly in the City of Toronto.” said TRREB Chief Market Analyst Jason Mercer.
If you’d like more information about this recent report, please don’t hesitate to ask. I am always happy to help.
