Real Estate Market Update | November 2024

November's real estate market in the Greater Toronto Area was mostly stable, after a dramatic increase in activity this past October. Overall, buyers and sellers experienced tighter market conditions this November compared to the same time last year. Home sales are up year-over-year, but compared to October 2024, sales are down by a small degree. A slight slow down in market activity is typically expected at this time of the year, as we endure the winter months and approach the holiday season. 

The GTA experienced some price growth recently, with average selling prices up 2.6% compared to last November. However, on a month-over-month basis, prices edged slightly lower in most GTA market areas, most notably Toronto with a 7.3% decline in average prices between October and November. Still, average selling prices are well below their peak but continue to slowly improve over time. 

The increasing buyer demand in the last quarter of 2024 continues to persist. With reduced inflation, lower borrowing costs, and monthly mortgage payments trending down, the stage is set for an accelerating market recovery in 2025. It is clear that the GTA has already seen indications of improving market conditions, which will continue for the foreseeable future. 

Housing inventory is still relatively elevated, but is now being absorbed at a more rapid rate. Detached homes in Toronto and the 905 have experienced the greatest amount of price growth within the last 12 months, beating inflation in most areas. Demand is strongest in this segment of the market. In contrast, the condo market is still experiencing declining prices and lower buyer demand, especially with smaller investor built units.

To see how your real estate plans are affected going into the new year, contact me! 

To see how prices have been affected in your area, please click the link below to get access to TRREB's November Market Statistics for all areas in the GTA. The stats are broken down by average sales price, number of homes sold, number of new listings, and average days on market for each property type; detached, semi-detached, townhouses, and condos.

https://trreb.ca/wp-content/files/market-stats/market-watch/mw2411.pdf

If you want to know more about what is happening in your specific area, you can book a call with me by clicking the link below.

https://calendly.com/davidrizzuto/consultation-call?month=2024-12