November 2024 Real Estate Market Update

Home sales across the Greater Toronto Area continued to rise in November, as more buyers jumped into the market due to lower borrowing costs.

New listings were also up but by a much lesser annual rate. This meant market conditions tightened, resulting in overall price growth of 2.6% year-over-year. The average selling price was $1,106,050.

Demand was greatest for detached properties, with 2,669 homes changing hands — a notable 42% increase from November 2023. The average sale price rose by 3.4% to $1,452,518 over this time period. Inventory dropped 8% from October, though it remained 21% higher year-over-year.

Townhomes posted the largest growth in sales, up 60% from the same month last year. Inventory levels were also elevated compared to the year prior, up 36%. Prices remained stable month-over-month, with the average sale price sitting at $994,251.

The semi-detached segment saw more moderate activity. While home sales were higher by 24% compared to November 2023, prices dipped by 2.8% month-over-month, bringing the average sale price to $1,077,254. Inventory totalled 1,110 properties, representing a 38% yearly increase.

The condominium market continued to experience lower selling prices compared to a year ago. Prices were down by about $4,439, resulting in an average sale price of $689,599. Sales remained elevated, with 28% more units sold compared to the same month last year. However, inventory also rose by 25%, continuing the trend of greater choice and therefore negotiating power for buyers. This will attract renter households into homeownership as borrowing costs trend lower in the months ahead.

As the year draws to a close, it’s evident there has been an improvement in housing market conditions. Many homebuyers who patiently waited for reduced inflation and lower borrowing costs have moved off the sidelines. 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.

If you would like to know how the real estate market performed in your neighbourhood, contact Clare Tattersall at 647-625-3282 or clare@realtorontowest.com.