As the end of the year (and of course, the holiday season) approaches, let’s take one final look at market conditions in the GTA for 2024.
Sales Up Significantly Year-Over-Year; New Listings Also Up
The latest report from the Toronto Regional Real Estate Board shows 5,875 home sales in the GTA in November 2024, a 40% increase from November 2023.
Additionally, new listings also saw a smaller increase, up by 6.6% year-over-year to 11,592 last month. Adjusted seasonally, sales were also up month-to-month from October.
Meanwhile, the average selling price in November — $1,106,050 — was an increase of 2.6% compared to the same time last year, with year-over-year growth in that average price also increased, due to a “greater weighting of detached home sales” than in 2023.
Accelerated Market Recovery Expected in 2025
TRREB President Jennifer Pearce was “pleased” with the reported improvement in market conditions, noting that “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.”
With respect to single-family homes, TRREB Chief Market Analyst Jason Mercer highlighted that with condo apartments selling for lower average prices compared to last year, buyers are “benefitting from a lot of choice and therefore negotiating power.” Mercer went on to elaborate: “This will attract renter households into homeownership as borrowing costs trend lower in the months ahead.”
In their report the TRREB also highlighted the potential for rental demand to increase, and the hope that the Landlord and Tenant Board might reduce their caseload to aid in strengthening the market for tenants and landlords.
Happy holidays from The Vetere Team!
We’d like to take this opportunity to thank you for a fantastic year, and wish you and your loved ones all the best for the holidays and the new year!
As always, The Vetere Team will be here to assist you with any and all your real estate needs in 2025!
