The Greater Toronto Area (GTA) real estate market saw notable improvements in November 2024, driven by lower borrowing costs and stabilizing market conditions. Increased buyer activity, coupled with modest inventory growth, points to a market on the mend, setting a hopeful tone for 2025.
A Look at Home Sales: Year-Over-Year Gains
November 2024 recorded 5,875 home sales, a robust 40.1% increase from the 4,194 sales in November 2023. This resurgence in activity can be attributed to lower interest rates and reduced inflation, creating a more affordable environment for buyers.
- Detached Homes: 2,669 sales, up 43.9%
- Semi-Detached Homes: 502 sales, up 24.9%
- Townhomes: 1,009 sales, up 46%
- Condo Units: 1,640 sales, up 36.3%
Detached homes led the charge, but all segments showed significant growth, underscoring increased buyer confidence.
Pricing Trends: Stability in the Face of Change
The average selling price for all home types in November 2024 was $1,106,050, marking a 2.6% year-over-year increase from $1,077,891. Month-over-month, the average price remained stable despite seasonal cooling in the market.
- Detached Homes: $1,452,518, up 3.9%
- Semi-Detached Homes: $1,077,254, up 1.7%
- Townhomes: $892,304, up 0.8%
- Condo Units: $689,599, down 2.5%
While most segments showed modest price growth, condominiums saw a slight decrease, reflecting buyer negotiation power in a well-supplied market.
New Listings and Inventory Trends
New listings rose to 11,592, up 6.6% from 10,870 in November 2023. While the increase is moderate, it indicates a market with ample inventory, offering buyers more options. Compared to October, the month-over-month growth in new listings suggests seasonal adjustments are at play as sellers prepare for year-end activity.
Market Dynamics: Time on Market Extends
The average time on market (PDOM) increased to 49 days from 39 days in November 2023, a 25.6% rise. This trend is consistent with seasonal patterns but highlights a slower turnover compared to earlier in the year. However, it remains steady compared to October 2024, reflecting stabilization in market dynamics.
Shaping the Market: Interest Rates and Affordability
The Bank of Canada’s interest rate cuts throughout 2024 have played a pivotal role in reshaping the housing landscape. Reduced borrowing costs have lowered monthly mortgage payments, empowering first-time buyers and existing homeowners to make more strategic moves. With another rate cut anticipated in early 2025, affordability is set to improve further, potentially fueling continued growth in sales and price stability.
Conclusion: Navigating the Evolving Market with Team McDadi
The GTA real estate market in November 2024 demonstrated resilience and promise, with buyers leveraging lower interest rates and increased inventory. As the market adjusts, opportunities abound for both buyers and sellers to achieve their real estate goals.
At Team McDadi, we pride ourselves on staying ahead of market trends and providing expert guidance tailored to your needs. With established relationships with lawyers, mortgage professionals, and other key players in the industry, we ensure a seamless and rewarding real estate experience.
Whether you’re navigating this dynamic market as a buyer or seller, trust Team McDadi to help you make confident, informed decisions.
Take the Next Step Today
- Ready to Buy? Explore our current listings here.
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