GTA Real Estate Market November 2024
GTA Home Sales Surge in November 2024: A Positive Sign for the Market
GTA Real Estate Market November 2024 Summary as per TRREB Reports
As per TRREB's November 2024 Market Watch, home sales in the Greater Toronto Area (GTA) witnessed significant growth in November 2024 compared to the same month last year. Many buyers took advantage of more affordable market conditions driven by reduced borrowing costs. While new listings increased, the rate of growth was much slower than sales, resulting in tighter market conditions and an uptick in average home prices.
A Promising Finish to 2024
As we approach the end of 2024, it is nice to see an improvement in housing market conditions. With inflation easing and borrowing costs trending lower, many homebuyers returned to the market after patiently waiting on the sidelines.
Key highlights include:
- 5,875 home sales reported in November 2024, a 40.1% increase from November 2023.
- 11,592 new listings, up by 6.6% year-over-year.
- A rise in average selling prices by 2.6% compared to November 2023, reaching $1,106,050.
These trends suggest that the market is on a recovery path, setting the stage for further growth in 2025.
Price Trends and Market Conditions
The MLS® Home Price Index (HPI) Composite benchmark declined by 1.2% year-over-year in November 2024—a more modest decrease compared to previous months. However, the average selling price showed positive growth, driven by a higher proportion of detached home sales.
- Detached homes: Annual price growth exceeded the rate of inflation, especially in the City of Toronto.
- Condominium apartments: Continued to see lower average selling prices compared to last year, offering opportunities for home buyers.
While market conditions have tightened, particularly for single-family homes, condo buyers benefit from ample inventory and negotiation power, making homeownership more accessible as borrowing costs decrease.
Rental Market Outlook
The GTA rental market is expected to remain well-supplied as more renters transition to homeownership. However, robust population growth will sustain rental demand. Addressing the backlog of cases at the Landlord and Tenant Board (LTB) is crucial for creating a fairer and more efficient rental system.
Looking Ahead to 2025
As GTA home prices and home sales rebound, the housing market is poised for an accelerated recovery in 2025. Lower borrowing costs, reduced inflation, and tighter market conditions are expected to encourage more buyers to make their move. The rental and housing markets will continue to evolve, creating opportunities for both renters and homeowners in the coming year.
Positive Outlook for Home Sellers in the GTA
November 2024 brought good news for home sellers in the Greater Toronto Area (GTA) as market conditions showed significant improvement. With increased buyer activity and a tighter housing market, sellers are finding more favourable opportunities to maximize the value of their properties.
Rising Home Sales Boost Seller Confidence
Home sales surged by 40.1% year-over-year in November 2024, reflecting strong buyer interest. Many prospective buyers who had been waiting for improved affordability returned to the market, creating higher demand for well-priced properties.
For sellers, this uptick means:
- A greater pool of potential buyers actively looking for homes.
- Faster sales due to increased competition among buyers.
Higher Prices for Detached Homes
The average selling price in the GTA rose by 2.6% year-over-year, reaching $1,106,050. Detached homes, in particular, saw robust price growth that outpaced inflation, especially in the City of Toronto.
- Sellers of detached homes are benefiting from tight market conditions and increased buyer interest.
- Competitive pricing strategies can help sellers maximize their returns in this recovering market.
Advantages for Sellers as Borrowing Costs Decline
Lower borrowing costs are not just a win for buyers—they also work in favour of sellers by driving market activity. With mortgage payments trending downward, more buyers are entering the market, creating a sense of urgency to purchase before conditions change.
Seasonality and Strategic Selling
November sales were not only higher year-over-year but also up month-over-month on a seasonally adjusted basis. This trend signals a strengthening market as 2024 ends, setting the stage for a promising start to 2025. Sellers considering listing their properties may find this an ideal time to attract motivated buyers.
A Seller’s Market for the Right Property
While the condo segment offers buyers negotiating power, sellers of single-family homes and detached properties are in a strong position to command competitive prices. This trend is especially pronounced in high-demand areas like the City of Toronto.
For sellers, this is the moment to highlight unique property features and leverage market demand to secure favourable deals.
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The Future Looks Bright for GTA Home Sellers
As the market continues to recover, home sellers in the GTA are poised to benefit from increasing demand, rising prices, and improved buyer confidence. For those ready to sell, the evolving market offers an excellent opportunity to achieve their real estate goals.
GTA Real Estate Market November 2024 Stats
| Average Home Prices by City November 2024 | ||||
| Detached | Semi Detached | Condo Townhouse | Condo Apartment | |
| Burlington | $1,446,128 | $959,650 | $813,255 | $753,423 |
| Milton | $1,441,381 | $1,017,025 | $719,571 | $629,167 |
| Oakville | $2,133,109 | $1,071,779 | $705,946 | $749,103 |
| Brampton | $1,189,684 | $912,685 | $686,411 | $511,316 |
| Mississauga | $1,425,730 | $981,406 | $797,250 | $615,750 |
| City of Toronto | $1,695,939 | $1,248,930 | $773,160 | $713,364 |
GTA Monthly Home Sale Stats as per TRREB Reports
| Avg. Home Price | Home Sales | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2022 | 2023 | 2024 | 2021 | 2022 | 2023 | 2024 | ||||||||
| Jan | $966K | $1,242K | $1,036K | $1,025K (Bottom) | 6,887 | 5,593 | 3,083 | 4,187 | |||||||
| Feb | $1,044K | $1,334K (Peak) | $1,096K | $1,110K | 10,925 | 9,028 | 4,754 | 5,579 | |||||||
| Mar | $1,097K | $1,298K | $1,108K | $1,121K | 15,627 | 10,864 | 6,876 | 6,554 | |||||||
| Apr | $1,090K | $1,250K | $1,153K | $1,156K | 13,613 | 7,941 | 7,487 | 7,114 | |||||||
| May | $1,108K | $1,210K | $1,195K | $1,165K | 11,902 | 7,229 | 8,997 | 7,013 | |||||||
| Jun | $1,089K | $1,145K | $1,182K | $1,162K | 11,052 | 6,424 | 7,481 | 6,213 | |||||||
| Jul | $1,061K | $1,073K | $1,118K | $1,106K | 9,338 | 4,871 | 5,250 | 5,391 | |||||||
| Aug | $1,070K | $1,079K | $1,082K | $1,074K | 8,550 | 5,591 | 5,281 | 4,967 | |||||||
| Sep | $1,135K | $1,086K | $1,119K | $1,107K | 9,010 | 5,008 | 4,642 | 4,996 | |||||||
| Oct | $1,155K | $1,087K | $1,125K | $1,135K | 9,743 | 4,930 | 4,646 | 6,658 | |||||||
| Nov | $1,162K | $1,079K | $1,082K | $1,106K | 8,979 | 4,534 | 4,236 | 5,875 | |||||||
| Dec | $1,157K | $1,051K | $1,084K | $1,067K | 6,013 | 3,117 | 3,444 | 3,359 | |||||||
| Annual | $1,095K | $1,190K | $1,126K | $1,117K | 121,639 | 75,047 | 65,936 | 67,610 | |||||||
Year-Over-Year Summary (November Comparison)
| GTA | 2024 | 2023 | %age change |
|---|---|---|---|
| Sales (All Home Types) | 5,875 | 4,194 | 40.1% |
| New Listings | 11,592 | 10,870 | 6.6% |
| Active Listings | 21,818 | 16,754 | 30.2% |
| Average Price | $1,106,050 | $1,077,891 | 2.6% |
| Average LDOM | 31 | 25 | 24.0% |
| Average PDOM | 49 | 39 | 25.6% |
Average Listing Days on Market (Avg. LDOM) refers to the average number of days sold listings were on the market. Average Property Days on Market (Avg. PDOM) refers to the average number of days a property was on the market before selling, irrespective of whether the property was listed more than once by the same combination of seller and brokerage during the original listing contract period.
| 5 Year GTA Sales & Avg Price Chart | ||
|---|---|---|
| Year | Sales | Avg Price |
| 2019 | 87,747 | $819,153 |
| 2020 | 95,066 | $929,636 |
| 2021 | 121,712 | $1,095,475 |
| 2022 | 75,047 | $1,190,749 |
| 2023 | 65,936 | $1,126,591 |
| 2024 (YTD) | 64,277 | $1,120,300 |
