GTA Home Sales Up Substantially in November

November 2024 saw a strong rebound in home sales across the Greater Toronto Area (GTA), marking a notable year-over-year increase. Many buyers benefited from improved affordability, driven by lower borrowing costs, while new listings also rose, albeit at a slower pace. This shift led to a tightening of market conditions and a notable uptick in average prices.

A Positive Outlook for 2025

As 2024 draws to a close, Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce highlighted the improvement in the housing market. She noted that many home buyers had been waiting on the sidelines, expecting reduced inflation and lower borrowing costs. With home prices still below their historic highs and mortgage payments decreasing, Pearce anticipates a market recovery in 2025.

Key Market Statistics

Home Sales Comparison:

• Overall Sales: 5,875 homes sold, up 40.1% from last year
• By Home Type:
  • Detached Homes: 2,669 units, +43.9%
  • Semi-Detached Homes: 502 units, +24.9%
  • Townhouses: 1,009 units, +46.0%
  • Condos: 1,640 units, +36.3%

Average Selling Price Breakdown (vs. Nov 2023):

• Detached Homes: $1,452,518 (+43.9%)
• Semi-Detached Homes: $1,077,254 (+24.9%)
• Townhouses: $892,304 (+46.0%)
• Condos: $689,599 (+36.3%) 

New Listings:

• Total New Listings: 11,592, an increase of 6.6% from last November

Market Segments: Single-Family Homes vs. Condominiums

TRREB’s Chief Market Analyst, Jason Mercer, pointed out that market conditions are tightening, especially in the single-family home market. Detached homes, particularly in Toronto, saw average price growth outpacing inflation. However, the condominium segment has experienced lower average selling prices year-over-year, offering buyers more negotiating power. As borrowing costs continue to decrease, this could attract more renters into homeownership, particularly in the condo market.

The Rental Market and the LTB Backlog

While the housing market is recovering, the rental market remains relatively stable, although demand is expected to rise as more renters transition into homeownership. The ongoing issue of the Landlord and Tenant Board (LTB) backlog remains a concern. Recent data shows a backlog of 53,000 cases, and the need for reform is evident. A recent Ipsos poll revealed strong public support for government action to address this issue. TRREB CEO John DiMichele emphasized that investing in the LTB’s staffing, technology, and processes will help resolve cases more efficiently, benefiting both tenants and landlords.

Looking Ahead: What’s Next for the GTA Housing Market?

As 2025 approaches, experts predict a continued improvement in market conditions. With lower borrowing costs, higher buyer demand, and ongoing government efforts to streamline the LTB, the stage is set for a more active and competitive housing market in the months to come.

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