GTA November Market Stats for 2024 show a strong upswing in the GTA real estate market. Home sales surged by 40.1% year-over-year. New listings climbed by 6.6%, expanding available options.
This shift suggests renewed buyer optimism, supported by more affordable conditions and lower borrowing costs. As conditions tighten, prices gain momentum. We believe this signals potential acceleration in housing as 2025 approaches.
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Detailed Analysis of GTA November Market Stats
Sales Trends
In November 2024, TRREB reported 5,875 home sales, a sharp rise from the 4,194 reported during the same period in 2023. This increase points to substantial buyer engagement and improved sentiment, as many who had been waiting on the sidelines entered the market, capitalizing on more favorable borrowing conditions.
Listing Upticks
New listings reached 11,592, up by 6.6% year-over-year. Although this is a notable increase, the growth in sales outpaced new listings. This imbalance between supply and demand has contributed to tighter market conditions, giving sellers more leverage and pushing prices upward.
Price Movement and Market Conditions
While the MLS® Home Price Index Composite benchmark was down by 1.2% year-over-year in November, this decline was markedly lower than in previous months, indicating a trend toward price stabilization. The average selling price rose by 2.6% to $1,106,050, influenced by a larger share of detached home sales. As borrowing costs ease and buyers gain more purchasing power, we can anticipate further price resiliency and potential growth in the coming months.
Market Predictions and Strategic Insights
Future Outlook
“As we approach the end of 2024,” remarked TRREB President Jennifer Pearce, “I am pleased to report an improvement in housing market conditions.” With inflation cooling and borrowing costs trending lower, the stage is set for a more robust market in 2025. First-time homebuyers and seasoned purchasers alike may find new opportunities as financial conditions further improve.
Segment Variances
Notably, single-family homes are experiencing average annual price growth above inflation, particularly within the City of Toronto. In contrast, condos are offering buyers more choice and therefore more negotiating power, which could lure renters into homeownership as borrowing rates ease. This diversification of conditions across different property segments provides both investors and end-users various avenues to achieve their real estate goals.
Rental Market Outlook
Population growth remains high, and while some renters will transition into homeownership, overall rental demand is poised to remain strong. Improvements in processes at the Landlord and Tenant Board (LTB) will be key to maintaining a balanced and efficient rental market in the face of ongoing population growth and shifting homeownership trends.
Our Take and Helpful Resources
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