Toronto Luxury Real Estate

Toronto Real Estate Market Report ~ November 2024 | Are we on the edge of a massive change?

Rylie Cook -

As we near the end of 2024, the Greater Toronto Area (GTA) real estate market continues to show signs of recovery, with strong sales growth and a slight increase in prices.

Buyers are benefiting from improved affordability due to lower borrowing costs, while sellers are seeing tightening market conditions, particularly in the detached home segment.

Here’s a breakdown of November 2024’s key market trends.

Sales Surge as Buyers Re-Enter the Market

5,875 home sales in November 2024 marked a 40.1% year-over-year increase compared to the 4,194 sales recorded in November 2023.

This growth reflects buyers returning to the market after waiting for improved conditions, including reduced inflation and lower mortgage rates.

New listings also rose to 11,592, up 6.6% from last year. However, the increase in listings was modest compared to the surge in sales, leading to tighter market conditions.

This shift drove average price growth, with the average selling price increasing by 2.6% year-over-year to $1,106,050.

Sales and Average Prices by Home Type

Here’s a detailed breakdown of sales and average prices for various home types in November 2024:

  • Detached Homes:
    • Sales: 2,669 (681 in 416, 1,988 in 905)
    • Average Price: $1,452,518 ($1,695,939 in 416, $1,369,132 in 905)
    • YoY Sales Change: +43.9% (+49.0% in 416, +42.2% in 905)
    • YoY Price Change: +3.9% (+5.9% in 416, +2.8% in 905)
  • Semi-Detached Homes:
    • Sales: 502 (207 in 416, 295 in 905)
    • Average Price: $1,077,254 ($1,248,930 in 416, $956,789 in 905)
    • YoY Sales Change: +24.0% (+24.0% in 416, +25.5% in 905)
    • YoY Price Change: +1.7% (+4.9% in 416, +0.8% in 905)
  • Townhouses:
    • Sales: 1,009 (207 in 416, 802 in 905)
    • Average Price: $892,304 ($904,335 in 416, $889,199 in 905)
    • YoY Sales Change: +50.1% (+51.1% in 416, +44.8% in 905)
    • YoY Price Change: +0.8% (-6.1% in 416, +2.7% in 905)
  • Condo Apartments:
    • Sales: 1,640 (1,127 in 416, 513 in 905)
    • Average Price: $689,599 ($713,364 in 416, $637,390 in 905)
    • YoY Sales Change: +36.3% (+37.9% in 416, +32.9% in 905)
    • YoY Price Change: -2.5% (-0.3% in 416, -7.6% in 905)

Year-Over-Year Summary

  • Total Sales: 5,875 (2024) vs. 4,194 (2023), an increase of 40.1%
  • New Listings: 11,592 (2024) vs. 10,870 (2023), an increase of 6.6%
  • Active Listings: 21,818 (2024) vs. 16,754 (2023), an increase of 30.2%
  • Average Price: $1,106,050 (2024) vs. $1,077,891 (2023), a rise of 2.6%
  • Average LDOM (Listing Days on Market): 31 days (2024) vs. 25 days (2023), an increase of 24.0%
  • Average PDOM (Property Days on Market): 49 days (2024) vs. 39 days (2023), an increase of 25.6%

Detached Homes Drive Market Strength

The segment saw average price growth above inflation, reflecting tightening conditions and strong demand.

In contrast, the condo market continued to offer buyers greater negotiating power due to ample inventory and declining average prices. This dynamic is expected to attract renters into homeownership as borrowing costs decrease further in the coming months.

Looking Ahead: A Market in Recovery

As we move into 2025, the GTA real estate market is poised for continued recovery.

With borrowing costs trending lower and market conditions tightening, both buyers and sellers can expect opportunities in the months ahead.

Detached homes remain a strong segment, while the condo market provides affordable entry points for first-time buyers transitioning from renting.

Rylie C.

Sources

https://trreb.ca/wp-content/files/market-stats/market-watch/mw2411.pdf