➕November 2024➕
➕The Numbers for November are in! Toronto home sales rose by 39% year-over-year as buyers took advantage of lower borrowing costs and improved affordability. New listings increased by 4%, but tighter market conditions contributed to price growth compared to last year.
Average home prices were up by 3%, with strong demand for detached homes driving much of the increase. On the other hand, townhouse and condo prices remained lower, providing buyers with more options and negotiating power.
Looking ahead, as borrowing costs continue to ease, the market is well-positioned for recovery in 2025. Many prospective homebuyers who have been waiting for better financial conditions are expected to return to the market. Additionally, the current softness in the condo segment presents a window of opportunity for renters to transition into homeownership. With steady population growth and housing supply challenges, these factors are likely to support further market activity next year.
In this changing market, having a trusted and experienced realtor is essential. Whether you’re buying, selling, or just exploring your options, reach out today—we’re here to guide you every step of the way!
Looking to buy or sell a home in Toronto? Average prices in November were as follows:
➕Detached $1,695,939 [+5% vs. 2023]
➕Semi-detached $1,248,930 [+3% vs. 2023]
➕Townhouse $904,335 [-6% vs. 2023]
➕Condo $713,364 [-1% vs. 2023]
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Data presented is for City of Toronto Only. Source: TRREB.
