November Snapshot – Sales Surge, Prices Nudge Up
According to the calendar… 2024 is nearly in the rearview. According to the data? The recovery may have already begun.
In November 2024, GTA home sales shot up 40.1% compared to the same time last year, clocking in at 5,875 sales. While new listings also increased, they rose by a much softer 6.6%—tightening market conditions and pushing average prices upward. The average selling price across the GTA reached $1,106,050, up 2.6% year-over-year.
On a seasonally adjusted basis, November also showed an uptick from October, suggesting that buyer confidence is returning earlier than expected.
Detached Homes Lead the Way
It’s detached homes that are doing the heavy lifting. With lower borrowing costs easing monthly payment pressure, many buyers are upgrading from condos or entering the market directly into low-rise homes.
The result? Detached properties, particularly in the City of Toronto, saw price growth that outpaced inflation. This segment continues to outperform as buyers prioritize space, privacy, and long-term value.
Condos Still Soft, But Opportunities Are Brewing
While freehold homes heat up, condos remain cool. Average prices for condominium apartments are still lower than a year ago—largely due to continued high inventory.
But here’s the upside: buyers have more negotiating power than they’ve had in years. This opens a window for renters who’ve been watching mortgage rates with interest. As borrowing costs continue to trend downward, we may see condo demand quietly rebound heading into spring.
What’s Driving the Shift?
The stage was set in early 2024: inflation finally began cooling, and with it came the start of a downward trend in borrowing costs. After months of waiting, many buyers are stepping off the sidelines.
Add in lower average prices (still well below peak levels), and the result is a more accessible market—with pent-up demand ready to ignite.
What This Means for Buyers and Sellers
If you’re a buyer, be strategic. Detached homes are tightening quickly, especially in prime pockets of Toronto. If you’ve been eyeing a condo, this may be your best shot to secure a deal.
For sellers, especially those in the low-rise segment, the outlook is promising. With fewer listings and more active buyers, properly priced homes are drawing attention—and offers.
Chart: GTA Market by the Numbers (Nov 2023 vs. Nov 2024)
| Metric | Nov 2023 | Nov 2024 | % Change |
|---|---|---|---|
| Home Sales (GTA) | 4,194 | 5,875 | +40.1% |
| New Listings | 10,874 | 11,592 | +6.6% |
| Avg. Selling Price (All GTA) | $1,078,900 | $1,106,050 | +2.6% |
| MLS HPI Benchmark | ↓ sharper drop | ↓ just 1.2% | Improving |
Looking Ahead – What Will 2025 Bring?
Will the Bank of Canada make further cuts? Will condo inventory finally shrink? Can first-time buyers take advantage of winter pricing before the usual spring surge?
The signs are pointing to an earlier-than-expected rebound. And while interest rates and inflation remain moving targets, buyer optimism is trending up.
Final Thoughts + What You Can Do Next
November’s market offered a glimpse of what 2025 might hold: more activity, tighter inventory, and renewed confidence. If you’re planning to make a move, now’s the time to build a strategy.
Ready to Talk Strategy?
Let’s break down your options over coffee—or Zoom. Whether you’re renting, buying, or just exploring, we’ll help you build a plan that works for 2025 and beyond.
