4th December 2024: Home sales in the Greater Toronto Area (GTA) saw a significant 40% year-over-year increase in November 2024, driven by lower borrowing costs and heightened buyer activity. According to the Toronto Regional Real Estate Board (TRREB), 5,875 homes were sold through its MLS® System, up from 4,194 in November 2023.
New listings also rose by 6.6% to 11,592, but the smaller increase compared to sales caused market conditions to tighten, pushing up prices. The average selling price grew by 2.6% year-over-year to $1,106,050, with detached homes experiencing stronger price growth than condominiums. However, the MLS® Home Price Index Composite benchmark declined 1.2% annually, marking a slower rate of decline than in previous months.
TRREB President Jennifer Pearce highlighted improved affordability due to reduced borrowing costs and steady selling prices as key factors encouraging market recovery. “With mortgage payments trending lower, the market is positioned for further recovery in 2025,” she said.
TRREB Chief Market Analyst Jason Mercer noted that while single-family homes saw price growth outpacing inflation, the condo segment faced downward pressure due to ample supply and buyer negotiation power. This trend is expected to attract renters into homeownership as borrowing costs continue to fall.
On the rental front, TRREB CEO John DiMichele emphasized the importance of reducing the backlog of 53,000 cases at the Landlord and Tenant Board (LTB) to improve housing accessibility. Recent public polling revealed overwhelming support for LTB reforms to ensure timely resolutions for landlords and tenants, which could strengthen Ontario’s housing market overall.
As 2024 draws to a close, the GTA housing market appears poised for a robust recovery, with affordability and population growth fueling both sales and rental demand.
