GTA REAL ESTATE Market Report November 2024 Stats

The GTA housing market saw significant growth in November 2024, with 5,875 home sales, a 40.1% increase compared to November 2023, and 11,592 new listings, up 6.6% year-over-year, creating tighter market conditions. The average selling price rose 2.6% to $1,106,050, while the MLS® Home Price Index (HPI) Composite Benchmark declined by 1.2%, a smaller drop than in previous months. Detached homes, especially in Toronto, saw price growth outpacing inflation, while condominiums experienced price declines, giving buyers more options and negotiating power. Lower borrowing costs and reduced inflation encouraged sidelined buyers to enter the market, and expectations for 2025 remain optimistic with further recovery anticipated. Meanwhile, the rental market remains robust due to high population growth, though calls for reforms at the Landlord and Tenant Board (LTB) aim to reduce backlogs and improve housing accessibility.

GTA Real Estate Market Update by Toronto Real Estate Board