Great Toronto Area

Resilient Housing Market in the Greater Toronto Area

In November, the housing market in the Greater Toronto Area (GTA) continued to demonstrate impressive resilience, with sales surpassing those of the same month last year. Lower mortgage rates have energized the market, resulting in 5,875 homes sold, an 11.8% drop from October but a remarkable 39% increase year-over-year, according to the Toronto Regional Real Estate Board (TRREB).

While the average home prices saw a slight month-to-month decline, active listings totaled 21,818, down 10.9% from last month but up 30.2% from last year. New listings also showed a slowdown, with 11,592 introduced, which is 24.4% lower than in October but 9.9% higher than last year.

Notably, the benchmark home price rose by 0.1% month-over-month to $1,061,700, reflecting a year-over-year decrease of just 1.2%. This marks the first monthly price increase in seven months, the last being in April 2024. This trend indicates that the GTA housing market is stabilizing, and the decline in prices may have reached its bottom.

Despite the overall stability, certain segments of the market showed different trends. For instance, detached home sales decreased by 19.7% compared to November 2023, while the average price decreased by 1.8% to $1,589,500. On the other hand, semi-detached sales increased by 16.9%, with the average price increasing by 5.2% to $1,131,700.

In summary, the housing market in the Greater Toronto Area demonstrated impressive resilience in November 2024, with sales surpassing those of the same month last year. Although the average home prices saw a slight month-to-month decline, the benchmark home price increased for the first time in seven months, indicating that the market is stabilizing. However, different segments of the market showed different trends, highlighting the need for a nuanced understanding of the GTA housing market.