Home sales in the Greater Toronto Area (GTA) experienced a significant 40.1% increase in November compared to the same month last year, according to the Toronto Regional Real Estate Board (TRREB).
Market Highlights
- Sales Volume: 5,875 homes were sold across the GTA in November, up from 4,194 in November 2023.
- Month-over-Month Growth: Sales rose 1.9% from October on a seasonally adjusted basis.
- Average Selling Price: Increased 2.6% year-over-year to $1,106,050.
- Composite Benchmark Price: Down 1.2% compared to last year, showing a reduced rate of decline compared to earlier months.
Improved Market Conditions
TRREB President Jennifer Pearce highlighted the impact of lower borrowing costs and moderated selling prices, making homes more affordable for buyers.
“With selling prices still well below their historic peak and monthly mortgage payments trending lower, the stage is set for an accelerating market recovery in 2025,” Pearce said.
New Listings on the Rise
The market saw 11,592 new listings in November, marking a 6.6% increase from the same period last year.
The surge in sales and improved affordability signal renewed confidence in the GTA housing market, potentially paving the way for a stronger recovery in the coming year.