Just before the holiday rush, home sales in the Greater Toronto Area (GTA) experienced remarkable growth this November, surging by 40.1% compared to last year.
According to data from the Toronto Regional Real Estate Board (TRREB), 5,875 transactions were recorded in November 2024, significantly outpacing the 4,194 sales seen in November 2023. The increase in market activity has been attributed to lower borrowing costs and renewed buyer confidence. However, while new listings have increased, inventory growth has not kept pace with the surge in demand. This imbalance has pushed average home prices upward, signaling the potential for a more substantial market recovery in 2025.
Record-Breaking Numbers Reflect Market Revival
The average sale price in November 2024 increased to $1,106,050, a 2.6% jump from $1,077,891 in November 2023. Although home sales dipped by 11.76% compared to October, year-over-year growth remained strong. TRREB reports that sales in November increased over October on a seasonally adjusted basis.
New listings grew by 6.6% to 11,592, while active listings surged by 30.2% to 21,818. Despite this increase, homes are taking longer to sell. Listing days on the market (LDOM) rose by 24%, and property days on the market (PDOM) increased by 25.6%, reflecting the extended time needed for buyers and sellers to finalize transactions.
“Many homebuyers patiently waited on the sidelines for reduced inflation and lower borrowing costs. With selling prices well off their historic peak and monthly mortgage payments trending lower, the stage is set for an accelerating market recovery in 2025,” said TRREB President Jennifer Pearce.
Detached Homes and Condos Dominate the Market
Detached homes and condo apartments were the most in-demand property types this November, particularly in the GTA. In the 905 region, 1,988 detached units were sold at an average price of $1,369,132. In Toronto, 681 detached homes were sold, with an average price of $1,695,939.
There was also a strong demand for condo apartments, providing a more affordable option for buyers looking to enter the market. The city recorded 1,127 condo sales at an average price of $713,364, while the 905 region had 513 condo transactions, averaging $637,390.
Both segments posted substantial growth year over year. Detached home sales in Toronto rose 49% year-over-year, driven by high demand for single-family living and limited inventory. Sales in the GTA also climbed by 42.2% yearly as buyers sought a more affordable option. Condos also experienced impressive growth, with sales increasing by 37.9% year over year in Toronto and 32.9% year over year across the GTA.
“Market conditions have tightened, particularly for single-family homes, with detached home prices growing faster than inflation in the City of Toronto,” noted TRREB Chief Market Analyst Jason Mercer. “Condo buyers, however, continue to benefit from a buyer’s market with ample choice and negotiating power.”
York and Peel Drive Market Momentum
York and Peel Regions were key drivers of sales activity outside Toronto in November. In the York Region, Vaughan recorded the highest number of home sales, with 310 transactions, followed by Markham with 251 and Richmond Hill with 174. The strength of demand in these areas is evident in their average home prices, which reached $1,234,141 in Vaughan, $1,281,912 in Markham, and $1,490,313 in Richmond Hill.
Peel Region experienced notable market activity, with Brampton and Mississauga reporting nearly identical sales figures. In November, Brampton reported 442 home sales, closely matched by Mississauga’s 445 sales. In terms of prices, Brampton’s average home price was $1,016,260, slightly higher than Mississauga’s average of $994,634.
The sustained growth in sales and prices across the GTA highlights the market’s resilience as we head into 2025. With conditions tightening and borrowing costs trending lower, buyers and sellers alike are poised to take advantage of new opportunities in the coming year.
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