MARKET REPORT
NOVEMBER 2024
What’s Really Going On in Toronto Real Estate?
The Toronto real estate market is ending the year on a high note! Buyers are back, boosted by lower borrowing costs and new government measures that officially came into effect on December 15th. Sellers are also enjoying increased interest, especially for semi-detached and detached home With the market shifting gears, here’s what you need to know as we head into 2025
The Sales & Listings Rundown
Sales Are Up: November recorded 5,875 homes sold across the GTA—a strong 40% jump from the same time last year. Year-to-date sales reached 64,277 and are expected to close at around 68,500. While this is still shy of pre-pandemic levels, it’s a significant improvement compared to recent years.
Inventory Update: Available listings dropped to 21,818 in November from 25,612 in September, as many sellers are gearing up for a busier spring.
Let’s Talk Prices
Detached Homes: Prices in Toronto averaged just under $1.7 million up 5.9% from last year. In the city’s central neighborhoods, the average price jumped to $2.5 million. These homes are selling in about 25 days, with most selling at 98% of the asking price
Condos: Prices for condos dipped 2.5% year-over-year, averaging $713,364 in Toronto. Central Toronto condos averaged $748,155 lower than last year but up in sales volume by over 36% With abundant supply, buyers have strong negotiating power
What’s Driving the Market?
As of mid-December, the Bank of Canada reduced its benchmark rate by 0 50% While the immediate impact on mortgage rates is modest, it’s an encouraging sign for buyers. New rules have also been introduced to help boost buyer buying power. As of Dec 15th, the insured mortgage cap increased from $1 million to $1.5 million, reflecting Toronto’s housing reality. Additionally, 30-year amortizations are now available for first-time buyers and new builds, reducing monthly payments and increasing affordability.
Neighborhood Spotlight
Central Toronto: Detached homes and semis are in high demand, with buyers willing to pay top dollar for homes in premium locations.
East Toronto: Areas like Riverdale and Leslieville continue to be highly sought after, especially for semis and townhomes. These neighborhoods strike the perfect balance between affordability and lifestyle
Looking Ahead: What’s Next for 2025?
The market is set for steady growth as buyers and sellers adapt to the new rules and borrowing conditions. With rates easing and affordability improving, we anticipate more activity across all property types, especially for first-time buyers and move-up markets.
The Bottom Line: Is Now the Time?
The Toronto market is buzzing with opportunity! Buyers have the advantage of lower rates and new policies making homeownership more accessible. Sellers can benefit from increasing demand, but pricing and presentation will be key in standing out in a competitive market.
Not sure where to start? That’s where we come in. Whether you’re buying, selling, or just planning your next steps, The Richards Group is here to guide you every step of the way.
Let’s make 2025 the year you achieve your real estate goals!
Contact us today for a personalized real estate market analysis or to explore your options. We’re ready to help you make your next move with confidence!
ALL HOME TYPES - GTA NUMBER OF SALES
November saw the market finding its rhythm as buyers jumped back in, spurred by lower borrowing costs and new rules making homeownership a bit more accessible. The energy feels different more optimistic with people eager to make moves before the year wraps up.
$1,106,050
Prices are holding steady for detached and semi-detached homes, which are still the go-to choice for families and those looking to upsize Condos, on the other hand, are a buyer’s playground right now, with plenty of options and a chance to negotiate a solid deal
HOME TYPES - GTA
Inventory is still tight as many sellers hold off, waiting for what’s expected to be a busier spring market. New listings are trickling in, giving buyers some fresh options, but not enough to ease the competition. If you’re thinking of selling, now’s the time to stand out—serious buyers are clearly still out there and ready to make a move.
