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Toronto's housing market continues to rebound, with November marking the fourth consecutive month of rising home sales in the Greater Toronto Area (GTA). Seasonally adjusted sales grew 1.9% from October, totaling 6,450 units-a 40% increase from November 2023. Lower borrowing costs, with the Bank of Canada reducing rates to 3.75%, have encouraged buyer activity. The home price index rose 0.8% to CAD 1,094,100, the highest since November 2023, while new listings increased by 4.4% month-over-month. TRREB President Jennifer Pearce anticipates stronger market recovery in 2025, as mortgage payments decline and housing conditions improve. TRREB continues to provide key market insights and advocate for a balanced real estate environment.
In Toronto, home sales in the Greater Toronto Area continued to rise for the fourth consecutive month in November, reaching their highest levels in a year. Lower borrowing costs encouraged more buyers to enter the market. According to data released on Wednesday by the Toronto Regional Real Estate Board, seasonally adjusted sales grew by 1.9% in November compared to October, with 6,450 units sold. This marks a 40% increase compared to November 2023. Advertisement
The Greater Toronto Area (GTA), which includes Toronto and four nearby regional municipalities, has seen improved housing market conditions as 2024 comes to a close. TRREB President Jennifer Pearce noted that many buyers had been waiting for lower inflation and borrowing costs before entering the market. The Bank of Canada has reduced its benchmark interest rate to 3.75%, and further cuts are anticipated in its policy decision next week.
TRREB President Jennifer Pearce expressed optimism about the housing market, noting that with selling prices still below their historic highs and monthly mortgage payments decreasing, conditions are set for a stronger market recovery in 2025. The home price index increased by 0.8% from the previous month, reaching CAD 1,094,100 (CAD 777,778), the highest level since last November. New listings also grew, rising 4.4% from October to 14,907 units, and were up 14.4% compared to the same time last year.
The Toronto Regional Real Estate Board (TRREB) is a leading professional association for real estate professionals in the Greater Toronto Area. It provides valuable insights, market analysis, and resources to support realtors and inform the public about housing market trends. TRREB plays a key role in advocating for policies that promote a healthy real estate market and helps buyers, sellers, and industry professionals navigate the dynamic property landscape in one of Canada's most populous regions.
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