Real Estate Market November 2024

11 Dec Real Estate Market November 2024

Your November 2024 real estate market update is here! Covering Toronto, Oakville, Burlington, Hamilton and the surrounding areas.

Highlights of the real estate market from TREBB and RAHB

“Greater Toronto Area (GTA) home sales increased strongly on a year-over-year basis in November 2024. Many buyers benefitted from more affordable market conditions brought about by lower borrowing costs. New listings were also up compared to November 2023, but by a much lesser annual rate. This meant that market conditions tightened, resulting in overall average price growth compared to last year.

“As we approach the end of 2024, I am pleased to report an improvement in housing market conditions. Many home buyers patiently waited on the sidelines for reduced inflation and lower borrowing costs. With selling prices remaining well off their historic peak and monthly mortgage payments trending lower, the stage is set for an accelerating market recovery in 2025,” said Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.

GTA REALTORS® reported 5,875 home sales through TRREB’s MLS® System in November 2024 – up by 40.1% compared to 4,194 sales reported in November 2023. New listings entered into the MLS® System amounted to 11,592 – up by 6.6% year-over-year. On a seasonally adjusted basis, November sales were up month-over-month compared to October.

The MLS® Home Price Index Composite benchmark was down by 1.2% year-over-year in November 2024 – a much lesser annual rate of decline compared to previous months. The average selling price was up by 2.6% compared to November 2023 to $1,106,050. Year-over-year average price growth was greater than that for the HPI Composite benchmark because of a greater weighting of detached home sales compared to last year. On a seasonally adjusted basis, the average selling price edged slightly lower compared to October.

“Market conditions have tightened, particularly for single-family homes. The detached market segment experienced average annual price growth above the rate of inflation, particularly in the City of Toronto. In contrast, the condominium apartment segment continued to experience lower average selling prices compared to a year ago. Condo buyers are benefitting from a lot of choice and therefore negotiating power. This will attract renter households into homeownership as borrowing costs trend lower in the months ahead,” said TRREB Chief Market Analyst Jason Mercer.”

Over in the Hamilton-Burlington area: “Sales, new listings and inventory levels all trended down over October levels, which aligns with typical seasonal behaviour. However, sales did see modest gains over last November. Year-over-year gains occurred in all regions, but only Haldimand County reported sales above long-term trends.

“Many potential purchasers defer purchasing decisions this time of year until the new year. With recent interest rate cuts, we expect buyers will be incentivized to enter the
market in 2025. The recent easing of mortgage restrictions and Bank of Canada cuts are making purchasing more attainable for hopeful buyers,” says Nicolas von Bredow,
Cornerstone spokesperson for the Hamilton-Burlington market area.

New listings trended down both over last month and last year’s levels. Despite the pullback, levels were high enough relative to sales to prevent any significant adjustment
in inventory levels. With four months of supply, we are still seeing elevated supply levels compared to recent years. The unadjusted benchmark price was $817,900 in November, similar to last month and nearly 2% higher than last year, when prices reported higher declines. Despite some adjustments throughout the year, year-to-date prices are less than one percent lower than last year’s levels.”

Questions about buying or selling? Reach out anytime, I’d be happy to discuss the market with you!

All the latest home prices and statistics by property type and city below!

Sources for Real Estate Market Update for November 2024 : Toronto Regional Real Estate Board and REALTORS® Association of Hamilton-Burlington