As we wrap up the year, the Greater Toronto Area (GTA) real estate market remains dynamic, showing strong year-over-year growth and changes compared to October 2024. Here’s a detailed look at November’s stats and how they stack up.

November 2024: Key Stats

• Average Selling Price: $1,106,050

  • A 2.6% increase compared to November 2023 ($1,077,891).
  • A 2.6% decrease from October 2024’s average price of $1,135,215.

• Home Sales: 5,875 units sold

  • A 40.1% increase compared to November 2023 (4,194 units sold).
  • A 11.8% decrease from October 2024 (6,658 units sold).

• New Listings: 11,592

  • A 6.6% increase compared to November 2023 (10,870 new listings).
  • A 24.3% decrease from October 2024 (15,328 new listings).

• Sales-to-New-Listings Ratio: 51%

  • Up from 39% in November 2023, indicating a more competitive market.
  • Slightly higher than October 2024’s ratio of 43%, showing stronger absorption of available listings.

Average Prices by Property Type (November 2024)

• Detached: $1,452,518 (down from $1,462,838 in October)
• Semi-Detached: $1,077,254 (down from $1,108,376 in October)
• Townhouse: $892,304 (down from $920,201 in October)
• Condo: $689,599 (down from $694,038 in October)

Comparison to October 2024

1. Price Decline: The average selling price decreased by 2.6% month-over-month across all property types, reflecting typical seasonal trends as the year-end approaches.
2. Sales Dip: A reduction in home sales (11.8%) aligns with the seasonal slowdown, though the year-over-year growth remains robust.
3. Inventory Drop: New listings fell by 24.3% compared to October, contributing to a higher sales-to-new-listings ratio and increased competition among buyers.

Trends and Insights

• Year-End Resilience: Despite a seasonal dip in activity compared to October, the market has shown impressive year-over-year growth, particularly in home sales and new listings.
• Sustained Demand: The sales-to-new-listings ratio of 51% highlights a competitive market as buyers continue to absorb available inventory quickly.
• Balanced Conditions: While prices have softened slightly from October, the annual growth in average price (2.6%) points to a stable market with opportunities for both buyers and sellers.

Market Analysis

The November 2024 market highlights the usual seasonal cooling but remains strong compared to last year. The steady annual price increase and significant sales growth show ongoing demand. For buyers, this period offers opportunities with reduced competition, while sellers benefit from stable pricing and sustained interest.

For a more detailed analysis, visit our market update page.

Gagan Gill
Realtor
📞 647-527-9635
💻 Gagangillrealestate.com
Royal Canadian Realty

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