STATE OF THE MARKET

As of November 2024, the Toronto housing market has experienced notable changes. Here’s a summary of the current state:

  • Average Home Prices:
  • The average home price in the Greater Toronto Area (GTA) is approximately $1,135,215, reflecting a 0.8% increase compared to the same period last year.

Sales Activity:

Home sales have surged, with a 43% year-over-year increase, totaling 6,658 transactions in October 2024.

New Listings:

  • New listings have risen by 4.3% annually, indicating a growing inventory in the market.

Market Conditions:

  • The sales-to-new-listings ratio (SNLR) stands at 43%, suggesting a balanced market where supply and demand are relatively even.

Interest Rates:

  • The Bank of Canada has implemented rate cuts, reducing the policy rate to 3.75%, which has contributed to increased buyer activity.

Property Types:

  • Detached homes have an average price of $1,462,838, a 0.9% increase year-over-year.
  • Condo apartments average $694,038, marking a 2.1% decrease from the previous year.

These trends indicate a dynamic market with rising sales and a slight uptick in prices, influenced by recent interest rate adjustments.