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Market Watch

TORONTO CONDO MARKET REPORT

GTA REALTORS® Release November 2024 Stats

Greater Toronto Area (GTA) home sales increased strongly on a yearover-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 per cent compared to 4,194 sales reported in November 2023. New listings entered into the MLS® System amounted to 11,592 – up by 6.6 per cent year-over-year. On a seasonally adjusted basis, November sales were up month-overmonth compared to October.

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TRREB Releases 2024 Q3 Condo Market Statistics

Relatively high borrowing costs continue to impact the Greater Toronto Area (GTA) condominium apartment market segment in the third quarter of 2024. Sales were down on a year-over-year basis. Over the same period, the number of listings was up. This resulted in more choice and, therefore, negotiating power for buyers and a slightly lower average selling price.

“While condo sales remained low in the third quarter, market conditions are expected to improve. As the positive impact of interest rate cuts continues to grow, a growing number of renters will likely make the move into homeownership. Many of these households can initially start to take advantage of lower borrowing costs and lower home prices, thereby making their monthly payments more affordable,” said TRREB President Jennifer Pearce

Total condominium apartment sales amounted to 4,204 in Q3 2024 – down by 4.4 per cent compared to Q3 2023. There were 14,721 new condo listings added to the MLS^® System during the third quarter, which represented a year-over-year increase of 10.6 per cent.

With more supply in the market, the average condominium apartment price dipped by 3.3 per cent annually to $692,672. The average Q3 2024 condominium apartment price in the City of Toronto was $713,801 – down from $737,035 in Q3 2023.

“As condo market conditions start to improve in the months ahead, we will start absorbing the large standing inventory of listings that built up over the past year. Ultimately this will lead to tightening market conditions and renewed price growth, but this will become more of a story as we move through 2025,” said TRREB Chief Market Analyst Jason Mercer.

For full report click here> Market Report