The GTA housing market is showing encouraging signs as 2024 wraps up, creating exciting opportunities for buyers and sellers alike. Here’s a quick breakdown of what’s happening and how it might impact your real estate goals.

Key Market Highlights

• Home Sales Surge:

  • November 2024 saw 5,875 sales, a 40.1% increase from last year as buyers re-enter the market.
  • Lower borrowing costs played a key role in boosting affordability.

• New Listings Increase (Slightly):

  • While new listings rose by 6.6% year-over-year to 11,592, they didn’t keep pace with sales. This tightening of supply is starting to support price growth.

• Price Trends:

  • The average selling price rose 2.6% year-over-year to $1,106,050. Detached homes drove much of this growth, especially in Toronto.
  • Condos remain an affordable option, with prices slightly lower than last year, offering great value for first-time buyers.

What This Means for You

• For Buyers:

  • Detached Homes: If you’re looking for a detached home, act sooner rather than later as prices are climbing above inflation.
  • Condos: Condo buyers are in a strong position with plenty of options and room to negotiate. This is an excellent time for renters to explore homeownership.

• For Sellers:

  • Tightening market conditions mean stronger demand for single-family homes, making it an opportune moment to list.

• For Investors or Renters:

  • High population growth is sustaining rental demand, and policy reforms at the Landlord and Tenant Board may streamline processes for landlords and tenants alike.

Balancing Optimism with Realities

While the outlook is promising, it’s important to be prepared:

• Competition for Detached Homes: Increased demand could mean faster-moving markets and more competitive offers.
• Market-Specific Trends: Local conditions can vary, so understanding what’s happening in your preferred neighbourhood is key.

CLICK HERE for the Full Market Report.

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