The GTA housing market in November 2024 reflected a complex dynamic, balancing strong sales growth with challenges from high inventory levels.
Sales Activity: GTA reported 5,875 home sales, a 40.1% increase compared to 4,194 sales in November 2023.
New Listings: New listings rose modestly by 6.6% to 11,592, but the surplus of active listings continued to temper market momentum and limit competitiveness.
Price Trends:
The average selling price increased slightly by 2.6% to $1,106,050 across all housing types:
- Low-Rise Homes: Prices rose by 2.9% due to steady demand, particularly in the detached segment.
- Condos: Prices declined by 2.9% year-over-year, reflecting high inventory levels and cautious investor sentiment.
Market Dynamics:
- Buyer Leverage: The percentage of homes selling above the asking price remained stable, highlighting continued buyer negotiation power. Buyers in the condo segment, in particular, benefited from ample options and declining prices.
- Supply-Demand Balance: A decline in Months of Inventory (MOI) suggested improving balance, but the overall inventory remained high, maintaining a sluggish undertone.
- Days on Market: Many listings lingered longer than usual, further signaling restrained competitiveness in the current market.
Outlook:
The Toronto housing market remains in flux, offering opportunities for buyers and challenges for sellers. Detached homes are experiencing steady demand and price growth, while the condo segment provides buyers with significant negotiating power and choice.
With borrowing costs trending lower and inventory levels expected to adjust, the market is positioned for gradual stabilization and recovery in 2025. The window of opportunity for upsizing is shrinking as the current trend is shifting towards detached homes.
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