Home sales across the Greater Toronto Area (GTA) continued to rise in November, driven by increased demand, especially for detached properties. A total of 5,875 homes were sold, reflecting a 38 per cent year-over-year increase and building on the 43 per cent growth seen in October. The region’s aggregate sale price also climbed by 2 per cent compared to last year, reaching an average of $1,106,050, largely due to heightened demand for larger properties.

Inventory levels dipped slightly month-over-month to 21,818 units, in line with typical seasonal trends as we enter winter. However, compared to the same time last year, inventory levels were up 30 per cent, providing buyers with a significantly larger selection of properties.

The GTA is also seeing increased interest from American buyers, particularly following the 2024 U.S. presidential election. Data from royallepage.ca, Royal LePage’s consumer real estate portal, showed a notable spike in U.S.-originated sessions the day after the election. This has led some Americans to explore the possibility of relocating to Canada.

"Consistently ranked as one of the best countries in the world to live in, Canada continues to be a top destination for international relocation—a trend that is unlikely to change in the years ahead," said Phil Soper, president and CEO of Royal LePage.

Detached homes continued to lead the market in November, with 2,669 homes sold, marking a 42 per cent increase year-over-year. The average sale price for detached properties rose 3.4 per cent to $1,452,518. Inventory for detached homes dropped to 5,096, reflecting an 8 per cent decrease from October, though it remained 21 per cent higher compared to the previous year.

The condominium market saw a modest price dip of $4,439 month-over-month, bringing the average sale price to $689,599. Sales remained strong, with 1,640 units sold, up 28 per cent year-over-year. Condo inventory rose by 25 per cent to 8,209 units, continuing the trend of increased choices for buyers.

Townhomes experienced the largest yearly growth in sales, with 582 units sold—a 60 per cent year-over-year increase. Prices remained steady month-over-month, with the average sale price at $994,251. Inventory levels also rose, with 1,542 townhomes available, marking a 36 per cent year-over-year increase.

The semi-detached segment showed more moderate growth, with 502 properties sold, a 24 per cent increase from last year. Prices dipped by 2.8 per cent month-over-month, bringing the average sale price to $1,077,254. Semi-detached inventory rose to 1,110 units, a 38 per cent year-over-year increase.

“Market conditions have tightened, particularly for single-family homes. The detached market segment has experienced price growth above inflation, especially in the City of Toronto. Meanwhile, the condominium segment continues to see lower average selling prices compared to last year, offering condo buyers a lot of choice and negotiating power. As borrowing costs decrease in the months ahead, this will likely attract more renter households into homeownership,” said TRREB Chief Market Analyst Jason Mercer.

As we approach the end of the year, the GTA continues to be one of Canada’s most sought-after real estate markets. With the expected increase in purchasing power due to lower interest rates and changes to mortgage rules, it’s anticipated that more buyers will enter the market in 2025, driving higher sales activity.

If you want to discuss how these trends relate to your situation or are curious about your property’s value or affordability, feel free to reach out!

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