📈 GTA Home Sales Surge in November 2024! 🏠

TORONTO, ONTARIO – December 4, 2024
The Greater Toronto Area (GTA) housing market is heating up! 🔥 Home sales in November 2024 rose significantly compared to the same time last year. Buyers are reaping the benefits of lower borrowing costs and more affordable conditions. While new listings also increased, they didn't keep up with the demand, tightening the market and nudging prices upward. 💹

Key Highlights: ✨

• Home Sales: 🏘️ A whopping 5,875 sales were recorded in November 2024—a 40.1% increase compared to November 2023!
• New Listings: 📋 11,592 properties hit the market, up 6.6% year-over-year.
• Average Price: 💵 The average selling price climbed 2.6% year-over-year to $1,106,050.

A Word from TRREB 🗣️

Jennifer Pearce, TRREB President, shared her optimism:
"With inflation easing and borrowing costs trending lower, many buyers are re-entering the market. Selling prices remain well below their historic peaks, setting the stage for a stronger recovery in 2025."

Market Trends 🔍

• Detached Homes: 🏡 Tight conditions in this segment led to price growth outpacing inflation, especially in the City of Toronto.
• Condos: 🏢 Prices remained lower than last year, offering buyers great choice and negotiation power.

According to Jason Mercer, TRREB’s Chief Market Analyst:
"Condo affordability will attract renters into homeownership as borrowing costs continue to decline."

Rental Market Outlook 🏘️

With high population growth, rental demand is expected to strengthen. However, resolving the backlog of 53,000 Landlord and Tenant Board (LTB) cases could bring significant improvements for tenants and landlords alike.

John DiMichele, TRREB CEO, emphasized:
"Reforming the LTB to make it faster and fairer will help more families find affordable housing."

GTA Residents Speak Up 📊

A recent Ipsos poll revealed:

• 93% of respondents support immediate action to reduce the LTB backlog.
• 94% believe an efficient LTB is critical to Ontario’s housing market.
• 89% endorse investments in staffing, tech, and streamlined processes.

The numbers tell a clear story: the GTA real estate market is poised for a strong recovery as we head into 2025. 📅 Whether you're buying, selling, or renting, it’s a market to watch! 👀

Stay tuned for more updates, and let us know your thoughts in the comments below!