Toronto-area home sales jumped 40% in November 2024 compared with a year earlier. The latest Toronto Regional Real Estate Board (TRREB) report shows a sharp rebound in the housing market. Prices also started to edge upward. Together, these are clear signs of renewed buyer confidence and activity in the Greater Toronto Area (GTA).
This post was first written when the November 2024 TRREB figures came out. The numbers below are from that month.
This development lines up with the market path I described and shared with you months ago. At the time, I expected a comeback driven by easing mortgage rates, steadier economic conditions and pent-up demand. Many buyers had been sitting on the sidelines during the earlier uncertainty.
November 2024 Highlights for Toronto-Area Home Sales
- Sales volume: Home sales rose 40% compared with November 2023. That points to a significant uptick in activity across all property types.
- Average home price: Prices edged up modestly, which signals cautious optimism among buyers and sellers. The average selling price across the GTA reached approximately $1.13 million, up by 2% from the previous month.
- Inventory levels: New listings remained below historical norms. Meanwhile, the rise in sales suggests demand is starting to outpace supply. That could push prices higher in the months ahead.
You can find TRREB’s monthly market reports on the TRREB website.
What Drove the Rebound
Three main forces lifted Toronto-area home sales in November:
- Easing mortgage rates: Fixed mortgage rates declined, helped by steadier inflation and a cautious Bank of Canada. That created a friendlier setting for buyers.
- Renewed confidence: Buyers who hesitated earlier in the year are now coming back. Better economic signs, and a growing belief that the market has bottomed out, encouraged them.
- Seasonal surge: November often sees more activity as buyers aim to close deals before year-end.
For more on the rate side of the story, read my post on how the Bank of Canada’s latest cut helps buyers.
My Earlier Predictions on Toronto-Area Home Sales
When the market cooled earlier this year, I shared my view that we would see a rebound in November and December. I expected pent-up demand and policy changes to fuel it. The current data shows this shift unfolding as I anticipated.
As I have noted in earlier posts, the GTA market is cyclical and resilient. For example, my post on the freeze in new condo sales looked at the low point of that cycle. Those who understand these patterns, and make informed decisions, stand to benefit whether they buy, sell or invest.
What Toronto-Area Home Sales Mean for Buyers and Sellers
For Buyers
Now may be the time to act before prices rise further. More sales and limited inventory could create more competition in the months ahead. So get your mortgage pre-approval in place first. That way, you can move quickly when the right home appears.
For Sellers
The recent surge in activity and price growth makes this an opportune moment to list, especially while buyers feel motivated by better affordability. Even so, pricing still matters. My guide to setting an asking price that sells explains how to price with care.
Looking Ahead for Toronto-Area Home Sales
As we move into 2025, I foresee continued momentum in Toronto-area home sales, with steady price growth and more competition. Government policies to boost supply and affordability, along with a stable economic outlook, will likely play a key role in the market’s direction.
Whether you are a buyer, seller or investor, staying informed and planning ahead is key in this changing market. For newer numbers, see my June 2026 market report. What is your take on the latest trends? I would love to hear it.
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Talk to a Mississauga Real Estate Agent
Let’s connect to discuss how you can make the most of these opportunities and reach your real estate goals. Do you have questions about what this means for your own plans? I am happy to help. Please contact me here or call 416 908 5600. A. Q. Mufti, Sales Representative, RE/MAX Real Estate Centre Inc., Brokerage.
Disclaimer: this article was published on 16 January 2025 and reflects the information available at that time. Interest rates, prices, and government programs change, so check the current position before acting on anything here. It is provided for information only and is not financial, mortgage, tax or legal advice. A. Q. Mufti is a registered Sales Representative with RE/MAX Real Estate Centre Inc., Brokerage, Ontario, Canada.
