REXIG SUMMARY
GTA Housing Market November 2024: Detached Homes Drive GTA Real Estate Recovery
The Greater Toronto Area (GTA) housing market showed notable year-over-year growth in November 2024, with a significant increase in home sales driven by more favorable borrowing conditions. The rise in sales, coupled with an increase in new listings, has led to tightening market conditions, contributing to an overall increase in home prices compared to the previous year.
//
In November 2024, home sales surged by 40.1%, reaching 5,875 compared to 4,194 in November 2023. New listings saw a more modest rise of 6.6% year-over-year, resulting in a more competitive market. While the MLS® Home Price Index Composite benchmark showed a slight decline of 1.2% compared to the same time last year, the average selling price increased by 2.6%, reaching $1,106,050. This price growth was primarily driven by a higher proportion of detached homes being sold. Detached homes, especially in the City of Toronto, saw annual price growth surpassing inflation, while condominium prices continued to trend lower, offering more opportunities for buyers in that segment.
Market conditions in the GTA have improved, with a recovery in home prices and a surge in sales, signaling a shift toward a more balanced market. Although condo prices remain lower, the broader market trend points toward a tightening supply of homes and increased demand, especially for detached homes. The rental market, while stable, could see increased demand as more renters transition to homeownership.
//
Future Outlook
Looking ahead, the GTA housing market is poised for continued growth as borrowing costs remain lower and inflation trends reduce. With a strong potential for a market recovery in 2025, buyers and sellers can expect a more dynamic housing environment, especially in the detached home segment. The rental market may also see strengthening demand due to high population growth and a potential easing of rental regulations.
REGIONAL SPOTLIGHT // NOVEMBER 2024 Oakville-Milton Region Real Estate Market Report
The Oakville-Milton housing market exhibited notable activity in November 2024, with a significant year-over-year increase in home sales. Buyers took advantage of favorable conditions, including slightly higher inventory and stable prices across key property segments, reinforcing the area’s appeal amidst a shifting real estate landscape.
Market Performance
Home sales in Oakville-Milton totaled 244 units in November, a 30.5% rise from the same month in 2023. The average home price climbed 8.4% year-over-year to $1,511,163, while the MLS® Home Price Index (HPI) composite benchmark price remained stable at $1,215,800. Single-family homes led the way with a 2.1% price increase, whereas townhouses and apartments experienced minor price declines. Active listings reached their highest November level in over five years, with 680 units available, contributing to a months-of-inventory measure of 2.8—indicating balanced market conditions.
Future Outlook
The Oakville-Milton market is poised for further growth in 2025, supported by potential interest rate cuts and regulatory adjustments, such as raising the insured mortgage cap. These changes could boost buyer activity, particularly in the single-family segment. However, seasonal patterns may moderate market dynamics during the winter months before a likely resurgence in spring. The interplay between inventory levels, demand, and broader economic factors will be key in determining the market’s trajectory.
Read here to read our economic update for last month.
ECONOMIC SPOTLIGHT
Navigating Ontario’s Economic Future Into 2025
As valued clients of REXIG Realty, we are excited to provide you with our latest Real Estate Market Report
for the Greater Toronto Area & surrounding regions.
Our goal is to keep you informed and empowered with the most up-to-date information to make
informed decisions regarding your real estate investments.