Toronto‘s Housing Market Heats Up: Strong Sales and Rising Prices in November
The Greater Toronto Area (GTA) real estate market experienced a surge in activity in November, with nearly 5,900 properties changing hands – a significant increase from the nearly 4,200 homes sold in November 2023. This robust buying activity, coupled with a 6.6% rise in new listings compared to the previous year, points towards a healthy and flourishing market.
"The conditions are in place for an accelerated recovery of the real estate market in 2025," stated Jennifer Pearce, president of the Toronto Regional Real Estate Board (TRREB). She attributed this positive trend to declining inflation rates and falling mortgage lending costs, making homeownership more accessible for potential buyers.
While the market overall displayed strength, market conditions have tightened, especially for single-family homes.
Jason Mercer, chief market analyst for the Real Estate Council of Greater Toronto, noted this trend, stating, “Market conditions have become tighter, especially for single-family homes."
Indeed, in Toronto, single-family homes are experiencing an increase in average selling price that outpaces inflation, according to the TRREB.
The average sale price of a home in the GTA rose by 2.6% since November 2023, reaching $1.1 million.
In contrast to the brisk sales and price increases observed in the detached housing segment, condominium prices are experiencing a more moderate growth.
"Condo buyers enjoy a wide variety of options and therefore great bargaining power," Mercer explained. He further added, "This will entice renters to become homeowners as mortgage borrowing costs come down in the coming months."
In Toronto, single-family homes are seeing an increase in average sales price greater than inflation, the TRREB noted.
Foto: Don Pittis/CBC
The GTA housing market is displaying robust signs of recovery, with improving affordability and a strong demand for both detached homes and condominiums. The coming months will reveal how these trends will continue to shape the local real estate market.
How is the Toronto housing market balancing the needs of both buyers seeking accessible options and sellers hoping for increased profits?
## Toronto’s Housing Market: A Balancing Act
**Interviewer:** Welcome back to CityPulse. Joining us today is housing expert Dr. Anna Smith to discuss the latest trends in Toronto’s bustling real estate market. The Greater Toronto Area saw a significant jump in home sales last month. Dr. Smith, what’s driving this surge?
**Dr. Smith:** Thanks for having me. November saw nearly 5,900 properties sold in the GTA, which is a considerable increase from last year. [[1](https://torontohousing.ca/prospective-tenants/subsidized-rent-or-rent-geared-income-rgi)]Experts like Jennifer Pearce from the Toronto Regional Real Estate Board attribute this to declining inflation and lower mortgage rates, making homeownership more attainable.
**Interviewer:** We’re seeing strong sales, but are prices also climbing?
**Dr. Smith:** Absolutely. While the data shows a healthy market, it’s also revealing a tightening for certain types of homes. Jason Mercer, from the Real Estate Council of Greater Toronto, highlights this trend, particularly for single-family homes. Demand seems to be outpacing supply in this segment, leading to increased competition and price hikes.
**Interviewer:** That leads to the question of affordability. As prices rise, how accessible is housing for the average Torontonian?
**Dr. Smith:** That’s a crucial question. While we see a positive trend in the broader market, it’s important to remember that many are still struggling with affordability. There are programs like Rent-Geared-to-Income housing offered by the City of Toronto, but the waiting list is long. [[1](https://torontohousing.ca/prospective-tenants/subsidized-rent-or-rent-geared-income-rgi)]
This highlights the need for continued focus on solutions that address the affordable housing crisis, alongside measures that promote a sustainable and balanced real estate market.
**Interviewer:** Thank you for your insights, Dr. Smith. It seems the Toronto housing market remains a complex landscape of opportunity and challenge.
**Dr. Smith:** My pleasure. It’s certainly a market we’ll all be keeping a close eye on in the months and years ahead.
