Home sales across the Greater Toronto Area (GTA) continued to rise in November, reflecting greater demand, particularly for detached properties. A total of 5,875 homes were put under contract, marking a 38 per cent year-over-year increase and building on October’s 43 per cent annual growth. Aggregate sale prices in the region climbed by 2 per cent year-over-year to an average of $1,106,050, fueled largely by heightened demand for larger properties.

Inventory dipped month-over-month to 21,818 units, a seasonal trend typical of the winter months. However, year-over-year inventory levels were up 30 per cent, offering buyers significantly more choice compared to the same period last year.

The GTA has also seen growing interest from American buyers, spurred by the recent results of the 2024 U.S. presidential election. According to website data, this has prompted some Americans to explore relocating north of the border.

Traffic data from royallepage.ca, Royal LePage’s consumer real estate portal and Canada’s most-visited real estate company website, showed a sharp increase in U.S.-originated sessions the day after the election.

"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—a notable 42 per cent year-over-year increase. 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 year-over-year.

The condominium market saw a modest monthly price decrease of $4,439, resulting in an average sales price of $689,599. Sales remained elevated, with 1,640 units sold, representing a 28 per cent year-over-year increase. Inventory for condos rose by 25 per cent to 8,209 units, continuing the trend of increased inventory and additional choices for buyers. 

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

The semi-detached segment saw more moderate activity, with 502 properties sold—a 24 per cent year-over-year increase. Prices dipped by 2.8 per cent month-over-month, bringing the average sale price to $1,077,254. Inventory for semi-detached homes totaled 1,110 units, representing a 38 per cent yearly increase.

“Market conditions have tightened, particularly for single-family homes. The detached market segment experienced average annual price growth above the rate of inflation, particularly in the City of Toronto. In contrast, the condominium apartment segment continued to experience lower average selling prices compared to a year ago. Condo buyers are benefitting from a lot of choice and therefore negotiating power. This will attract renter households into homeownership as borrowing costs trend lower in the months ahead,” said TRREB Chief Market Analyst Jason Mercer. 

As the year draws to a close, the GTA remains one of Canada’s most sought-after real estate markets. As purchase power increases due to lower interest rates and impending changes to mortgage rules, buyers will continue coming off the sidelines, driving greater sales activity in 2025. 

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