Home sales soared during November in the Greater Toronto Area, according to new data from Toronto Regional Real Estate Board (TRREB).
A total of 5,875 home sales were transacted through TRREB’s MLS System last month, up 40.1% from the 4,194 sales reported in November 2023. New listings entered into the MLS System amounted to 11,592, a 6.6% rise from one year earlier. On a seasonally adjusted basis, November sales were up month-over-month compared to October.
The MLS Home Price Index Composite benchmark was dipped by 1.2% year-over year in November, a lower annual rate of decline compared to previous months. The average selling price was up by 2.6% compared to November 2023 to $1.106 million.
“As we approach the end of 2024, I am pleased to report an improvement in housing market conditions,” said TRREB President Jennifer Pearce. “Many home buyers patiently waited on the sidelines for reduced inflation and lower borrowing costs. With selling prices remaining well off their historic peak and monthly mortgage payments trending lower, the stage is set for an accelerating market recovery in 2025.”
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