Overview

• Toronto home sales rose 1.9% in November compared to October, marking the fourth straight month of growth, with 6,450 transactions recorded.
• Year-over-year sales surged 40%, supported by reduced mortgage rates and improved affordability in the Greater Toronto Area.
• The average price for a detached home in the region increased 3.9% from November 2023 to $1,452,518, while condo prices declined 2.5% to $689,599.
• New listings rose 4.4% from October on a seasonally adjusted basis, signaling increased seller activity, though market conditions remain tight.
• The Bank of Canada has cut its benchmark interest rate four times since June, with further reductions anticipated in the coming weeks, potentially accelerating market recovery in 2025.