Toronto Home Sales Climb for Fourth Consecutive Month in November

Lower mortgage rates and rising buyer activity drive a 1.9% monthly sales increase, with prices reaching a one-year high.

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.