Welcome to the November edition of our real estate market update! Both the Greater Toronto Area (GTA) and Durham Region continued to show signs of recovery, fueled by lower borrowing costs and improving buyer confidence. Let’s dive into the key trends shaping the market this month.
GTA Market Insights
November 2024 was a strong month for the GTA housing market, with notable year-over-year increases in both sales activity and average home prices.
Sales Activity:
- 5,875 homes sold, marking a 40.1% year-over-year increase compared to 4,194 in November 2023.
- Sales grew not only on an annual basis but also month-over-month compared to October, reflecting growing buyer demand.
Average Sale Price:
- The average sale price rose to $1,106,050, up 2.6% year-over-year.
- Detached homes led the price growth, while condos experienced lower prices compared to last year, providing excellent opportunities for first-time buyers.
New Listings:
- 11,592 new listings entered the market, a 6.6% year-over-year increase.
- However, with sales outpacing new listings, market conditions tightened, resulting in upward pressure on prices.
Market Outlook:
As borrowing costs continue to trend lower, TRREB anticipates further recovery heading into 2025, particularly in the detached segment. Condo buyers can take advantage of current market conditions, with plenty of inventory and negotiating power.
Durham Region Market Insights
Durham Region continues to be a hotspot for buyers seeking more affordable options outside the GTA core. November saw rising prices and consistent demand, making it a strong performer in the broader GTA market.
Average Sale Price:
The average sale price in Durham rose by 1.72% month-over-month to $904,226, reflecting growing buyer confidence.
Days on Market (DOM):
Homes in Durham spent an average of 24 days on the market, consistent with October, indicating steady sales activity.
Sales and New Listings:
- 739 homes sold in November, down 16.78% from October but maintaining strong annual growth.
- 1,198 new listings entered the market, a significant 32.16% decrease from October, further tightening inventory levels.
Durham Region Breakdown by Area
Here’s a closer look at how key cities in Durham performed in November 2024:
- Oshawa: Average sale price of $765,674, with 198 sales and 345 new listings.
- Whitby: Average sale price of $972,558, with 137 sales and 219 new listings.
- Ajax: Average sale price of $960,700, with 96 sales and 150 new listings.
- Pickering: Average sale price of $965,665, with 140 sales and 218 new listings.
- Clarington: Average sale price of $897,504, with 120 sales and 166 new listings.
Whitby continues to lead the region in average sale price, while Oshawa and Clarington remain attractive for budget-conscious buyers.
What’s Driving the Market?
- Lower Borrowing Costs: Interest rate cuts and reduced inflation have improved affordability, encouraging buyers to act.
- Tight Inventory: New listings have not kept pace with sales, particularly in Durham, creating competitive conditions for buyers.
- Segment-Specific Trends: Detached homes are seeing price growth above inflation, while condos remain a buyer’s market, particularly in the GTA.
Looking Ahead: Market Predictions for 2025
Both the GTA and Durham Region are poised for continued recovery into 2025. Lower borrowing costs, improving affordability, and steady demand are expected to support price growth and sales activity.
For Buyers: Now is the time to secure a property before the market becomes even more competitive.
For Sellers: Tight inventory and rising prices make this a great time to maximize the value of your home.
Conclusion
Whether you’re buying, selling, or investing, staying informed is key to navigating today’s dynamic real estate market. With affordability improving and market conditions evolving, both the GTA and Durham Region offer promising opportunities for all.
Stay tuned for our next update, where we’ll bring you more insights into the housing market as we close out 2024 and look forward to an exciting year ahead.
Stats provided by TRREB & Independent Reporting Company RE Stats Inc. Information is deemed reliable but not guaranteed and may vary by 2.5%.
Posted by Dan Plowman on
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