GTA Housing Market Sees Year-High Prices in November

Toronto's housing market continued its upward trend, with home sales in the Greater Toronto Area (GTA) rising for the fourth consecutive month in November. Prices also hit their highest point in a year, driven by lower borrowing costs that encouraged buyers to re-enter the market.

Market Highlights: 

• Steady Sales Growth: Seasonally adjusted sales rose 1.9% from October, hitting 6,450 units—a 40% increase from November 2023.

• Rising Home Prices: The average home price index grew 0.8% month-over-month to CA$1,094,100, marking a one-year high.

• More Listings: New listings increased 4.4% from October and 14.4% compared to the same time last year, totaling 14,907 units.

The Bank of Canada’s decision to cut interest rates by 1.25 percentage points since June has made borrowing more affordable, making it easier for buyers to secure financing. With further rate cuts expected, experts anticipate continued recovery into 2025.

The GTA, which includes Toronto and its surrounding municipalities, remains a key driver of Canada’s real estate activity.

For expert property management services in the GTA, Royal York Property Management offers unparalleled support to property owners and tenants.

Source: Reuters