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Well, October 2024 was fun for the housing market – and the fun is continuing into November! With a continual drop in the interest rates by the Bank of Canada, a number of buyers jumped at the opportunity. Within Ontario, most of the leading housing markets saw balanced performance in October. Buyer enthusiasm for the interest rates was evident with the sales volume and prices. Let’s check out how Ontario’s housing market did in October – November with specific focus to Toronto and the housing market of Greater Toronto Area (GTA).
Ontario Real Estate Market: October 2024 Overview
Ontario’s housing market in October 2024 remained balanced. With total sales almost reaching 16,000 and the new listings exceeding the 30,000 mark, the balance of the housing market in Ontario is reflected in the Sales to new Listings Ratio (SNLR) of 48%. The SNLR indicates that demand and supply are matched, a typical hallmark of stability in the market. The benchmark price for homes was CAD 850,900, reflecting a 3.0% year-over-year (YoY) decline, while the average home price was slightly higher at CAD 878,620, marking a 2.6% YoY increase. Most notable locations for the province were Toronto, Ottawa, Hamilton, Mississauga, Brampton and Oshawa, although the entire province experienced great boost in the housing market.
City of Toronto & Greater Toronto Area (GTA) Trends : October 2024
In October 2024, the Greater Toronto Area (GTA) continued to assert its position as one of Canada’s most prominent housing markets, reflecting a dynamic balance of supply, demand, and price movement. With over 6,600 home sales, the housing market in GTA saw a significant 33% month-over-month (MoM) increase and an impressive 43% year-over-year (YoY) growth. This surge signals renewed buyer confidence and highlights the GTA’s continued appeal to buyers.
The average home price in the GTA rose to CAD 1,135,200, representing a 0.8% YoY increase and a 2.5% MoM growth. This steady upward trend underscores the region’s sustained housing demand, even amid ongoing affordability concerns.
Within the GTA, the City of Toronto remains a highly competitive and dynamic real estate market characterized by its elevated prices and diverse housing options. In October, the average home price climbed to CAD 1,165,600, reflecting a 3.35% YoY increase and a notable 4.7% MoM rise from September 2024. However, the benchmark price stood at CAD 1,060,300, marking a 3.3% YoY decline, aligning with broader trends seen across Ontario.
The Sales-to-New-Listing Ratio (SNLR) improved to 43% in October, indicating a shift from September’s buyer’s market, when the SNLR was 28%, to a more balanced market. This transition highlights increased buyer activity and a more stable real estate environment.
Toronto and GTA Market Performance: November 2024
In November 2024, both Toronto and the broader Greater Toronto Area (GTA) experienced notable shifts in market dynamics, with changes in home prices, sales volumes, and market balance.
In the City of Toronto, the average home price dropped by 7.3% month-over-month (MoM) to CAD 1,080,167, though it still recorded a 2.8% year-over-year (YoY) increase. The benchmark price saw a slight increase, reaching CAD 1,046,000, reflecting a 0.7% YoY decline.
The GTA followed a similar trend. Total home sales in November reached over 5,800, representing a 39% YoY increase but an 11.8% MoM decline, reflecting seasonal slowdowns and cautious buyer behavior. The average home price in the GTA settled at CAD 1,106,000, marking a 2.2% YoY increase. The SNLR also held steady at 51%, mirroring Toronto’s balanced market conditions. Among housing types, detached homes remained the most sought-after, followed closely by condominium apartments, highlighting a diverse range of buyer preferences in the region.
To summarize…
Ontario housing market stability
Ontario’s real estate market displays stability, with its balanced SNLR and modest price changes. The slight decline in the benchmark price juxtaposed against the increase in average price highlights a complex interplay between affordable housing demand and high-value property transactions.
Toronto and GTA Broader Impacts
Toronto continues to dominate headlines due to its price volatility and active buyer engagement. The city’s average price drop in November, despite maintaining YoY gains, illustrates buyer sensitivity to market conditions, especially amid fluctuating interest rates. The rise in the SNLR to 51% indicates a healthier balance between buyers and sellers, potentially signaling more predictable market behavior moving forward.
The GTA, as a larger market, mirrors Toronto’s trends but provides a broader perspective. The notable YoY increases in sales volumes for October and November showcase sustained buyer interest, while the moderate YoY price increases point to affordability pressures tempered by strong demand.
Conclusion
The Ontario and Toronto housing markets present an intricate narrative of growth, balance, and adaptation. October 2024 marked a period of robust activity in Toronto and the GTA, while November introduced price corrections and seasonal adjustments.
Despite these fluctuations, both regions demonstrate resilience and balance, underpinned by strong demand for detached homes and condos. For buyers and investors, the data offers insights into timing market entry, while sellers can leverage the balanced conditions to achieve favorable outcomes.
As we move into 2025, monitoring interest rate trends, economic factors, and inventory levels will be critical in predicting the trajectory of these dynamic markets.
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