Home sales in the Greater Toronto Area were up 40 per cent in November from the year before as lower borrowing costs drew more buyers into the market.
Month-over-month sales rose 1.9 per cent from October on a seasonally adjusted basis, the Toronto Regional Real Estate Board (TRREB) said Wednesday in its monthly report.
New listings rose 6.6 per cent from the year before, but demand outpaced supply, tightening market conditions.
The benchmark home price was down 1.22 per cent annually at $1,061,700, a much slower rate of decline compared to previous months, said TRREB. The benchmark price also rose slightly from the month before.
“With selling prices remaining well off their historic peak and monthly mortgage payments trending lower, the stage is set for an accelerating market recovery in 2025,” said TRREB president Jennifer Pearce.
The biggest gains were in detached homes with sales up 3.9 per cent year over year. TRREB said that “the detached market segment experienced average annual price growth above the rate of inflation, particularly in the City of Toronto.”
In contrast, condominium prices fell 5.04 per cent annually to $649,200, offering buyers an edge in negotiations.
“Condo buyers are benefitting from a lot of choice and therefore negotiating power,” said TRREB’s chief market analyst Jason Mercer, adding that improving borrowing conditions could encourage renters to transition into ownership.
• Email: shcampbell@postmedia.com
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