The GTA real estate market in November gained even more steam on the heels of a rally in October, home sales were up by a whopping 40.1 per cent compared to sales in November 2023. Transactions were up significantly for all housing types with detached, semi-detached, townhouses and condos seeing increases of 44 per cent, 25 per cent, 46 per cent and 36 per cent, respectively.
This strong performance sets the stage for what many expect to be a robust spring market in 2025.
Lower interest rates have significantly improved affordability, bringing more buyers back to the market.
Pent-up demand from buyers who waited on the sidelines during the high-rate environment is being released.
Sellers are also responding, with more listings coming to market as confidence improves.
For buyers, acting before the spring rush could mean less competition and more negotiating power. For sellers, the improving conditions suggest a favorable environment to list.