Greater Toronto home sales up 40% compared to the same month last year

Greater Toronto home sales jumped again last month on a year-over-year basis, as the Toronto Regional Real Estate Board says lower borrowing costs made properties more affordable for buyers.

The board says 5,875 homes were sold in November throughout the Greater Toronto Area, up 40.1 per cent compared with 4,194 in the same month last year.

Month-over-month sales were up 1.9 per cent from October on a seasonally adjusted basis.

The average selling price rose 2.6 per cent compared with a year earlier to $1,106,050. The composite benchmark price, meant to represent the typical home, was down 1.2 per cent year-over-year, with the board noting that was a much lesser annual rate of decline compared to previous months.

Board president Jennifer Pearce says that with selling prices still well below their historic peak and monthly mortgage payments trending lower, “the stage is set for an accelerating market recovery in 2025.”

There were 11,592 new listings last month, up 6.6 per cent from a year earlier.

This report by The Canadian Press was first published Dec. 4, 2024.

Sammy Hudes, The Canadian Press