Toronto and Etobicoke Real Estate Market Update for November 2024

Your Toronto and Etobicoke Real Estate Market Update for November 2024. 

As we step into December, it’s amazing to reflect on how quickly the year has flown by—2024 is almost at its close!

With the Toronto and Etobicoke real estate market continuing to evolve, you might be curious about what lies ahead as we approach the end of the year and move into 2025. Dive into this month’s edition of the Toronto and Etobicoke Real Estate Market Update for November 2024 to learn more!

Home sales across Toronto and Etobicoke saw continued growth in November, driven by increased demand, especially for detached homes. A total of 5,875 properties were sold, representing a 38% year-over-year increase and building on October’s impressive 43% annual growth. The average sale price across the region rose 2% compared to last year, reaching $1,106,050, largely due to the rising demand for larger detached homes.

“Market conditions have tightened, particularly for single-family homes. The detached market segment experienced average annual price growth above the rate of inflation,
particularly in the City of Toronto. In contrast, the condominium apartment segment continued to experience lower average selling prices compared to a year ago. Condo
buyers are benefitting from a lot of choice and therefore negotiating power. This will attract renter households into homeownership as borrowing costs trend lower in the
months ahead,” said TRREB Chief Market Analyst Jason Mercer.

As the year winds down Toronto and Etobicoke continue to be desirable to potential buyers. With purchasing power on the rise, thanks to lower interest rates and upcoming adjustments to mortgage regulations, a growing wave of buyers is expected to step off the sidelines. This surge in activity is poised to fuel even greater momentum in sales throughout 2025, setting the stage for a dynamic and competitive Toronto and Etobicoke Real Estate Market in the months ahead.

Is the time right for you to buy?

Now is an excellent time to upgrade to a larger detached home in Etobicoke. With stabilizing interest rates boosting purchasing power and strong demand for detached homes driving long-term value, the market presents a golden opportunity for move-up buyers. Larger homes offer the space and flexibility needed for growing families, remote work, and enhanced living, all while enjoying Etobicoke’s family-friendly amenities and excellent connectivity to the rest of the GTA.

As inventory for detached homes remains limited, investing in a larger property now positions you to benefit from future appreciation. The current balanced market allows you to leverage equity from your existing home to offset costs, making the transition to your dream home smoother and more rewarding.

What does this mean for you if you would like to sell?

If you are looking to sell, pricing your home correctly for today’s market and staying informed of daily market changes are crucial. While buyer activity has picked up, achieving the highest sale price requires a strategic approach. From presenting your home in its best light to setting the right price and implementing a targeted marketing plan, the right strategy will help your property shine among the competition. Let’s connect to discuss how we can prepare your home for sale and ensure it stands out in a market with increasing inventory.

If you are thinking of buying, now is the time to act before the market continues to shift. Prices may already be at their lowest, and by the time the market starts to rise, you could end up paying more in the coming months. There are plenty of homes available right now with motivated sellers eager to move forward with their plans. The key is knowing how to identify the right opportunities. Let’s connect so I can help you find the best options and make your move.

Be sure to stay tuned for my update next month as we continue to track the shifts in the Toronto and Etobicoke real estate market.

As always, feel free to reach out with any questions—I’m here to help you find the perfect home for you and your family! I want you to feel proud of the place you call home and financially empowered at the same time!