The November 2024 Toronto real estate numbers are in, and here’s what’s happening in the market.
In general, we’re seeing sales pick up compared to a year ago faster than the number of new listings coming onto the market. So, the market is getting more competitive and prices are up slightly compared to a year ago.
But spoiler alert: it’s not the same story for every property type, so pay attention if you’re investing.
Let’s break it down.
| Category | Nov 2023 | Oct 2024 | Nov 2024 | YoY | MoM |
|---|---|---|---|---|---|
| Average Price | $1,082,179 | $1,135,215 | $1,106,050 | +2% | -3% |
| Sales | 4,236 | 6,658 | 5,875 | +39% | -12% |
| New Listings | 10,545 | 15,328 | 11,592 | +10% | -24% |
| SNLR | 40% | 43% | 51% | +26% | +17% |
Toronto Houses: Market Tightening
Houses are making moves. The sales-to-new-listings ratio (SNLR) is strong for both semis and detached homes, but here’s the kicker—for detached homes specifically, it’s the highest it’s been in years (excluding Decembers, where low activity skews the data).
Translation? The market for houses is tightening, and prices could start reflecting that soon.
It’s clear buyers who’ve been sitting on the sidelines are stepping back in. With inflation cooling, borrowing costs dropping, and houses still priced well below peak levels, they’re not waiting around.
If you’re eyeing a house for your next investment, know that competition is already heating up.
Toronto Condos: Still a Buyer’s Market
Now for condos—it’s a completely different vibe. Prices are still trending down, and the market remains soft. With an influx of new supply and slower demand, the conditions favour buyers right now.
If condos are on your radar, don’t sugar-coat it. The recovery here isn’t moving at the same pace as houses. Be prepared for a longer-term play and focus on how the numbers work in today’s rental market.
Understanding Toronto Real Estate Market Dynamics Through the SNLR
| Category | Nov 2023 | Oct 2024 | Nov 2024 | YoY | MoM | SNLR |
|---|---|---|---|---|---|---|
| 416 Detached | $1,617,918 | $1,778,855 | $1,695,939 | +5% | -5% | 62% |
| 416 Semi | $1,217,811 | $1,315,547 | $1,248,930 | +3% | -5% | 72% |
| 416 Condo | $720,280 | $721,366 | $713,364 | -1% | -1% | 45% |
| 905 Detached | $1,333,889 | $1,347,747 | $1,369,132 | +3% | +2% | 53% |
It’s clear that the SNLR for houses and condos is moving in different directions, showing us the shift in market dynamics. Houses are much hotter right now, with the SNLR for detached homes and semis are getting back to more typical average levels, and if you’re looking to buy, be prepared for a more competitive market.
Condos, on the other hand, are a completely different story. The SNLR for condos is still quite low, which shows weaker demand compared to houses. Prices are still soft, and the condo market is far from the heated conditions we’re seeing in the house market.
- Seller’s Market (SNLR above dotted line): Demand exceeds supply, leading to competition among buyers and price increases.
- Buyer’s Market (SNLR below dotted line): Oversupply gives buyers negotiating power and may result in lower prices.
- Balanced Market (SNLR at dotted line): Supply and demand are in equilibrium, leading to stable prices at around 60% in the Toronto real estate market.
The Bottom Line for Investors
Toronto’s real estate market isn’t following one clear trend—houses are getting more competitive, while condos are still lagging behind. If you’re trying to time the market perfectly, let me save you some trouble: That’s a gamble, not a strategy.
Here’s the tough love: Stop betting on price swings.
Focus on what you can control, like finding properties with strong rental income or clear value-add potential. Don’t wait for the “perfect” time—build a portfolio that stands strong no matter what the market throws at you.
How We Can Help
Just like every year, the real estate market is going to slow down as we head into the holidays. Sellers don’t want strangers coming into their homes and dealing with selling during Christmas, so if you’re hunting for deals, pay attention. Even if you want to buy, it’s going to get tougher. There will be fewer listings, and competition for the good ones will only increase.
But also—if someone is selling now, they’re probably more motivated. So this could be your chance to score a better deal. Keep your eyes peeled for opportunities, but don’t get too comfy.
Want to know what’s working for Toronto real estate investors right now? Let’s chat! Click the link below to book a call with us.
