The Richards Group Market Report - December 2024

MARKET REPORT NOVEMBER 2024

MARKET REPORT: NOVEMBER What’s Really Going On in Toronto Real Estate?

The Toronto real estate market is ending the year on a high note! Buyers are back, boosted by lower borrowing costs and new government measures that officially came into effect on December 15th. Sellers are also enjoying increased interest, especially for semi-detached and detached home. With the market shifting gears, here’s what you need to know as we head into 2025.

The Sales & Listings Rundown Sales Are Up: November recorded 5,875 homes sold across the GTA—a strong 40% jump from the same time last year. Year-to-date sales reached 64,277 and are expected to close at around 68,500. While this is still shy of pre-pandemic levels, it’s a significant improvement compared to recent years.

Inventory Update: Available listings dropped to 21,818 in November from 25,612 in September, as many sellers are gearing up for a busier spring.

Let’s Talk Prices Detached Homes: Prices in Toronto averaged just under $1.7 million—up 5.9% from last year. In the city’s central neighborhoods, the average price jumped to $2.5 million. These homes are selling in about 25 days, with most selling at 98% of the asking price.

Condos: Prices for condos dipped 2.5% year-over-year, averaging $713,364 in Toronto.

Central Toronto condos averaged $748,155—lower than last year but up in sales volume by over 36%. With abundant supply, buyers have strong negotiating power.

What’s Driving the Market?

As of mid-December, the Bank of Canada reduced its benchmark rate by 0.50%. While the immediate impact on mortgage rates is modest, it’s an encouraging sign for buyers.

New rules have also been introduced to help boost buyer buying power. As of Dec 15th, the insured mortgage cap increased from $1 million to $1.5 million, reflecting Toronto’s housing reality. Additionally, 30-year amortizations are now available for first-time buyers and new builds, reducing monthly payments and increasing affordability.

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Central Toronto: Detached homes and semis are in high demand, with buyers willing to pay top dollar for homes in premium locations.

East Toronto: Areas like Riverdale and Leslieville continue to be highly sought after, especially for semis and townhomes. These neighborhoods strike the perfect balance between affordability and lifestyle.

Looking Ahead: What’s Next for 2025?

The market is set for steady growth as buyers and sellers adapt to the new rules and borrowing conditions. With rates easing and affordability improving, we anticipate more activity across all property types, especially for first-time buyers and move-up markets.

The Bottom Line: Is Now the Time?

The Toronto market is buzzing with opportunity! Buyers have the advantage of lower rates and new policies making homeownership more accessible. Sellers can benefit from increasing demand, but pricing and presentation will be key in standing out in a competitive market.

Not sure where to start? That’s where we come in. Whether you’re buying, selling, or just planning your next steps, The Richards Group is here to guide you every step of the way.

Let’s make 2025 the year you achieve your real estate goals!

Contact us today for a personalized real estate market analysis or to explore your options. We’re ready to help you make your next move with confidence!

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MARKET REPORT: NOVEMBER

Neighborhood Spotlight

MARKET REPORT: NOVEMBER

MONTHLY RECAP SALES ALL HOME TYPES - GTA NUMBER OF SALES

2024

2023

10000

8000 6,658 7,114 5,607

6000

7,013

5,875

6,560 6,213

5,391 4,996

4,223

4,975

4000

2000

0

Jan

Feb

March

April

May

June

July

Aug

Sept

Oct

Nov

Dec

NOVEMBER # of Sales

5,875

% Change M.O.M

11.77%

% Change Y.O.Y

40.1%

YTD Sales

64,277

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November saw the market finding its rhythm as buyers jumped back in, spurred by lower borrowing costs and new rules making homeownership a bit more accessible. The energy feels different—more optimistic—with people eager to make moves before the year wraps up.

MARKET REPORT: NOVEMBER

MONTHLY RECAP PRICE ALL HOME TYPES - GTA AVERAGE PRICE

2024

2023

1200000

$1,106,050

1000000

800000

600000

400000

200000

0

Jan

Feb

March

April

May

June

July

Aug

Sept

Oct

Nov

Dec

NOVEMBER Average Price

$1,106,050

% Change M.O.M

-2.57%

% Change Y.O.Y

2.6%

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Prices are holding steady for detached and semi-detached homes, which are still the go-to choice for families and those looking to upsize. Condos, on the other hand, are a buyer’s playground right now, with plenty of options and a chance to negotiate a solid deal.

MARKET REPORT: NOVEMBER

MONTHLY RECAP LISTINGS & INVENTORY ALL HOME TYPES - GTA NEW LISTINGS 2024

2023

20000

NOVEMBER 15000

15,328

10000

New Listings

11,592

% Change Y.O.Y

6.6%

5000

0

Jan

Feb

March

April

May

June

July

Aug

Sept

Oct

Nov

Dec

ALL HOME TYPES - GTA ACTIVE INVENTORY 2024

2023

30000

NOVEMBER

25000

22,481 20000

Active Listings

21,818

% Change Y.O.Y

30.2%

15000

10000

5000

0

Jan

Feb

March

April

May

June

July

Aug

Sept

Oct

Nov

Dec

Inventory is still tight as many sellers hold off, waiting for what’s expected to be a busier spring market. New listings are trickling in, giving buyers some fresh options, but not enough to ease the competition. If you’re thinking of selling, now’s the time to stand out—serious buyers are clearly still out there and ready to make a move.

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MARKET REPORT: NOVEMBER

REGIONAL RECAP 416 & EAST END ALL HOME TYPES - 416 NOVEMBER

#of Sales

Home Type

Detached Semi-Detached Townhome Condo

Average Price

Sales

Y.O.Y

Average Price

Y.O.Y

681 207 207 1,127

49.0% 24.0% 51.1% 37.9%

$1,695,939 $1,248,930 $904,335 $713,364

5.9% 2.8% -6.1% -0.3%

The 416 market is holding strong, with demand steady for homes across all types. Semis and detached homes are still the standout players, especially in sought-after neighborhoods, while condos offer buyers more choice and negotiating power. Whether you’re upsizing or diving into the market for the first time, the 416 has something for everyone right now.

ALL HOME TYPES - EAST END* NOVEMBER

#of Sales

Home Type

Average Price

Sales

Y.O.Y

Average Price

Y.O.Y

Detached

30

Semi-Detached

34

36.4% -26.1%

$1,485,627 $1,345,556

Townhome

8 33

14.3% 37.5%

$948,947 $1,320,834

-18.5% 7.8% 24.7% 14.3%

Condo

The East End remains a hotbed of activity. Semis and townhomes are flying off the market in places like Riverdale and Leslieville, where charm meets convenience. Even condos are catching eyes here, offering affordability without sacrificing location.

Follow us on Instagram @richardsgroupremax for more market updates and insights!

Page 4 - 7 stats based on TRREB 2023 & 2024 WWW.THERICHARDSGROUP.CA

*Based on TRREB E01 and E02 data combined.

We’re here to guide you Strategic design, complete project management, intelligent marketing, massive networking, and skilled negotiation by the #1 Real Estate Team in East Toronto.**

Have questions or ready to make a move? Get in touch at info@therichardsgroup.ca or 416.699.0303. We’re here to help you achieve your real estate goals.

RE/MAX Hallmark Richards Group Realty Ltd. 1945 Queen St. East, Toronto, ON M4L 1H7 **Based on redatum stats for number of transactions for 2023 E01 & E02 combined

Not intended to solicit buyers or sellers currently under contract with a brokerage. Not intended to solicit properties currently for sale.

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MARKET REPORT: NOVEMBER

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