Greater Toronto home sales continue post-rate cut surge: real estate board

Toronto home sales jump

Photo: The Canadian Press

A West-end Toronto home for sale is shown in this July 15, 2023 file photo. THE CANADIAN PRESS/Graeme Roy

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.