November 2024 saw a significant rise in GTA home sales, up by 40.1% year-over-year with 5,875 homes sold! New listings increased by 6.6%, but tighter market conditions led to average price growth. Buyers benefitted from more affordable conditions thanks to lower borrowing costs. 📊🏘️

The average selling price rose by 2.6% to $1,106,050, while the MLS® Home Price Index Composite benchmark declined by only 1.2%—the smallest drop in months. On a seasonally adjusted basis, sales were up from October, showing continued buyer confidence. 💼🔍

Looking ahead, rental demand is expected to rise alongside population growth. Addressing the LTB backlog could further strengthen the market for both tenants and landlords. 🔑🏙️

Are you wondering what this means for the value of your home? DM us @boltonandclements, and we'll provide you with expert advice on what this means for you specifically. 🏡🔍

Watch our November 2024 Market Report reel on Instagram and see how the trends affect you. 🏡

Yours in real estate,

Bolton & Clements Real Estate Group