this year are finally being redeemed by renewed buyer zeal that is boosting sales numbers, and by double-digit percentages, no less., the Toronto Regional Real Estate Board reported a 40 per cent year-over-year uptick in residential real estate transactions across the GTA.
The board noted the effects of lower interest rates in the larger volume of sales, tightened market conditions and as a result, higher prices seen last month. But, there is one segment where things still seem to be catching up, and where prices are actually lower than they were this time last year., were priced slightly lower this November versus last, by 2.5 per cent, on average. Meanwhile, the price of the average detached house rose 3.
These are similar figures to last month, but have waned quite considerably from mid-year, indicating that things are indeed heating back up. This is in line with market outlooks that"As we approach the end of 2024, I am pleased to report an improvement in housing market conditions. Many home buyers patiently waited on the sidelines for reduced inflation and lower borrowing costs," TRREB writes.
Other experts likewise feel there will be more competition, faster sales and escalating price points as we move into the New Year, though they emphasize how much the months ahead are dependent on rate cuts and how lenders interpret new mortgage regulations and thus, that nothing is guaranteed.