November 2024 marked a second straight month of year-over-year increases in GTA home sales, with volume up 40.1% and prices up 2.6%. However, compared to last month, volume fell 11.8% and prices dropped 2.6%.
Detached homes saw the highest appreciation in a year, up 3.9%, while condo prices declined slightly by 2.5%.
Properties took longer to sell, likely due to a high number of active listings, with buyers having a lot of choice especially in condos. Lower interest rates and 30-year amortized CMHC-insured mortgages may help stimulate sales of more affordable home types.