Mixed Signals Amidst Sales Growth for Toronto’s Housing Market

Toronto's housing market in November 2024 showed strong sales growth, with house and condo sales up 34% and 32% year-over-year, respectively. However, high inventory levels dampened market momentum, leading to longer days on the market. House prices rose by 5% to an average of $1,370,641, while condo prices fell by 4% to an average of $705,036. The months of inventory (MOI) for houses was 3.1, indicating a less competitive market, while condos had a MOI of just under 5. Buyers retain leverage due to ample options and steady price declines.