Toronto Sales Up 44%, Prices Flat: Where the Good Buys Were in Late 2024

In October 2024 Toronto home sales ran 44% above October 2023 while the price gained only about 1%, and homes took 43 days to sell instead of 33. So the good buys in late 2024 sat where listings piled up: townhouses in Vaughan, to some extent Richmond Hill, condos in North York, plus Willowdale, Banbury and York Mills.

I am Moe Asgarian, a broker with RE/MAX in Toronto, and reviewing the market and what it means next is the part of my work clients ask for most. So here is the read as the last weeks of 2024 arrived, across Canada, across the GTA and in the smaller markets Iranian buyers tend to like.

Toronto: Sales Jumped 44% in October 2024, Prices Did Not

The first thing to stress is the jump in transactions. We had been waiting a long time for a number like this, and in October 2024 Toronto home sales came in 44% higher than the same month a year before. Against the previous month, growth was 14%. The data was speaking clearly: the rate cuts had shaken the market loose.

The second thing is what did not happen. The price of a home in Toronto had not changed much against a year earlier, only about 1% higher as of October 2024, and about 1.5% month over month. The third thing is that homes stayed on the market longer. Days on market in Toronto was 33 days in October 2023 and 43 days in October 2024. So yes, buying and selling was genuinely in better shape, but the rate cuts had not yet moved prices or made homes sell faster. In every forecast I published in the five or six months before November 2024 I said the same thing: do not expect a big price change from these cuts. I do think 2025 gradually starts to change, with prices rising over a six to eight month window, but there was no fast effect, and in late 2024 it was still early.

Canada as a Whole Followed the Same Pattern

What is interesting is that the country repeated the Toronto pattern. Looking at the national numbers for October 2024, sales were up roughly 7% to 8%. Not Toronto's 44%, but still meaningful growth for Canada as a whole. Prices had not moved much there either, and the benchmark price even came down. As of late 2024 the market was resisting those rate cuts as long as it could.

Aurora, Newmarket, North York, Richmond Hill, Markham and Vaughan

The smaller markets are worth a separate look, because many Iranian buyers prefer to invest there. In the GTA and in the city of Toronto, the rate cuts as of October 2024 affected only those two things: transactions went up a lot, and the number of days homes spend on the market also went up, so on average homes sold later than before.

Aurora deserves attention. Sales there were 73% higher than a year earlier in October 2024. It is a smaller market, so we are talking about roughly 71 transactions, but a few months earlier we were not seeing that increase at all. Newmarket, North York, Richmond Hill, Markham and Vaughan repeated the same pattern: buyers got more active and were buying between 40% and 70% more homes than a year before, and the number of days a home stayed on the market was also up against the previous year.

Where I Saw the Best Value in Late 2024

Here is my read of that situation. A lot of people were using a specific window. Loans were getting cheaper, so you could take a two year fixed mortgage and continue two years later at an even lower rate. Prices had not climbed yet. At the same time homes were clearly sitting on the market, and every seller knew it, so they were selling on better terms and at better prices. I thought November 2024 was one of the best times to buy, and looking at the numbers specifically, good investments were available in townhouses in Vaughan, to some extent in Richmond Hill, with a look at condos in North York.

Some neighbourhoods are traditionally strong markets where competition is always heavy, and I have said this before: Riverdale, Forest Hill, Rosedale and the Beaches. There is always a buyer in those pockets. The further out from Toronto you go, the better your chance of a very good purchase, in areas like Willowdale in North York, Banbury and York Mills. In all of those places there are deals and options, and in whatever price range you want you can buy a very good home.

Why November and December Favoured Buyers

There is a seasonal point to keep in mind. Traditionally, over past years, about 70% of a full year's transactions happen in the first six months, the spring market being the busiest stretch, and only about 30% happen in the second half. That is why the November and December market is usually quieter and slower. If you genuinely intended to buy as of late 2024, that was the opening: a lot of listings on the market and fewer buyers competing for them.

On financing there were two moves worth knowing. You could ask for a longer closing, so that by the time you complete, the rate has come down further. Or you could take a variable rate and switch to a fixed rate once rates reach a suitable point, which can be done without paying a penalty if you stay with the same bank. As of November 2024 that optionality was wide open in the condo market, in the semi market and in freehold too, with different options depending on the price you want to buy at.

If You Were Selling in Late 2024

If you were a seller, my view in November 2024 was straightforward. Rates were coming down further, so if you could hold your home and did not need to sell, this was clearly not a sellers' market. Better to keep it and come to market at a better time, meaning wait for the spring market, because months of inventory was high at that point. A good listing in a thin November market gets fewer eyes than an ordinary listing in April.

If you want more information about investing in, buying or selling real estate in Toronto and the GTA, fill out the form at the bottom of this page or book a free consultation and we can talk it through properly. Stay well and take care.