Ah, Toronto real estate—a saga as dramatic and unpredictable as a season of The Bachelor, but with fewer roses and way more paperwork. November brought a mix of optimism and intrigue, and while there’s no need to cue the confetti cannons just yet, there’s definitely some good news to share.
If you’ve been sitting there with your pre-approval letter, nervously clutching your coffee like it’s the last one Starbucks will ever serve, this could be your time to shine. Just remember, the competition isn’t gone—it’s just stretched out between fewer listings. So, if you’re serious about finding “the one,” don’t swipe left too quickly on a home that checks most of your boxes.
But let’s keep it real—this isn’t a “get rich quick” moment for sellers. It’s more of a “get back on track” moment. Prices are creeping up, not skyrocketing. If you’ve been thinking about listing, now’s a good time to start prepping (read: declutter your closets and finally touch up that chipped paint).
Buyers: The Patient Grasshoppers
First up, home sales are up—way up. It seems like buyers who spent the past year waiting on the sidelines (and scrolling Zillow like it’s a dating app) are finally jumping into the market. Why now? Lower borrowing costs and a chance to snag a home before the competition really heats up in 2025. Think of it as the calm before the FOMO storm.If you’ve been sitting there with your pre-approval letter, nervously clutching your coffee like it’s the last one Starbucks will ever serve, this could be your time to shine. Just remember, the competition isn’t gone—it’s just stretched out between fewer listings. So, if you’re serious about finding “the one,” don’t swipe left too quickly on a home that checks most of your boxes.
Sellers: Not Quite a Party, but Better Vibes
If you’re selling, here’s your reality check: we’re not back at the 2021 “bidding wars over your garden shed” level, but conditions are tightening. Prices have ticked up compared to last year, especially for detached homes. Condos, on the other hand, are still in the “Let’s Make a Deal” phase, so if you’re selling one of those, be ready for some haggling.But let’s keep it real—this isn’t a “get rich quick” moment for sellers. It’s more of a “get back on track” moment. Prices are creeping up, not skyrocketing. If you’ve been thinking about listing, now’s a good time to start prepping (read: declutter your closets and finally touch up that chipped paint).
Condos: The Buffet of Choices
Speaking of condos, buyers are in the driver’s seat right now. The abundance of options means there’s room to negotiate. If you’ve been renting and eyeing a condo for your big “I’m an adult now” purchase, this might be your golden window. Bonus: you get to avoid the dreaded annual rent hike email from your landlord.Looking Ahead: 2025’s Teaser Trailer
As we head into 2025, the market recovery seems to be warming up. Lower mortgage payments and more stable prices are setting the stage for what could be a busier (and potentially pricier) year. The rental market is also shifting—more renters transitioning to buyers might mean fewer bidding wars for leases. But with Toronto’s ever-growing population, the rental market isn’t about to become a cakewalk.Final Thoughts: A Tale of Two Markets
November 2024 painted a picture of two parallel markets: one where detached homes flex their muscle and another where condos offer opportunities for savvy buyers. Either way, whether you’re buying, selling, or just watching the market with a bowl of popcorn, the Toronto real estate scene continues to deliver drama, excitement, and maybe—just maybe—a little hope.Here are the most recent Toronto numbers...
