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I fundamentally disagree with all of the information that is being posted right now about what happened in November. It seems like everyone is picking their one “happy stat” and then running with it. We run our stats with more transparency and if you want my take read on…

Everyone seems to be hitting on this 40% increase in sales in the GTA from November of 2023 to November of 2024. While factually correct it doesn’t reflect what they say it does. This increase, though large, reflects more of a return closer to normalized levels from historically low levels. We are not seeing a boom in the market, more of a climb back up from the bottom. The takeaway with this number is that we’re past the bottom and moving back up to normal levels.

We also can’t just look at one number and say that is the market. We need to look at all of the major details. New listings are still at a high level compared to the last 10 years for November. Active listings are still at the highest point for November in the last 10 years. Days on the market are still the highest they’ve been in the last 10 years. Months of inventory is still the largest it’s been in November for the last 10 years. Whoa, that doesn’t seem to line up the the headline of “Sales up 40% in November” does it?

Do those numbers mean that the market is horrible? Well no it doesn’t. Interest rate decreases have brought back a level of demand to the market. Further decreases over the next 6 months will bring back even more. We are firmly in a balanced market and will be there until we “eat up” all of the excessive inventory that is currently in the market. This will not happen in the next couple of months however will happen over the next 6 – 12 months.

Remember, real estate is local. Don’t look at the GTA market, go into our charts and look at your city and your housing type. Different areas have different inventory levels and their timeline could be shorter or longer than other areas.

If you want to have a chat about your plans over the next year or so and how to take advantage of the current market conditions reach out. I’ll be happy to strategize with you using the real local information for you and not the hype.

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