In November 2024, the real estate market experienced positive growth, with the average sale price reaching $640,198, a 5.9% increase from the same month last year. Sales activity also saw a significant boost, with 614 homes sold, marking a 35.5% rise in transactions.
New listings were up by 10.8% year-to-date offering more options for buyers. This growth is largely attributed to recent interest rate cuts, which have lowered borrowing costs and made homeownership more accessible.
Experts expect further rate reductions to continue supporting the market. Regions like Central Elgin and Middlesex Centre saw the highest average prices, while LSTAR’s overall market remained one of the most affordable compared to major Canadian centers like Oakville-Milton and Greater Vancouver.
The real estate market’s strength is reflected not only in rising home prices but also in its broader economic impact. According to a study by Altus Group, each housing transaction in Ontario generated an average of $88,966 in spin-off spending, including legal fees, moving costs, and home renovations. In November alone, home sales likely generated more than $54 million in this economic activity.
Additionally, the resale housing market supports many jobs, with an estimated 106,565 jobs created annually in Ontario, ranging from manufacturing and construction to finance and insurance. This underscores the crucial role real estate plays in the province’s economy.