The Toronto real estate market is at a crossroads. With affordability dominating conversations, this Toronto Real Estate Market Update from November 2024 uncovers key insights about home prices, sales trends, and the hidden opportunities in Toronto’s “under the radar” neighbourhoods: Eglinton West and Weston.
In this episode of the Under the Radar Real Estate Podcast, we discuss:
- Toronto Real Estate Market Update November 2024, including detached, semi-detached, townhouse, and condo prices
- Why affordability remains a challenge for many families and young professionals
- A detailed look at Eglinton West and Weston, two of Toronto’s best-kept secrets for budget-conscious buyers
- Predictions for 2025: Is Toronto’s condo market on the verge of a renaissance?
Key Market Trends for November 2024
Here are some highlights from this month’s market stats:
- Detached Homes: Average price in Toronto’s 416 area hit $1.7M, out of reach for most families.
- Semi-Detached Homes: Averaging $1.25M, with limited availability.
- Townhouses: Just over $900K but with fewer sales compared to last year.
- Condos: The only consistent affordable option, averaging $590K in neighborhoods like Weston.
The market remains a buyer’s market, with a 39.3% sales-to-new-listings ratio and 3.7 months of inventory, giving buyers more leverage—especially for condos and townhouses.
Spotlight: Eglinton West & Weston
Looking for affordability without leaving Toronto? Eglinton West and Weston are emerging as the city’s most promising neighbourhoods:
- Eglinton West: Often compared to Brooklyn’s Williamsburg, this area combines urban amenities with green spaces and transit access. With prices averaging $936K, it offers significant savings compared to downtown.
- Weston: Known for its Victorian-era homes and large properties, Weston’s average price sits at $871K, making it a haven for buyers looking for value. The UP Express ensures easy access to downtown, while parks and family-friendly streets add to its charm.
Affordability Breakdown: Can You Buy in Toronto?
Using 2021 census data, we explored affordability scenarios based on different income brackets. Here’s what we found:
- Family Income: $106K
- Max home price with 5% down: $484K
- Verdict: Condos in Weston are your best bet at this level.
- Double Income Professionals: $146K
- Max home price with 10% down: $704K
- Verdict: Entry-level family homes or larger condos in Eglinton West and Weston are realistic options.
- Young Executives: $264K
- Max home price with 20% down: $1.43M
- Verdict: You can enter the detached market in York neighborhoods or opt for luxury condos in desirable areas.
2025 Predictions: A Condo Renaissance
As affordability continues to define the market, condos are poised for a renaissance in 2025. Here’s why:
- Affordability Gap: Detached homes remain unattainable unless prices drop to mid-2010 levels or rates fall below 3%. Neither seems likely.
- Changing Developer Strategies: Developers are pivoting to create more family-friendly condos, including multi-gen units and larger layouts, catering to end users rather than investors.
- Transit-Accessible Neighbourhoods: With new infrastructure like the Crosstown LRT, areas like Eglinton West and Weston will continue to attract buyers priced out of central Toronto.
Your Next Steps
The November 2024 Toronto real estate market highlights the growing importance of condos and under-the-radar neighbourhoods like Eglinton West and Weston. Whether you’re a first-time buyer or looking for a smart investment, now is the time to explore these hidden gems.
🔍 Looking for your perfect home in Toronto? Let’s find your hidden gem together. Book a call today.
