DECEMBER 2024 MARKET UPDATE
The Greater Toronto Area housing market underwent a significant transition in 2024, and understanding these trends can help you make informed decisions. Here’s a detailed look at how the year unfolded and what’s ahead for 2025.
2024 Market Highlights
Sales & Listings:
- A total of 67,610 sales were recorded in 2024, marking a 2.6% increase from 2023.
- 166,121 new listings, up 16.4% year-over-year, provided buyers with more options.
- This surplus of listings helped keep prices in check and gave buyers greater negotiating power, especially in the condominium apartment market.
Average Selling Price:
- The average price for all home types in 2024 was $1,117,600, a slight decline from $1,126,263 in 2023.
- Detached homes held their value more effectively, while condos experienced more noticeable price declines.
Interest Rates & Affordability:
- High borrowing costs remained a barrier for many buyers throughout the year.
- The Bank of Canada’s back-to-back interest rate cuts in the latter half of 2024 brought some relief, setting the stage for improved affordability and market activity in 2025.
Market Segments:
- Sales of single-family homes, including detached properties, increased, while condo apartment sales declined.
- Many first-time buyers stayed on the sidelines, awaiting more interest rate relief and better affordability in the coming year.
Key Trends to Watch in 2025
Looking ahead, the market is expected to benefit from:
- Further interest rate reductions, which could unlock more buying potential.
- Stable home prices, which remain below historic peaks, offering opportunities for both buyers and investors.
- Policy discussions around consumer sentiment, development, and affordability, will shape market conditions
December Snapshot
In December 2024:
- 3,359 homes were sold, slightly down from December 2023.
- New listings continued to rise, contributing to a well-supplied market.
CLICK HERE for the Full Market Report.
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