Welcome back to the last Market Watch for 2024! The Greater Toronto Area (GTA) housing market experienced a transitionary year in 2024, with the Bank of Canada introducing significant rate cuts in the second half of the year. Read more to see how this impacted the market conditions.

Greater Toronto Area REALTORS® reported 3,359 home sales in December 2024 – bringing up the total to 67,610 for the year. This represents a 2.6% increase from 2023. The number of new listings went up by a greater annual rate of 16.4% to 166,121. The average selling price for all home types combined was $1,117,600 in 2024, a decline of less than 1%. Market conditions were tighter for ground-oriented housing and selling prices held up better in these segments as a result. Price declines were more notable for condo apartments.

“Market conditions varied by market segment in 2024. Sales of single-family homes, including detached houses, increased last year, whereas condo apartment sales were down. Many would-be first-time buyers remained on the sidelines, anticipating more interest rate relief in 2025. The lack of first-time buyers impacted the less-expensive condo segment more so than the single-family segments,” said TRREB Chief Market Analyst Jason Mercer.

In summary, annual homes sales in the GTA are up year-over-year as buyers take advantage of lower interest rates and a well-supplied market. Experts are confident that further rate cuts in 2025 and home prices remaining below their historic peaks should result in improved market conditions over the next 12 months.

Whether you’re considering upgrading your home 🏡, investing in properties 🏢, or simply exploring 🧐 your options, don’t hesitate to reach out to Lina & Team. Your trusted real estate advisor is here to help you every step of the way!