GTA Housing Market in 2024: A Year of Transition

First of all, I would like to thank you for stopping by and staying in touch throughout 2024. I would also like to ask that if you are planning on buying or selling a home this year, to please let me know! The season will be starting early this year and it is never too early to have a planning conversation.

The Greater Toronto Area housing market saw modest shifts in 2024, with annual sales increasing by 2.6% to 67,610 and new listings surging 16.4% year-over-year to 166,121. This influx of listings gave buyers significant choice and negotiating power, particularly in the condo apartment sector. The average home price dipped slightly to $1,117,600, just under 1% lower than the 2023 average of $1,126,263.

High interest rates shaped the market, creating affordability challenges and tempering sales activity. However, the Bank of Canada’s substantial rate cuts in the latter half of the year sparked optimism, with further reductions in 2025 expected to improve affordability and market conditions.

Single-family homes, including detached houses, saw increased sales, while the condo market faced headwinds due to first-time buyers delaying purchases in anticipation of further rate relief. These dynamics kept prices below historic peaks, benefiting buyers.

December 2024 closed with 3,359 home sales, slightly down from the previous year, while new listings continued to rise. The average December price was $1,067,186, edging lower year-over-year, reflecting a well-supplied market.

Bottom line for the coming Spring, we expect more rate cuts which will bring out the first time home buyers who have been sidelined for much of 2024. We also expect to see a larger than normal quantity of listings coming online making for an early spring shopping season.