GTA Real Estate Market: December 2024 Stats and Year-End Overview
The Greater Toronto Area (GTA) housing market wrapped up 2024 with notable trends that marked it as a transitionary year for real estate. According to the latest data released by the Toronto Regional Real Estate Board (TRREB), December statistics provide insight into the dynamics shaping the region’s housing market and what’s on the horizon for 2025.
Key Highlights for 2024
- Annual Home Sales: Totaled 67,610, marking a modest 2.6% increase from 2023’s 65,877 transactions.
- New Listings: Reached 166,121, up 16.4% year-over-year, offering buyers an abundance of choice and tempering price growth.
- Average Selling Price: Declined slightly to $1,117,600, down less than 1% from the 2023 average of $1,126,263.
While ground-oriented housing segments like single-family detached homes held their value, condominium apartments saw more significant price declines, largely due to affordability challenges faced by first-time buyers.
December 2024 Snapshot
- Sales Activity: 3,359 homes sold, slightly below December 2023 levels.
- New Listings: Continued an upward trend, further balancing the market in favor of buyers.
- MLS® Home Price Index Composite Benchmark: Rose by less than 1% year-over-year.
- Average Selling Price: Declined to $1,067,186 compared to December 2023.
Market Conditions in 2024
“Borrowing costs were top of mind for home buyers in 2024,” said TRREB President Elechia Barry-Sproule. Elevated interest rates posed significant affordability hurdles, keeping overall home sales below historical norms. However, the market gained momentum in the latter half of the year as the Bank of Canada introduced two substantial rate cuts, creating optimism for improved conditions in 2025.
TRREB Chief Market Analyst Jason Mercer noted the divergence in market activity between segments. Single-family homes experienced increased sales, while condo apartment sales softened due to first-time buyers holding off on purchases, hoping for further rate relief in 2025. This slowdown in the condo segment contributed to a more pronounced decline in prices for this housing type.
Looking Ahead to 2025
With additional rate cuts anticipated and home prices still below their historical peaks, the outlook for the GTA housing market appears more favorable. TRREB’s CEO, John DiMichele, emphasized the importance of revisiting government policies affecting the housing market—from consumer sentiment and monetary policy to development and infrastructure—to ensure sustainable growth.
TRREB’s upcoming Market Outlook and Year in Review report, scheduled for release in February, promises in-depth analysis of these trends and recommendations for navigating the evolving real estate landscape.
Final Thoughts
The GTA’s real estate market in 2024 was shaped by shifting economic conditions and buyer behavior, presenting both challenges and opportunities. As we move into 2025, buyers and sellers alike will be watching closely for signs of further rate relief, market stabilization, and policy adjustments that could impact the housing sector.
Stay tuned for more updates as we continue to monitor and analyze the trends shaping the GTA housing market.