The Greater Toronto Area (GTA) housing market experienced a transitional year in 2024. Annual sales rose modestly compared to 2023, while new listings saw a significant year-over-year increase. Buyers, particularly in the condominium apartment market, had considerable negotiating power, resulting in a slight dip in average selling prices compared to the previous year.
“High borrowing costs were a major concern for home buyers in 2024. Elevated interest rates created substantial affordability challenges, keeping sales below typical levels. However, the Bank of Canada’s significant rate cuts in the second half of the year, including two consecutive reductions, provided some relief. If rates continue to decline in 2025 and prices remain below historic peaks, the market is likely to see improved conditions in the coming months,” said TRREB President Elechia Barry-Sproule.
Home sales in 2024 totaled 67,610, a 2.6% increase from the 65,877 sales recorded in 2023. Meanwhile, new listings surged by 16.4% to 166,121, giving buyers more options and limiting price growth. The average selling price for all home types was $1,117,600, a slight decrease of less than 1% compared to the 2023 average of $1,126,263. Ground-oriented housing segments, such as detached and semi-detached homes, showed stronger price stability, while condo apartments experienced more noticeable declines.
“Market conditions varied significantly by segment in 2024. Sales of single-family homes, including detached houses, increased, while condo apartment sales declined as many first-time buyers chose to wait for further interest rate cuts in 2025. This hesitancy impacted the more affordable condo segment more than the single-family market,” noted TRREB Chief Market Analyst Jason Mercer.
The housing market was further influenced by consumer sentiment, monetary policy, development initiatives, and urban congestion. “These issues require close review in 2025,” added TRREB CEO John DiMichele. TRREB’s Market Outlook and Year in Review report, set to be released in February, will provide in-depth analysis of these factors.
In December 2024, 3,359 homes were sold, slightly fewer than in December 2023. New listings continued to rise, maintaining a well-supplied market. The MLS® Home Price Index Composite Benchmark increased by less than 1% year-over-year in December, while the average price edged down to $1,067,186.
Source: TREBB
