“The Greater Toronto Area (GTA) housing market experienced a transitionary year in 2024. Annual sales were up slightly compared to 2023, and new listings were up significantly year-over-year. Buyers benefited from substantial negotiating power on price, especially in the condominium apartment market. Average selling prices in 2024 dipped in comparison to 2023 as a result.
“Borrowing costs were top of mind for home buyers in 2024. High interest rates presented significant affordability hurdles and kept home sales well below the norm. The housing market did benefit from substantial Bank of Canada rate cuts in the second half of the year, including two large back-to-back reductions. All else being equal, further rate cuts in 2025 and home prices remaining below their historic peaks should result in improved market conditions over the next 12 months,” said the Toronto Regional Real Estate Board (TRREB) President Elechia Barry-Sproule."**
To access the full report, click here: https://trreb.ca/market-data/market-watch/
If you would like more details or are curious to see what your home is worth, looking to Buy, Sell or Invest in 2024, please call us at 📞416-806-9225.
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** Source: Toronto Regional Real Estate Board (2024)
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