The Toronto Regional Real Estate Board (TRREB) has released its 2024 housing data, and it’s clear that the GTA real estate market went through a transitional year. With borrowing costs being a key consideration for both buyers and sellers, the market saw modest shifts. Annual sales edged up slightly compared to 2023, while new listings jumped significantly. This gave buyers—especially in the condo segment—more leverage in negotiations, leading to a small dip in average selling prices.
There were 67,610 transactions reported through the MLS in 2024, marking a 2.6% increase year-over-year. To put that in perspective, the 10-year average for sales is around 90,000. However, the real standout was the 166,121 new listings, up a notable 16.4% from the previous year.
With new listings outpacing sales growth, buyers had more options, which helped keep prices in check. The annual average sales price settled at $1,116,600—a decline of less than 1% compared to 2023. Detached homes and other ground-oriented properties remained relatively stable, but condos saw more significant price drops.
December wrapped up the year with 3,359 sales, down 1.8% from the same month last year, and an average selling price of $1,067,186, reflecting a 1.6% drop. On the positive side, the MLS Home Price Index Composite Benchmark inched up by 0.15% year-over-year. Active listings surged by 20.2%, reaching 15,393, which translates to a 4.58-month supply heading into the new year.
As we look ahead, there are reasons to be optimistic. November inflation came in at 1.9%, signaling that the Bank of Canada might be leaning toward further rate cuts. Their next announcement is set for January 29th. With rates likely to drop in 2025 and prices still below historic peaks, we’re expecting market conditions to improve over the coming year.
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