TRREB Market Report Highlights - December 2024
More Listings. Less Pressure.
The GTA housing market showed signs of stabilization in 2024 as Bank of Canada rate cuts helped ease affordability challenges. Rising inventory levels gave buyers more choices, while home prices remained steady despite lingering pressures.
Detached homes performed well, while condo sales varied across regions. Experts predict further improvement in 2025 as additional rate cuts and stable prices attract more buyers.
- GTA homes sales in December 2024 amounted to 3,359 - down slightly from December 2023
- The average home price in the GTA reached $1,067,186 - also a slight decrease from $1,084,757 in December 2023
- New listings were up by 20.2 percent, amounting to 4,681 - continuing the trend of a well-supplied market
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Overall, 2024 was a transitional year for the GTA housing market. New listings were up significantly year-over-year, while homes sales were up marginally compared to 2023.
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Many buyers benefitted from substantial negotiating power on price, which resulted in average selling prices in 2024 taking a dip.
Want more details? Check out TRREB's full report here.
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December 2024 vs. December 2023
December 2024 vs. November 2024
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