December 2024– GTA Housing Market News

Here is our quick market update for the Toronto Real Estate Board and Milton area.

In 2024, the Greater Toronto Area (GTA) housing market saw modest growth in sales and a significant rise in new listings compared to 2023. Buyers had more negotiating power, especially in the condominium market, which contributed to a slight dip in average selling prices.

“High interest rates created affordability challenges, keeping sales below normal levels. However, significant rate cuts in the latter half of the year should improve market conditions in 2025 if this trend continues,” said Elechia Barry-Sproule, President of the Toronto Regional Real Estate Board (TRREB).

GTA home sales totaled 67,610, up 2.6% from 2023, while new listings rose 16.4% to 166,121. This gave buyers more choice and helped prevent widespread price increases. The average selling price for all home types was $1,117,600, down slightly from $1,126,263 in 2023, with single-family homes holding value better than condominiums.

“Sales of single-family homes increased, but condo apartment sales declined, largely due to a lack of first-time buyers,” explained Jason Mercer, TRREB’s Chief Market Analyst.

TRREB CEO John DiMichele highlighted the need for a review of government policies impacting the housing market as 2025 approaches. December 2024 saw 3,359 sales, with new listings continuing to rise. The MLS® Home Price Index Benchmark increased slightly, while the average price fell to $1,067,186.

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