A closer look at 2024 Toronto real estate sales
Annual 2024 home sales amounted to 67,610 – up by 2.6% from 65,877 sales in 2023. New listings, at 166,121, were up by a greater annual rate of 16.4%. Listings increasing by a greater rate than sales provided buyers with considerable choice in the marketplace, which effectively kept a ceiling on any widespread price growth, TRREB explained in a release.
The average selling price for all home types combined was $1,117,600 in 2024, representing a decline of less than 1% compared to the 2023 average of $1,126,263. Price declines were more notable for condo apartments.
“Market conditions varied by market segment in 2024. Sales of single-family homes, including detached houses, increased last year, whereas condo apartment sales were down. Many would-be first-time buyers remained on the sidelines, anticipating more interest rate relief in 2025. The lack of first-time buyers impacted the less-expensive condo segment more so than the single-family segments,” said TRREB chief market analyst Jason Mercer.
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Get StartedA look at GTA home sales leading into 2025
GTA home sales amounted to 3,359 in December 2024 – down slightly from December 2023. New listings were up over the same period, continuing the trend of a well-supplied market.
The MLS Home Price Index Composite Benchmark was up by less than 1% year-over-year in December. Over the same period, the average price, at $1,067,186, edged lower.
Total condo sales were down across all TRREB areas 2.8% in 2024 to 18,698, whereas detached homes saw a 3.8% increase to 30,577.
“Consumer sentiment, monetary policy, development policy, and issues such as congestion continued to impact the resale, new, and rental housing markets in 2024. Government policies on these fronts need to be reviewed in 2025,” said TRREB CEO John DiMichele.
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