HAPPY NEW YEAR!
The Toronto Regional Real Estate Board has released stats for December 2024 as well as a statistical perspective on 2024 as a whole.
TRREB Chief Market Analyst Jason Mercer said: “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.”
Here is the Toronto Real Estate Board’s analysis for December 2024, with graphics courtesy of Market Watch:
TORONTO, ONTARIO, January 7, 2025 – 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.
Annual 2024 home sales amounted to 67,610 – up by 2.6 per cent from 65,877 sales in 2023. New listings, at 166,121, were up by a greater annual rate of 16.4 per cent. 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.
The average selling price for all home types combined was $1,117,600 in 2024, representing a decline of less than one per cent compared to the 2023 average of $1,126,263. Market conditions were tighter for ground-oriented housing and selling prices held up better in these segments as a result. 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.
“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. TRREB is providing in-depth coverage on all of these topics in our highly anticipated Market Outlook and Year in Review report to be released at the beginning of February,” said TRREB CEO John DiMichele.
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 one per cent year-over-year in December. Over the same period, the average price, at $1,067,186, edged lower.
Whew!
As revealed by the Toronto Regional Real Estate Board above, their MLS® System reported 67,610 home sales in 2024, up 2.6% year-over-year. In 2023, there were only 65,982 home sales; that’s fewer sales than there are TRREB member realtors, which number around 73,000, and a steep decline from the 2021 sales record of 121,639. Incidentally, the last time Toronto home sales were that few was in the year 2000 when Toronto’s population was two-thirds the size it is now.
While the number of sales rose marginally, Better Dwelling reports that it was still the second-worst December for Toronto real estate in over 10 years! “Prices are still 19.6% (-$260k) below the record high reached in March 2022.” They went on to say that “the month of December saw the second worst total number of sales in a decade (December 2022 was worse) and had the second most listings in a decade, which isn’t exactly a bullish combination.”
If you’d like to see more in-depth figures – by housing type and/or geographical area – here’s the complete set of December 2024 TRREB Stats.
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Steven Fudge, Sales Representative
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