In December 2024, there were 3,359 homes sold, which is a small drop compared to December 2023. However, the number of new listings stayed strong. The average price of a home that month was $1,067,186, just a bit lower than last year.
Overall, the Greater Toronto Area (GTA) real estate market in 2024 saw more activity. Home sales increased by 2.6% with a total of 67,610 homes sold, while the number of new listings went up by 16.4%, reaching 166,121. Giving the buyers more options.
The average price for a home in the GTA was $1,117,600, which is slightly lower than in 2023. Prices for detached and semi-detached homes stayed stable, but condos became more affordable. High interest rates made it harder for people to buy, but two rate cuts from the Bank of Canada later in the year made borrowing a bit easier.
Here’s what stood out:
Detached and semi-detached homes held their value, while condo prices dropped.
Many first-time buyers decided to wait for better rates in 2025.
The 2024 market shows us that things are changing, and 2025 could be a great time to make a move in real estate. Stay updated with the latest GTA real estate market. Let’s make 2025 a great year for your real estate journey! Subscribe to our newsletter today.
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