Toronto Luxury Real Estate

Toronto Real Estate Market Report ~ December 2024 | A Transitionary Year Ends with a Balanced Market

Rylie Cook -

The Greater Toronto Area (GTA) housing market concluded 2024 with signs of recovery amid shifting market conditions.

Annual sales saw modest growth, while a significant increase in listings offered buyers more choice, particularly in the condominium market.

Despite these changes, price adjustments remained relatively stable.

Here’s a detailed breakdown of the December 2024 real estate market trends.

Annual Market Highlights

In 2024, GTA home sales reached 67,610, a modest 2.6% increase over 2023's total of 65,877.

New listings rose significantly to 166,121, up 16.4% year-over-year, providing buyers with considerable choice and keeping price growth in check.

The average selling price across all home types was $1,117,600, reflecting a small decline of less than 1% compared to the 2023 average of $1,126,263.

December Sales and Prices

In December 2024, GTA REALTORS® reported 3,359 home sales, a slight 1.8% decline compared to December 2023.

New listings, however, were up by 20.2%, continuing the trend of a well-supplied market.

The average selling price for the month stood at $1,067,186, down 1.6% year-over-year.

Sales and Average Prices by Home Type

Here’s a detailed breakdown of sales and prices by property type:

  • Detached Homes:
    • Sales: 1,423 (309 in 416, 1,114 in 905)
    • Average Price: $1,399,209 ($1,624,500 in 416, $1,336,718 in 905)
    • YoY Sales Change: -5.8% (-16.3% in 416, -2.4% in 905)
    • YoY Price Change: -1.4% (-0.3% in 416, -1.0% in 905)
  • Semi-Detached Homes:
    • Sales: 292 (113 in 416, 179 in 905)
    • Average Price: $1,088,543 ($1,302,024 in 416, $953,776 in 905)
    • YoY Sales Change: -9.3% (-11.0% in 416, -8.2% in 905)
    • YoY Price Change: +6.0% (+10.9% in 416, +2.4% in 905)
  • Townhouses:
    • Sales: 653 (136 in 416, 517 in 905)
    • Average Price: $910,761 ($900,503 in 416, $913,460 in 905)
    • YoY Sales Change: +5.8% (+21.4% in 416, +4.2% in 905)
    • YoY Price Change: -0.3% (-18.2% in 416, +4.7% in 905)
  • Condo Apartments:
    • Sales: 960 (606 in 416, 354 in 905)
    • Average Price: $681,855 ($719,774 in 416, $616,941 in 905)
    • YoY Sales Change: +2.3% (-4.7% in 416, +17.2% in 905)
    • YoY Price Change: +0.1% (+1.7% in 416, -1.4% in 905)

Year-Over-Year Summary (December 2024)

  • Total Sales: 3,359 (2024) vs. 3,419 (2023), a decrease of 1.8%
  • New Listings: 4,681 (2024) vs. 3,894 (2023), an increase of 20.2%
  • Active Listings: 15,393 (2024) vs. 10,368 (2023), an increase of 48.5%
  • Average Price: $1,067,186 (2024) vs. $1,084,757 (2023), a decline of 1.6%
  • Average LDOM (Listing Days on Market): 36 days (2024) vs. 32 days (2023), an increase of 12.5%
  • Average PDOM (Property Days on Market): 56 days (2024) vs. 49 days (2023), an increase of 14.3%

Detached and Freehold Homes Show Resilience

Single-family freehold homes, such as detached, semi-detached, and townhouses, showed greater price stability compared to the condo segment.

Detached homes, in particular, remained a strong segment despite a slight decline in sales.

The townhouse market saw sales growth, particularly in the 416 area, although price adjustments varied by region.

In contrast, the condo market continued to favour buyers, with increased inventory and more negotiating power keeping prices steady or slightly lower.

This market dynamic makes condos an attractive option for first-time buyers and those transitioning from renting as borrowing costs continue to ease.

Looking Ahead to 2025

As borrowing costs decrease and housing prices remain below historic peaks, market conditions in 2025 are expected to improve.

Buyers will likely continue to benefit from ample inventory, while sellers in freehold segments, like detached and semi-detached homes, may see increased demand and price resilience.

Ongoing challenges, such as affordability and infrastructure, remain key factors in shaping the GTA housing market.

Be sure to stay tuned for more updates about the Toronto real estate market & all of its changes in 2025!

Rylie C.

Sources

https://trreb.ca/wp-content/files/market-stats/market-watch/mw2412.pdf