Toronto & GTA
TRREB Market Overview
The Greater Toronto Area (GTA) real estate market closed 2024 on a transitionary note. Annual home sales reached 67,610, a 2.6% increase compared to 2023, while new listings surged by 16.4% year-over-year to 166,121. This influx of listings provided buyers with significant negotiating power, keeping price growth in check.
The average selling price for all home types across the GTA was $1,117,600, representing a slight decline of less than 1% compared to the 2023 average of $1,126,263. While borrowing costs remained a hurdle for buyers, rate cuts by the Bank of Canada in the second half of the year helped ease affordability pressures. Ground-oriented housing held up better than condos, as many would-be first-time buyers stayed on the sidelines.
“Further interest rate cuts in 2025 and relatively stable home prices should result in improved market conditions in the year ahead,” said TRREB President.
Caledon Housing Market Breakdown
Bolton Housing Market Breakdown
Muskoka Housing Market Breakdown
Don’t let the snow or cooler temperatures put you off searching for your dream property. This time of year, has serious buyers and sellers looking to fulfill their real estate dreams and I would love to share my area knowledge with you to help with what may be the biggest investment of your life.
What Does This Mean for Buyers and Sellers?
For buyers, the increase in listings and slight dip in average prices present an opportunity to enter the market with more negotiating power. Rate cuts are improving affordability, particularly in ground-oriented housing. For sellers, strategic pricing is key to attracting serious buyers in this competitive market. Homes that are well-presented and priced appropriately are still selling quickly.
If you’re curious about how these trends impact the value of your home or are looking to make a move, now is the time to connect with a trusted real estate professional.
Contact The Katharine Loucaidou Real Estate Group today to find out what your home is worth as we approach the new year.
To get a comprehensive evaluation of your property’s worth or to view the latest listings, contact the Katharine Loucaidou Real Estate Group today. We can help answer your questions, provide you with a free no-obligation Home Valuation and help you find that perfect property.
