GTA Real Estate Market December 2024
GTA Housing Market: A Transitionary Year in 2024
The Greater Toronto Area (GTA) housing market underwent notable changes in 2024. According to the Toronto Regional Real Estate Board (TRREB’s) December 2024 Report, the year saw modest increases in annual sales and a significant rise in new listings compared to 2023. While home buyers gained greater negotiating power, particularly in the condominium apartment segment, average selling prices dipped slightly year-over-year.
Borrowing Costs Remain a Key Factor
High interest rates continued to influence buyer behaviour, creating affordability challenges that kept sales below historical norms. However, the Bank of Canada introduced substantial rate cuts in the second half of 2024, including two large back-to-back reductions. These measures are expected to improve market conditions further in 2025, especially if home prices remain below their historic peaks.
Sales and Listings: Key Statistics
Annual home sales in the GTA reached 67,610 in 2024, representing a 2.6% increase compared to 65,877 sales in 2023. New GTA home listings for sale grew at a higher rate, rising by 16.4% year-over-year to 166,121. This increase in inventory provided buyers with more options and curbed widespread price growth.
The average selling price for all home types combined was $1,117,600, a slight decline of less than 1% compared to the 2023 average of $1,126,263. Single family homes maintained tighter market conditions, with prices holding steady, while more significant price declines were noted in the condominium apartment segment.
Market Segment Trends
Market conditions varied by housing type in 2024. Sales of single-family homes, including detached houses, increased, while condo apartment sales experienced a decline. Many first-time buyers postponed their purchases, anticipating further interest rate relief in 2025. This trend affected the more affordable condo segment more than the single-family housing market.
Broader Market Influences
Factors such as consumer sentiment, monetary policy, and development policies significantly impacted the resale, new construction, and rental housing markets. Issues like urban congestion and housing affordability remain pressing concerns.
December 2024 Snapshot
December 2024 closed with 3,359 home sales in the GTA, slightly lower than December 2023. New listings, however, continued to rise, contributing to a well-supplied market. The MLS® Home Price Index Composite Benchmark showed a year-over-year increase of less than 1%, while the average selling price in December stood at $1,067,186, reflecting a slight decline.
10 Key Real Estate Trends of 2024 (as per REMAX Canada)
- Moving Away from Expensive Provinces
- High housing prices, taxes, and interest rates pushed people to leave provinces like Ontario and BC.
- Alberta attracted most, while some chose Nova Scotia, New Brunswick, and PEI for affordable living.
- Creative Homeownership Solutions
- Nearly half of Canadians explored non-traditional options like co-ownership or rent-to-own models to make owning a home possible.
- Stable Cottage Market
- Cottage owners held on to properties despite high interest rates and capital gains tax changes in June. No surge in listings occurred as some expected.
- Focus on Multi-Family Housing
- Builders shifted to constructing rental apartments due to population growth and housing shortages, reducing the focus on condos and commercial projects.
- Seasoned Buyers Fuel Detached Home Sales
- In the GTA and Vancouver, experienced buyers and investors drove detached home sales, especially in mid-2024.
- Interest Rate Drops Bring Hope
- Interest rates started to decrease in fall 2024, encouraging sidelined buyers to re-enter the market.
- Home prices were expected to rise by 1–6% in 2025.
- Fewer Detached Homes Available
- Renovations during the pandemic raised the value of single-family homes, making them scarce and keeping prices high in cities like Toronto and Vancouver.
- Condo Inventory Grows Significantly
- Cities like Toronto (+52.8%) and Calgary (+52.4%) saw a big increase in condo listings as sellers prepare for more demand in 2025.
- Mortgage Stress Test Updated
- Starting November 2024, homeowners renewing their uninsured mortgages didn’t face stress tests, making it easier to switch lenders.
- Big Rate Cuts Spark a Market Rebound
- Multiple rate cuts in 2024, including two large ones, helped first-time buyers enter the market.
- Sales increased, and limited inventory pushed home prices slightly upward, setting the stage for a hopefully busy 2025.
Need help buying or selling? Contact Team Kalia to navigate the evolving market in 2025!
GTA Real Estate Market December 2024 Stats
| Average Home Prices by City December 2024 | ||||
| Detached | Semi Detached | Condo Townhouse | Condo Apartment | |
| Burlington | $1,380,622 | $881,633 | $738,283 | $601,645 |
| Milton | $1,309,217 | $1,007,833 | $717,500 | $609,000 |
| Oakville | $2,049,830 | $1,028,500 | $807,358 | $685,655 |
| Brampton | $1,101,428 | $921,837 | $696,585 | $499,229 |
| Mississauga | $1,397,177 | $1,023,463 | $771,785 | $597,315 |
| City of Toronto | $1,624,500 | $1,302,024 | $803,088 | $719,774 |
GTA Monthly Home Sale Stats as per TRREB Reports
| Avg. Home Price | Home Sales | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2022 | 2023 | 2024 | 2021 | 2022 | 2023 | 2024 | ||||||||
| Jan | $966K | $1,242K | $1,036K | $1,025K (Bottom) | 6,887 | 5,593 | 3,083 | 4,187 | |||||||
| Feb | $1,044K | $1,334K (Peak) | $1,096K | $1,110K | 10,925 | 9,028 | 4,754 | 5,579 | |||||||
| Mar | $1,097K | $1,298K | $1,108K | $1,121K | 15,627 | 10,864 | 6,876 | 6,554 | |||||||
| Apr | $1,090K | $1,250K | $1,153K | $1,156K | 13,613 | 7,941 | 7,487 | 7,114 | |||||||
| May | $1,108K | $1,210K | $1,195K | $1,165K | 11,902 | 7,229 | 8,997 | 7,013 | |||||||
| Jun | $1,089K | $1,145K | $1,182K | $1,162K | 11,052 | 6,424 | 7,481 | 6,213 | |||||||
| Jul | $1,061K | $1,073K | $1,118K | $1,106K | 9,338 | 4,871 | 5,250 | 5,391 | |||||||
| Aug | $1,070K | $1,079K | $1,082K | $1,074K | 8,550 | 5,591 | 5,281 | 4,967 | |||||||
| Sep | $1,135K | $1,086K | $1,119K | $1,107K | 9,010 | 5,008 | 4,642 | 4,996 | |||||||
| Oct | $1,155K | $1,087K | $1,125K | $1,135K | 9,743 | 4,930 | 4,646 | 6,658 | |||||||
| Nov | $1,162K | $1,079K | $1,082K | $1,106K | 8,979 | 4,534 | 4,236 | 5,875 | |||||||
| Dec | $1,157K | $1,051K | $1,084K | $1,067K | 6,013 | 3,117 | 3,444 | 3,359 | |||||||
| Annual | $1,095K | $1,190K | $1,126K | $1,117K | 121,639 | 75,047 | 65,936 | 67,610 | |||||||
Year-Over-Year Summary (December Comparison)
| GTA | 2024 | 2023 | %age change |
|---|---|---|---|
| Sales (All Home Types) | 3,359 | 3,419 | -1.8% |
| New Listings | 4,681 | 3,894 | 20.2% |
| Active Listings | 15,393 | 10,368 | 48.5% |
| Average Price | $1,067,186 | $1,084,757 | -1.6% |
| Average LDOM | 36 | 32 | 12.5% |
| Average PDOM | 56 | 49 | 14.3% |
Average Listing Days on Market (Avg. LDOM) refers to the average number of days sold listings were on the market. Average Property Days on Market (Avg. PDOM) refers to the average number of days a property was on the market before selling, irrespective of whether the property was listed more than once by the same combination of seller and brokerage during the original listing contract period.
| 5 Year GTA Sales & Avg Price Chart | ||
|---|---|---|
| Year | Sales | Avg Price |
| 2019 | 87,747 | $819,153 |
| 2020 | 95,066 | $929,636 |
| 2021 | 121,712 | $1,095,475 |
| 2022 | 75,047 | $1,190,749 |
| 2023 | 65,936 | $1,126,591 |
| 2024 | 67,610 | $1,117,600 |
Current Outlook: Why Investing in GTA Real Estate Makes Sense
A Balanced Market Favouring Buyers
With new listings growing at a faster pace than sales, buyers now have more choices and negotiating power. This trend is particularly evident in the condominium segment, where prices have seen more notable declines compared to ground-oriented housing. If you’ve been waiting for the right time to invest in GTA condos, this could be your opportunity to secure a property at a more favourable price point.
Long-Term Investment Value
The GTA continues to be a prime location for real estate investment, supported by its robust economy, growing population, and strong demand for housing. While prices remain slightly below their historical peaks, this dip represents an excellent entry point for both first-time buyers and seasoned investors.
Rental Market Opportunities
For those considering investment properties, the GTA rental market remains resilient. With a diverse and growing population, demand for rental units continues to climb. Investing in well-located condos or homes can generate steady rental income while positioning you for long-term appreciation.
Leverage Guidance from Experienced Realtors
Navigating the current market requires informed decisions. At Team Kalia, we assist clients with thorough market analysis, competitive pricing strategies, and expert guidance tailored to individual goals. Whether you’re buying your first home, upgrading, or investing in real estate, our team is here to help you make the most of today’s opportunities.
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Why Investing in Mississauga Condos Makes Good Sense
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2024 Q4 Mississauga Avg Home Prices by Community
| 2024 Q4 Mississauga Avg. Home Prices | |
|---|---|
| Community | Avg Home Price |
| Applewood | $960,794 |
| Central Erin Mills | $983,608 |
| Churchill Meadows | $1,000,219 |
| City Centre | $591,795 |
| Clarkson | $1,028,520 |
| Cooksville | $858,761 |
| Creditview | $1,130,864 |
| East Credit | $1,234,899 |
| Erin Mills | $1,106,298 |
| Erindale | $1,002,293 |
| Fairview | $965,889 |
| Hurontario | $890,544 |
| Lakeview | $1,107,630 |
| Lisgar | $1,101,647 |
| Lorne Park | $2,240,662 |
| Malton | $859,403 |
| Meadowvale | $926,015 |
| Meadowvale Village | $1,086,039 |
| Mineola | $1,821,800 |
| Mississauga Valleys | $700,891 |
| Port Credit | $1,142,400 |
| Rathwood | $1,041,684 |
| Sheridan | $2,045,022 |
| Streetsville | $1,016,152 |
2024 Q4 GTA Avg. Home Prices as per TRREB
Discover the latest average home prices for communities across the different GTA cities. Whether you’re looking to buy, sell, or stay informed, you can find a snapshot of the real estate market here, and of course when ready, do contact us to get started on your Home Buying or Selling process!
