Happy New Year! As we begin the new year and another real estate season let’s recap how things wrapped up for the Toronto Real Estate Market in 2024.
Toronto’s real estate market closed 2024 as a transitionary year. December, typically a quieter month due to seasonality and the holiday break, followed this trend. The shift in market dynamics continued, creating pockets of opportunity for buyers and challenges for sellers.
+ Detached Homes: Sales hit their lowest December level since 2019, with only 309 transactions. Despite this, selling prices remained flat compared to December 2023, reflecting relative stability in this segment.
+ Semi-Detached Homes: Prices experienced double-digit growth year-over-year, primarily due to lower-than-average prices in December 2023.
+ Townhomes: In contrast, townhomes saw a double-digit price decline compared to December 2023. This drop was largely due to exceptionally high prices in December 2023 rather than a significant market shift.
Looking ahead, further rate reductions and home prices below historic peaks are expected to encourage more buyers, particularly in the condo segment. Sellers should remain mindful of increasing competition as the market stabilizes and adjusts.
In this evolving landscape, having a knowledgeable and trusted realtor by your side is crucial. Whether you’re buying, selling, or simply seeking advice on navigating the market, feel free to reach out. We are always available for your questions!
Looking to buy or sell a home in Toronto? Average prices in December were as follows:
➕Detached $1,624,500 [0% vs. 2023]
➕Semi-detached $1,302,024 [+11% vs. 2023]
➕Townhouse $900,503 [-18% vs. 2023]
➕Condo $719,774 [+1% vs. 2023]
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Data presented is for City of Toronto Only. Source: TRREB.
