Jan 7: Toronto home sales dipped slightly in December, closing a year that saw buyers benefiting from greater negotiating power on prices, according to the Toronto Regional Real Estate Board (TRREB).
A total of 3,359 homes were sold across the Greater Toronto Area (GTA) last month, a 1.8% decrease from December 2023. The average selling price also slipped by 1.6% year-over-year to $1,067,186. Despite this, the benchmark price for a typical home edged up by less than 1%.
New listings surged 20.2% to 4,681, giving buyers more options. Within Toronto, sales fell 6.7% to 1,174, while sales in the rest of the GTA rose 1.1% to 2,185. Detached and semi-detached home sales dropped 5.8% and 9.3%, respectively, but townhouse and condo sales saw slight increases of 5.8% and 2.3%.
TRREB described 2024 as a “transitionary” year, with total home sales rising 2.6% to 67,610, while new listings jumped 16.4% to 166,121.
High borrowing costs remained a key challenge for buyers throughout the year. TRREB President Elechia Barry-Sproule noted that while elevated interest rates curbed affordability, the Bank of Canada’s significant rate cuts in the second half of the year helped stabilize the market. Further rate cuts expected in 2025, coupled with home prices staying below historic peaks, could improve conditions in the months ahead.
The oversupply of condos, partly driven by a wave of new units, led to sharper price declines in that segment, impacting first-time buyers the most. Many prospective buyers are waiting for more interest rate relief in 2025, said TRREB’s chief market analyst, Jason Mercer.
For 2024 overall, the average home price across all types was $1,117,600, a slight decline of less than 1% from the previous year. While single-family homes saw more activity, the condo market remains under pressure as it adjusts to the oversupply.
Looking ahead, the board expects improved market conditions if interest rates continue to drop and prices remain affordable compared to historical highs.
I hope you like window films, because recently I found the best site where you can buy the best window films. This site is https://www.tintfit.com/ , and I will use it a lot, and even here the best prices for the best quality window films are just great! So you should try this site too! GOodbye and goodluck.