2024 End-of-Year Toronto Real Estate Market Stats: Rollerci

Looking back at 2024, the residential real estate market felt a bit like a rollercoaster ride through quicksand—slow to start, unpredictable at times, but with moments of real momentum. The year began with buyers navigating the sticky challenges of high interest rates, which kept sales levels well below normal. It wasn’t until June that we saw the first signs of relief when the Bank of Canada kicked off a series of interest rate cuts. By December, rates had dropped from their 5% peak to a more manageable 3.25%, thanks to five quick moves, including two bold 50-basis-point reductions.

Fall Momentum: Buyers Jump Back Into the Market

The market finally started to pick up steam in the fall. October brought a 44% jump in transaction volume, followed by another 40% increase in November—proving that buyers were ready to move as affordability improved. By year-end, 67,610 homes had changed hands, marking a 2.5% increase in sales volume compared to 2023. Prices, however, stayed relatively flat, ending the year with an average of $1,117,600—down less than 1% from the previous year.

A Buyer’s Market with Opportunities and Challenges

With over 4.5 months of inventory by December 2024 finished firmly in a buyer’s market. Detached, semi-detached, and townhomes showed resilience, holding their prices steady, but condos struggled as affordability hurdles pushed many first-time buyers to the sidelines. Jason Mercer, Chief Market Analyst for the Toronto Regional Real Estate Board, pointed out that the lack of first-time buyers hit the condo market particularly hard, while single-family homes saw a boost in sales.

The Relationship Between Rates and Prices

The "TRREB Average Price & Bank of Canada Overnight Rate" graph paints a fascinating picture of the tug-of-war between interest rates and home prices. Over the last four years, the sharp rise in rates—peaking at 5% in 2023—led to noticeable downward pressure on prices. However, the moment the Bank of Canada began cutting rates in mid-2024, the market started to breathe again. While prices haven’t soared back to previous highs, the downward trend slowed, showing the first signs of stability. As we move into 2025, with rates now at 3.25% and expected to fall further, the connection between affordability and price growth will likely drive the market’s recovery.

TREB Average Price Trends

Focusing solely on the "TRREB Average Price" graph, we see a market that has been through its fair share of ups and downs since 2020. After peaking in early 2022, prices started to stabilize throughout 2023 and 2024, reflecting a market finding its balance amid changing conditions. Despite the economic uncertainty and rising inventory levels, average prices remained remarkably resilient, suggesting underlying buyer demand is still strong. Heading into 2025, prices are well-positioned for moderate growth, supported by improving affordability and buyer confidence.

GTA Real Estate Insights

The GTA real estate market in 2024 saw steady activity, ending the year with an average home price of $1,117,600—just 0.8% below 2023’s average. Sales volume grew by 2.5%, with 67,610 homes sold, marking a year of gradual recovery amid shifting market conditions.

Buyers had more options, with active listings surging by 48.5% compared to 2023. Homes spent an average of 25 days on the market, a 31.6% increase from the previous year, highlighting the impact of higher inventory levels. Detached, semi-detached, and townhomes remained the strongest segments, while condos faced affordability-driven challenges. Condo sales in the GTA rose slightly by 1.7%, but average condo prices dipped marginally to $681,855.

With 4.58 months of inventory by December, the GTA closed the year in a buyer’s market, setting the stage for potential growth as we head into 2025.

Toronto Real Estate Market Stats

The Toronto real estate market held steady in 2024, with the average home price increasing slightly by 0.9% to $1,107,223. Annual sales volume edged up by 1%, with 24,599 homes changing hands. The city experienced a noticeable increase in market time, averaging 26 days on the market—up 30% compared to 2023. Condo sales in Toronto, however, dropped by 5.5% year-over-year, as affordability challenges continued to weigh on first-time buyers.

Mississauga Real Estate Market Stats

Mississauga saw a modest 1.8% increase in sales volume, while the average price dipped slightly by 0.1% to $1,056,409. Homes in Mississauga spent an average of 25 days on the market—31.6% longer than in 2023. The condo market faced additional challenges, with sales declining 2.4% and the average condo price falling to $597,315.

Oakville Real Estate Market Stats

In Oakville, average home prices fell by 1.6% to $1,519,489, while sales volume rose by 4.1%. The town’s market remained competitive, with homes taking an average of 27 days to sell. The condo market saw mixed results: while sales increased by 31.8%, average prices dropped by 4.6%, reflecting the broader trend of affordability pressures in this segment.

Durham Real Estate Market Stats

Durham Region stood out with an 8.1% increase in average home prices, reaching $930,207. Sales volume climbed by 6.2%, with homes selling in just 20 days on average, making it one of the most dynamic markets in the GTA. The condo market faced challenges, with prices falling by 3.3% to $518,878 and sales volume declining slightly.

York Region Real Estate Market Stats

York Region experienced a 2.1% decline in average home prices, which now sit at $1,311,026. Sales volume grew by 2.2%, signalling strong demand despite longer market times (26 days, up 36.8%). Condo sales, meanwhile, increased by 24.6%, although average prices fell slightly to $654,536, demonstrating selective buyer demand in this area.

Brampton Real Estate Market Stats

Brampton’s real estate market saw some of the sharpest price adjustments in the GTA. The average price declined by 3.9% to $1,008,275, with sales volume dropping 2.6%. The average days on market remained relatively short at 23 days, suggesting that well-priced homes still attracted buyer interest. However, the condo market took a significant hit, with sales volume increasing but average prices falling by 11.3%.

2025: A Year for Optimism & Opportunity

Looking ahead, the stage is set for a promising 2025. Further rate cuts, more affordable borrowing, and prices that are still below their historic highs could fuel a more dynamic market. Condos may face continued headwinds as a record number of newly completed units hit the market, but there will still be opportunities for savvy buyers in prime locations or unique properties.

What Does This Mean for Buyers and Sellers in 2025?

If you’ve been on the sidelines waiting for the “right time” to jump into the real estate market, 2025 might be calling your name. For buyers, lower interest rates will make financing more affordable, and with inventory still relatively high in many areas, there’s more choice than we’ve seen in years. That said, don’t sleep on those hot listings—competition could heat up quickly as rates drop further and more buyers step off the sidelines. Pro tip: Get pre-approved now so you’re ready to pounce when you find the one.

For sellers, 2025 could be your chance to shine, but it’s all about strategy. With prices holding steady (or even growing in certain segments), presenting your home in its best light is crucial. Buyers are still picky, so those small upgrades and staging tricks can make a big difference in securing top dollar. Oh, and if you’re selling a condo, stay ahead of the game—know your competition and highlight what makes your unit stand out in the crowd.

The bottom line? Whether you’re buying, selling, or just exploring your options, 2025 is shaping up to be a dynamic year for real estate. And if you’re feeling overwhelmed by all the moving pieces (pun intended), don’t worry—I’m here to guide you every step of the way. Let’s make 2025 the year you crush your real estate goals! Let's chat!