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Greater Toronto Home Sales Fall Slightly in December as 2024 Ends with Buyer's Market

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REAL ESTATE News

HOMESALES,TORONTO,REALESTATE

Greater Toronto Area home sales saw a slight decline in December 2024, marking the end of a year where buyers benefited from strong negotiating power. The Toronto Regional Real Estate Board reported 3,359 home sales, down 1.8% from the previous year. The average selling price also dipped 1.6% to $1,067,186. 2024 proved to be a 'transitionary' year with sales up 2.6% but new listings surging 16.4%, giving buyers ample choice and preventing widespread price growth. High interest rates continued to pose affordability challenges, but the Bank of Canada's rate cuts in the second half of the year provided some relief.

Real estate sale signage is shown on a street in Oakville, Ont., west of Toronto, on November 7, 2024. THE CANADIAN PRESS/Richard BuchanTORONTO — Greater Toronto home sales fell slightly last month to cap a year that saw buyers take advantage of “substantial negotiating power” on price.

It says this gave buyers “considerable choice” in the marketplace and effectively prevented widespread price growth. The average selling price for all home types combined was $1,117,600 in 2024, a decline of less than one per cent compared with 2023. At least 1.2 million Canadians are facing a mortgage renewal in 2025, and 85 per cent of those existing home loans were contracted when the Bank of Canada’s interest rate was at or below one per cent. Here's how some homeowners are planning to navigate the increased payments.

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