Greater Toronto home sales fell slightly last month to cap a year that saw buyers take advantage of substantial negotiating power on price. The Toronto Regional Real Estate Board says 3,359 homes were sold in December throughout the Greater Toronto Area, down 1.8 percent compared with 3,419 in the same month the previous year. The average selling price declined 1.
6 percent compared with a year earlier to $1,067,186, as the composite benchmark price, meant to represent the typical home, was up by less than one percent year-over-year. The board says 2024 was a transitional year for the region’s housing market as sales rose 2.6 percent to 67,610 — outpaced by a 16.4 percent increase in new listings, at 166,121. 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 percent compared with 2023. TRREB president Elechia Barry-Sproule says high interest rates presented significant affordability hurdles and kept home sales well below the norm in 2024, but the market benefitted from the Bank of Canada’s rate cuts in the second half of the year