The GTA real estate market wrapped up 2024 with an average sales price of $1,067,186, representing a 1.6 per cent decline compared to the previous year. Full-year data revealed an average sales price of $1,111,487, indicating a relatively stable selling price over the past twelve months. Total annual sales reached 67,907, a 2.5 per cent increase year-over-year.
The defining theme of 2024 was inventory. Active listings surged dramatically throughout the year, reaching a record-breaking total of 230,949—a significant 42.6 per cent increase. December followed the usual seasonal pattern of reduced activity, yet the year closed with 15,393 active listings, setting a new high for December inventory levels. This surge reflected a mix of cautious buyers and sellers adjusting to a shifting market environment.
The GTA’s housing market in 2024 reflected both the challenges of recent years and the beginnings of a recovery. The high inventory levels created opportunities for buyers, while sellers adjusted to evolving market conditions.
As 2025 begins, the Greater Toronto Area housing market is poised for increased activity and growth. With interest rates continuing to decline, improved affordability, and rising buyer confidence, the outlook for the coming year is optimistic. Renewed momentum, alongside efforts to expand housing supply, offers hope for greater balance and opportunity for both buyers and sellers in the months ahead.
Full December Report Available Here
