Great Toronto Area

Greater Toronto Area Housing Market Sees Significant Shifts in December 2024

The Greater Toronto Area (GTA) housing market concluded 2024 with notable developments that warrant attention. December experienced a marked decline in average home prices and a cooling in sales activity. According to the Toronto Regional Real Estate Board (TRREB), 3,359 homes changed hands in December, reflecting a staggering 43% drop from November and a slight 2.5% decline compared to December of the previous year. This shift is particularly noteworthy given the vibrant sales observed in October and November, fueled by consecutive rate cuts from the Bank of Canada. During those months, sales surged by an impressive 43% year-over-year in October and 39% year-over-year in November.

Thus, December's modest decline provides a more nuanced perspective on the market's health. In December 2024, there were 15,393 active listings—lower than in the autumn months but still significantly higher than last year. This indicates a 29% drop month-over-month alongside a remarkable 48% increase year-over-year. Furthermore, 4,681 new listings hit the market in December, showcasing a notable 60% decline from November—primarily a seasonal trend—but an encouraging 20.5% growth compared to last year.

This dynamic environment in the GTA housing market highlights both challenges and opportunities for buyers and sellers alike. The decrease in new listings from November to December is typical for the season, yet the year-over-year increase suggests a more active market compared to the previous year. Buyers may find more options available, while sellers may face increased competition despite the overall cooling of the market.

In summary, the GTA housing market in December 2024 reflects the complexities of the current economic climate, with significant fluctuations in both sales activity and listings. These trends underscore the importance for market participants to stay informed and adapt to the evolving conditions.