2024 – a transitional year for the GTA housing market: TRREB

Annual sales saw a modest increase compared to 2023, while new listings surged significantly year over year. This influx of listings provided buyers with considerable leverage in price negotiations, particularly in the condominium apartment market. As a result, average selling prices in 2024 experienced a slight decline compared to the previous year.

“Borrowing costs were top of mind for home buyers in 2024. High interest rates presented significant affordability hurdles and kept home sales well below the norm. The housing market did benefit from substantial Bank of Canada rate cuts in the second half of the year, including two large back-to-back reductions,” said TRREB president Elechia Barry-Sproule in the board’s release. “All else being equal, further rate cuts in 2025 and home prices remaining below their historic peaks should result in improved market conditions over the next 12 months.”

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