As we step into the new year, the real estate market in the Greater Toronto Area (GTA) continues to reflect the ongoing adjustments witnessed throughout 2024. Here’s a comprehensive breakdown of key trends and statistics for December 2024, comparing them to the same period last year.
Average Selling Price
In December 2024, the average selling price across all home types was $1,067,186, marking a slight decline from December 2023’s average of $1,084,757. This marginal drop indicates that home prices have generally stabilized despite the shifting market dynamics over the past year.
Sales-to-New-Listings Ratio (SNLR)
The sales-to-new-listings ratio for December 2024 stood at 32.4%, a decrease from the previous year. This lower ratio points to a well-supplied market, providing buyers with a variety of options and the ability to negotiate favorable terms.
Home Sales
Total home sales for December 2024 reached 3,359, a slight dip from 3,419 sales in December 2023. Despite this small decline, the market remains active with consistent interest from buyers, particularly in specific housing segments.
New Listings
December 2024 saw a total of 10,368 new listings, compared to 8,894 in December 2023. This 16.6% increase highlights an expanding inventory, further balancing the market and providing more opportunities for buyers to find suitable properties.
Property Type Breakdown
Here’s a closer look at the average prices and sales for different property types in December 2024:
Detached Homes: Average price of $1,399,209 with 1,423 sales.
Semi-Detached Homes: Average price of $1,088,543 with 292 sales.
Townhouses: Average price of $910,761 with 609 sales.
Condos: Average price of $681,855 with 960 sales.
Year-Over-Year Summary
Comparing year-end figures from 2023 to 2024, the GTA housing market experienced a transitionary year:
Annual Home Sales: 67,610 in 2024, a 2.6% increase from 65,877 in 2023.
New Listings: 166,121 in 2024, up 16.4% from the previous year.
Average Selling Price: $1,117,600 for 2024, representing a slight decline of less than 1% from $1,126,263 in 2023.
Market Insights
According to TRREB President Elechia Barry-Sproule, high borrowing costs were a major factor impacting home buyers in 2024. However, two significant rate cuts by the Bank of Canada in the second half of the year provided some relief, making the market more favorable to buyers.
TRREB Chief Market Analyst Jason Mercer noted that sales of single-family homes increased in 2024, whereas condo sales experienced a decline due to affordability challenges and the anticipation of further interest rate reductions in 2025.
What This Means for Buyers and Sellers
With new listings outpacing sales, the market is leaning towards favoring buyers. The steady increase in inventory and slight adjustments in prices provide buyers with more negotiating power.
For sellers, this means strategically pricing homes to stand out in a competitive market will be essential. Understanding the nuances of the market, particularly in different property segments, will be crucial in making informed decisions.
Get in Touch
If you’re considering buying or selling in the GTA, our team is here to provide you with expert insights tailored to your unique needs.
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Conclusion
The December 2024 data indicates a steady yet evolving market. While buyers have more choices and negotiating power, sellers need to adopt a thoughtful approach to pricing and presentation to maximize their opportunities. Staying informed about these market trends will help both buyers and sellers make smarter real estate decisions in 2025.
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