According to the Calendar… It’s December. According to the Market… We’re in Transition.
2024 ended with more listings, a little more movement, and still a whole lot of waiting. While many hoped for a year of price rebounds, what we got was something far more nuanced: a market full of choice, cautious optimism, and plenty of negotiating room—especially in the condo space.
So, what did December numbers—and the year as a whole—really tell us?
Let’s dig in.
Toronto’s December Market at a Glance
Sales + Listings Snapshot
December closed out with 3,359 home sales across the GTA—a slight dip compared to the same time last year. That said, new listings continued to rise, extending the fall trend of a market that’s heavy on supply and light on urgency.
Prices Stay Subdued
The average selling price for December sat at $1,067,186, down marginally year-over-year. The MLS® Home Price Index Composite Benchmark ticked up by less than 1%, pointing to price stability, not growth.
In short: prices didn’t crash, but they didn’t climb either.
2024 in Review – A Market Defined by Caution and Choice
Year-End Totals
- Total 2024 sales: 67,610 (↑ 2.6% from 2023)
- New listings: 166,121 (↑ 16.4%)
- Average price: $1,117,600 (↓ 0.8%)
Inventory grew at a much faster pace than buyer activity. The result? More selection, more time to make decisions, and more leverage for those who were ready to buy.
Why Buyers Held the Upper Hand
Two words: interest rates.
High borrowing costs remained a major hurdle for much of the year. While many homeowners stayed put, buyers were only willing to act when the price—and the carrying cost—was right. That restraint kept prices in check and pushed sellers to meet the market.
Houses Held Strong—Condos, Not So Much
Detached and Semi Sales Rebounded
Ground-oriented homes saw a modest bounce. In fact, single-family home sales were up in 2024—especially in the 416, where family-friendly inventory remains tight. Prices here held up better thanks to ongoing demand and less investor involvement.
Condos Took a Hit
The condo market, on the other hand, faced a tougher climb. Many first-time buyers continued to wait for deeper rate cuts, while investor interest waned under the pressure of high holding costs.
Bottom line: it was a soft year for condos, especially in the downtown core.
What Changed Mid-Year? Two Words: Interest Rates
The Bank of Canada issued two back-to-back rate cuts in the second half of 2024—moves that many hoped would reignite activity. And while the full impact hasn’t played out yet, it did shift buyer sentiment.
By year-end, some sidelined buyers began to re-engage—but cautiously. The next few months will show whether this was just window shopping or the start of a stronger market push.
What’s Next in 2025?
If borrowing costs continue to fall and prices remain below historic peaks, we could be in for a more active spring. That said, the gap between buyer expectations and seller reality hasn’t closed yet.
Expect condo prices to stay soft for now, while detached homes in desirable areas may attract more competition as affordability improves.
A few trends we’re watching:
- Renewed interest in pre-construction condos (if incentives return)
- Growing rental demand as buyers remain cautious
Final Thought – Still Watching, Still Waiting
Toronto’s real estate market didn’t boom or bust in 2024—it reshuffled.
With buyers calling the shots and sellers recalibrating, we’ve entered a phase that rewards patience, planning, and professional advice. Whether you’re considering upsizing, downsizing, or entering the market for the first time, early 2025 may offer one of the most balanced playing fields we’ve seen in years.
Ready to Make a Move?
If you’re thinking of buying, now might be one of the most negotiable markets we’ve seen in a while. And if you’re selling, strategy matters more than ever. Get touch with us by leaving a comment below!
