GTA Real Estate Market Update β December 2024
The Greater Toronto Area (GTA) housing market closed 2024 with moderate sales growth, a surge in new listings, and stable but varied price trends across different regions.
While detached homes remained strong, condos saw price declines, creating opportunities for buyers.
Letβs explore the key trends, regional insights, and whatβs ahead for 2025.
1. GTA Real Estate Market Summary β December 2024 vs. 2023
Despite high mortgage rates, sales improved, and new listings surged, giving buyers more options.
Metric | Dec 2024 | Dec 2023 | YoY Change (%) |
---|---|---|---|
Total Sales | 3,419 | 3,359 | +1.7% |
New Listings | 3,894 | 4,681 | +20.2% |
Active Listings | 10,368 | 15,393 | +48.5% |
Avg. Price | $1,084,757 | $1,067,186 | +1.6% |
π‘ Increased inventory = more choices for buyers
π° Prices remain steady despite higher listings
2. Market Performance by TREB Regions
Each TREB region had different market dynamics, with some areas seeing higher price growth, while others experienced declines.
Toronto (416)
- Sales: 960
- Avg. Price: $1,399,209
- Market Trend:
π Prices dropped slightly (-0.3%) due to increased inventory.
π‘ Detached homes and luxury properties remained in demand.
Peel Region (Mississauga, Brampton, Caledon)
- Sales: 1,423
- Avg. Price: $913,460
- Market Trend:
π Steady price growth in Brampton (+2.4%).
π’ Condo prices in Mississauga dropped (-5.8%) due to high interest rates.
York Region (Markham, Vaughan, Richmond Hill, Aurora)
- Sales: 1,114
- Avg. Price: $1,336,718
- Market Trend:
π Detached home sales surged in Vaughan & Richmond Hill.
π° High-end homes held strong despite affordability concerns.
Durham Region (Ajax, Pickering, Oshawa, Whitby)
- Sales: 606
- Avg. Price: $900,503
- Market Trend:
π‘ Townhouses & semi-detached homes dominated.
π΅ Affordability remains a key driver, attracting first-time buyers.
Halton Region (Oakville, Burlington, Milton)
- Sales: 517
- Avg. Price: $953,776
- Market Trend:
π₯ Oakville led with the highest price appreciation.
π’ Burlington & Milton saw slower sales growth.
3. Full-Year Review: 2024 GTA Housing Market
A look at 2024 vs. 2023 shows how supply increases impacted pricing.
Metric | 2024 Total | 2023 Total | YoY Change (%) |
---|---|---|---|
Home Sales | 67,610 | 65,877 | +2.6% |
New Listings | 166,121 | 142,782 | +16.4% |
Avg. Price | $1,117,600 | $1,126,263 | -0.8% |
π‘ More listings than sales = better deals for buyers.
π‘ Detached homes remained stable, while condos faced price pressure.
4. Best & Worst Performing Home Types
Not all housing types performed equally. Detached homes remained strong, while condos saw the sharpest declines.
Home Type | Sales (Dec 2024) | Avg. Price (Dec 2024) | YoY Change (%) |
---|---|---|---|
Detached | 960 | $1,399,209 | -0.3% |
Semi-Detached | 292 | $1,088,543 | +2.4% |
Townhouse | 354 | $913,460 | -1.0% |
Condo Apt | 1,423 | $681,855 | -18.2% |
π Biggest losers: Condo prices dropped the most (-18.2%), making them a great entry point for buyers.
π‘ Detached homes remained a safer investment despite affordability concerns.


5. Key Market Drivers in 2024
Several economic & policy factors shaped the GTA real estate market:
- π¦ High Interest Rates
- Slowed down sales early in 2024.
- Mid-year Bank of Canada rate cuts improved affordability.
- π Increased Inventory
- Listings grew faster than sales, balancing the market.
- Buyers gained more negotiation power.
- π€ First-Time Buyer Hesitation
- Many buyers waited for lower rates.
- This led to softer condo prices.
6. What to Expect in 2025?
πΉ More Interest Rate Cuts Expected β Likely to increase buyer activity.
πΉ Condo Market to Stabilize β Prices may rebound with rate relief.
πΉ More Supply Expected β Keeping price growth moderate.
πΉ Strong Demand for Detached Homes β Particularly in York & Halton.
π’ If you’re buying or selling in the GTA, now is the time to strategize.
π Local Toronto is here to help you navigate the market and make informed decisions.
π Call us for expert real estate advice!
π Visit: www.localtoronto.com