As we move into 2025, it’s worth looking back to see how sales, listings and prices in 2024 compared to previous years.
The low-rise house and condominium (condo) markets both experienced significant cooling, marked by low sales volumes, yet home prices remained resilient.
Sales of low-rise houses, including detached, semi-detached, and townhomes, increased modestly compared to 2023. However, both 2023 and 2024 stand out as the years with the lowest sales volumes for low-rise homes in over two decades. A combination of high home prices and high-interest rates continued to suppress demand, even as buyers adjusted to a new affordability reality.
New listing volumes in the low-rise market were slightly below the long-term average.
While lower-than-average listings combined with 20-year-low sales might suggest a steep drop in home prices, this wasn’t the case. Average prices dipped just 1.5% compared to 2023. Sellers proved unwilling to lower their expectations significantly, resulting in a "sticky" pricing environment typical of slower markets.
The condo market faced its own set of challenges. Sales volumes fell to their lowest levels in over a decade, despite a record number of properties listed for sale.
Even with an abundance of supply, average condo prices declined only modestly, falling 2.4% year-over-year. This resilience in pricing demonstrates the hesitancy among sellers to make significant price concessions, even in a softer market. Some investors decided to list their units for lease when they couldn’t achieve the sale price they hoped for.
As we look ahead, market dynamics will likely hinge on broader economic trends, including interest rate movements and shifts in buyer and seller sentiment.
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By the Numbers: December 2024
The average price for a house in the Toronto area was $1,305,612 in December, unchanged from the same month last year. Last month's median house price was $1,126,258, up 2% from the same month last year.
House sales in December were up 15% over last year, while new house listings were up 31%. The number of houses available for sale at the end of the month, or active listings, was up 22% over last year.
The current balance between supply and demand is reflected in the MOI, which measures inventory relative to the number of sales each month. In December, the MOI for houses increased slightly to 3.2.
The average price for a condo in the Toronto Area was $703,217 in December, down 1% from the previous year. The median price for a condo in December was $635,000, down 1% from the previous year.
Condo sales in December were up 26% over last year, and new condo listings were up 34%. The number of active condo listings was up 26% from last year. The MOI increased to 5.2.
Browse detailed monthly statistics for December 2024 for the entire Toronto area market, including house, condo and regional breakdowns below.
John Pasalis is President of Realosophy Realty. A specialist in real estate data analysis, John’s research focuses on unlocking micro trends in the Greater Toronto Area real estate market. His research has been utilized by the Bank of Canada, the Canadian Mortgage and Housing Corporation (CMHC) and the International Monetary Fund (IMF).
Have questions about your own moves in the Toronto area as a buyer, seller, investor or renter? Book a no-obligation consult with John and his team at a Realosophy here: https://www.movesmartly.com/meetjohn
