Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
The Greater Toronto Area (GTA) housing market saw a sluggish 2024, with December home sales falling 18.7% from the previous month, according to the Toronto Regional Real Estate Board (TRREB). High borrowing costs, despite mid-year interest rate cuts, limited affordability and dampened demand. Average home prices reached CAD 1,094,000 (USD 762,529) in December, a modest 0.4% rise month-on-month. Annual sales increased by 2.6%, with 67,610 units sold, but remained below pre-pandemic peaks. TRREB President Elechia Barry-Sproule anticipates a market rebound in 2025, driven by further rate cuts and competitive pricing, offering hope for both buyers and sellers.
The Canadian housing market witnessed a sluggish 2024, with home sales in the Greater Toronto Area reaching the lowest point in five months in December. This was caused by historically high borrowing costs which led to fewer sales throughout the year. The Greater Toronto Area (GTA) includes Toronto as well as surrounding municipalities. Advertisement
Data released by the Toronto Regional Real Estate Board (TRREB) highlighted that home sales, after being adjusted for seasonality, dropped by 18.7% in the past month. Only 5,359 units were sold in December.
Prior to December, home sales were on a rise after the Bank of Canada reduced interest rates from twenty year high of 5% in June. The average home price in TRREB's index went up by 0.4% compared to the previous month (after adjusting for seasonal changes) to reach about CAD 1,094,000 (USD 762,529). It also increased by 0.3% compared to December 2023.
President of TRREB, Elechia Barry-Sproule, attributed increased borrowing costs to lower sales, with potential buyers' affordability being impacted by high interest rates. She did, however, add that the interest rate cuts by the national bank improved the overall housing market.
Compared to 2023, housing sales increased by 2.6%, with a total of 67,610 dwellings being sold in 2024. The number of houses listed on the market also went up to 16.4%, offering potential buyers more variety and keeping a check on the sale prices for homes.
Average home prices went down to CAD 1,117,600 (USD 775,972), with prices for condos dropping more than houses. The historical high for average home prices was back in 2022, reaching CAD 1,190,742.
Barry-Sproule remains optimistic about the new year, expecting the housing market to improve in 2025 with additional interest rate cuts and relatively low home prices.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
