The Resale Real Estate Statistics for the Month of December 2024 are in, and here are the Key Facts - 3,359 sales reported through Toronto Real Estate Board’s MLS (down 1%
Your Monthly GTA Real Estate Market Update - January 2025
Dated: January 10 2025
Views: 386
The Resale Real Estate Statistics for the Month of December 2024 are in, and here are the Key Facts
- 3,359 sales reported through Toronto Real Estate Board’s MLS (down 1.8% from Dec 2023).
- Average selling price of all home types was down 1.6% year over year.
- 4.58 months of standing inventory.
Here are additional year-over-year statistics based on area and type of home that will shed more light on the overall market conditions.
Toronto Statistics - Year over Year Median price change
| | Yr/Yr Change | Monthly Change |
| Detached | -2.8% | -8.6% |
| Semi Det | 18.6% | 1.8% |
| Townhouse | -7.6% | 1.0% |
| Condo Towns | 4.7% | 7.1% |
| Condo Apartment | -3.2% | -2.4% |
Mississauga Statistics – Year over Year Median Price change
| | Yr/Yr Change | Monthly Change |
| Detached | 2.5% | -1.1% |
| Semi Det | 8.3% | 5.8% |
| Townhouse | 9.7% | 5.0% |
| Condo Towns | -2.0% | -4.6% |
| Condo Apartment | -5.4% | -3.8% |
Brampton Statistics - Year over Year Median Price change
| | Yr/Yr Change | Monthly Change |
| Detached | -4.3% | -5.1% |
| Semi Det | 3.1% | 1.9% |
| Townhouse | 2.6% | 3.9% |
| Condo Towns | 10.8% | 5.9% |
| Condo Apartment | -13.5% | 0.0% |
Milton Statistics - Year over Year Median Price change
| | Yr/Yr Change | Monthly Change |
| Detached | -4.7% | -8.2% |
| Semi Det | 8.5% | -1.2% |
| Townhouse | 2.0% | 0.3% |
| Condo Towns | 5.4% | 5.1% |
| Condo Apartment | 7.5% | -3.5% |
Oakville Statistics - Year over Year Median Price change
| | Yr/Yr Change | Monthly Change |
| Detached | -3.4% | -3.2% |
| Semi Det | -14.3% | -6.5% |
| Townhouse | 0.2% | 1.6% |
| Condo Towns | 16.7% | 6.7% |
| Condo Apartment | -6.6% | -6.3% |
Vaughan Statistics – Year over Year Median Price Change
| | Yr/Yr Change | Monthly Change |
| Detached | 3.6% | 4.0% |
| Semi Det | 8.4% | 0.3% |
| Townhouse | 1.4% | 4.8% |
| Condo Towns | -13.3% | 12.3% |
| Condo Apartment | -7.3% | -0.2% |
Durham Statistics – Year over Year Median Price Change
| | Yr/Yr Change % | Monthly Change |
| Detached | 10.6% | 3.6% |
| Semi Det | 0.5% | -9.0% |
| Townhouse | 1.0% | -0.5% |
| Condo Towns | 4.5% | 0.1% |
| Condo Apartment | 1.0% | -2.9% |
Burlington Statistics – Year over Year Median Price Change
| | Yr/Yr Change | Monthly Change |
| Detached | 9.8% | -5.5% |
| Semi Det | -4.6% | -5.1% |
| Townhouse | 8.1% | 3.2% |
| Condo Towns | -2.4% | 1.4% |
| Condo Apartment | 8.5% | 11.7% |
The GTA market's sales volume was down 1.8% compared to December 2023; on a monthly basis, sales were down 42.8%. New listings were down by 59.6% compared to November, as sellers likely put off listing their property during the holiday season.
The median sale price for all home types was $930,000, up 2.34% year over year and down 1.59% compared to last month. Overall, average prices are 27% higher than five years ago, with a 5-year average annual growth of 5.4%.
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After showing significant growth in the number of sales for the last two months, in December, the sales activity dropped significantly. This slowdown can be attributed to a seasonal slowdown due to the holidays and secondly, many buyers were likely waiting for better affordability due to the mortgage rule changes that came into effect on Dec 15.
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Annual 2024 home sales amounted to 67,610 – up by 2.6% from sales in 2023; new listings were up by a greater annual rate of 16.4%. New listings increasing at a greater rate than sales provided buyers with considerable choice in the marketplace, effectively keeping a ceiling on widespread price growth.
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Chief Market Analyst for the Toronto Regional Real Estate Board, Jason Mercer, reported that Market conditions varied by market segment in 2024. Sales of single-family homes, including detached houses, increased last year, whereas condo apartment sales were down. Many would-be first-time buyers remained on the sidelines, anticipating more interest rate relief in 2025. The lack of first-time buyers impacted the less-expensive condo segment more so than the single-family segments.
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If you are a first-time Buyer or investor, this might be an excellent time to take advantage of the volatile market conditions and buy a home. Bank of Canada has lowered their lending rate by 175 basis points so far, and another rate cut is a possibility on Jan 29th, which will eventually lead to lower fixed-term mortgage rates, likely influencing the buying decision for real estate and leading to a further uptick in activity.
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If you need to sell, the key in the present market is to price effectively and strategically market the property. The right advice on pricing strategy, staging, and presentation plays a key role in successfully selling your property.
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Please feel free to contact me if you would like me to provide you with detailed market statistics for your area or property.
Gary Singh
Gary has been providing real estate services to his clients since 2001. With over 80% of his business coming through referrals & repeat customers, its obvious that his commitment to his clie....
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