Toronto Housing Market Report
- The Greater Toronto Area’s benchmark home price for December 2024 was $1,061,900, up 0.2% year-over-year.
- The average home sold price in the GTA decreased 1.6% year-over-year to $1,067,186 for December 2024.
- Detached home average price decreased by 1.3% year-over-year to $1.40M.
- Semi-detached home average price increased by 5.9% year-over-year to $1.09M.
- Freehold townhouse average price increased by 1.9% year-over-year to $1.02M.
- Condo apartment average price decreased by 0.1% year-over-year to $682k.
- February 3, 2025 Update: Today’s Lowest mortgage rates in Toronto is 4.09% for 3-Year Fixed
Greater Toronto Area (GTA) Housing Market Overview
GTA Housing Market: Price Movements for December 2024
Benchmark Home Price | $1,061,900 | 0.0% 1-Month Change | +0.2% 1-Year Change |
Average Home Price | $1,067,186 | -3.5% 1-Month Change | -1.6% 1-Year Change |
Median Home Price | $930,000 | -1.6% 1-Month Change | +2.3% 1-Year Change |
The Greater Toronto Area (GTA) housing market ended off an eventful 2024 with a marked decline in average home prices in December 2024, while sales activity has moderated. According to the Toronto Regional Real Estate Board (TRREB), 3,359 homes were sold in the GTA in December 2024, a decrease of 43% month-over-month, and down 2.5% year-over-year. That’s down from the frantic pace of October and November home sales, set in motion after multiple consecutive rate cuts by the Bank of Canada. Home sales were up 43% year-over-year in October 2024 and up 39% year-over-year in November 2024. In comparison, December 2024’s 2.5% year-over-year decrease in home sales seems negligible.
The 15,393 active listings in December 2024 have cooled off from the autumn months but remain significantly higher than last year, down 29% monthly while still up 48% yearly. Meanwhile, 4,681 new listings were added in December 2024, a sharp drop from previous months as it dipped 60% from November 2024 due to seasonality, but it is up 20.5% from the same period in the previous year.
Looking at Toronto home prices, in December 2024, the GTA's benchmark home price increased 0.2% year-over-year to $1,061,900, essentially unchanged from November 2024. That bucks a pattern seen in previous Decembers in 2022 and 2023 when those months had the year’s lowest benchmark price. Instead, 2024’s lowest benchmark price occurred in October 2024 this year.
The average GTA home price was $1,067,186 in December 2024, a 3.5% decrease from the previous month’s price of $1,106,050 in November 2024. That’s the lowest average price since January 2024. On an annual basis, the GTA’s average home price is down 1.6%.
The median home price, often considered a more transparent indicator of market trends, was $930,000 in December 2024. This is a 1.6% decrease month-over-month and up 2.3% year-over-year.
The much larger rise in home sales relative to new listings meant that December 2024’s sales-to-new-listings ratio (SNLR) jumped to 72%, higher than November 2024’s SNLR of 51%, pushing it into seller’s market territory. This can be seen in the fact that new listings decreased by 60% monthly, compared to sales decreasing by 43% monthly. The City of Toronto’s SNLR for December 2024 was slightly lower, at 66%. This still also means that the City of Toronto is a seller's market.
Looking at the total year numbers for 2024, the average home price was $1,117,600, down 0.8% from 2023’s average price of $1,126,263. Annual home sales in 2024 were up 2.6% year-over-year to 67,610, while new listings of 166,121 were up 16% year-over-year.
Three 0.25% rate cuts by the Bank of Canada in June, July, and September 2024 were the first rate cuts in over four years, followed by jumbo cuts of 0.50% that occurred in October and December 2024, and they brought some hope that the housing market may see a price boost as buyers return from the sidelines. We have instead seen a larger influx of sellers who had been waiting to list their homes than a return of buyers, seen through higher listing numbers, although December 2024 did see a tapering off in gains of both sales and new listings. Future possible rate cuts in 2025 may result in a more robust Toronto housing market in the coming year. However, a deterioration in the job market could negate the support that the housing market would receive from further rate cuts.
Regional Comparison
City of Toronto
The City of Toronto is experiencing a decline in its average home price that is larger than the GTA average, as it falls 4.3% monthly to $1,033,742 in December 2024, which is 2.7% lower annually. That’s after already decreasing by 7.3% month-over-month in November 2024. City of Toronto's home sales are down 47.5% monthly and down 7.3% annually, while the median Toronto home price has decreased 1.2% month-over-month and 2.1% year-over-year to $830,000. Meanwhile, the City of Toronto’s benchmark home price was $1,045,500, up 0.4% year-over-year.
Brampton
Brampton's housing market experienced a larger decrease in its average home price. The average price decreased 3.9% year-over-year to $948,170, a four-year low. The last time that Brampton’s average home price was this low was in December 2020, when it was $869,107. Meanwhile, Brampton home sales are down 9% year-over-year.
Mississauga
Mississauga home prices are up 2.8% from the previous year to an average price of $977,833, down by 1.7% month-over-month. Mississauga home sales are up 1.1% yearly.
Oshawa
The average price in Oshawa’s housing market increased 5.7% year-over-year to $769,082, with Oshawa home sales down 17% year-over-year.
Property Types
Among property types in the GTA for December 2024:
- The average price of detached homes decreased by 3.7% from last month and has decreased by 1.3% from the previous year to $1,399,209.
- The average price of semi-detached homes increased 1.0% month over month and increased 5.9% year over year to $1,088,543.
- The average price of freehold townhomes increased 2.1% month over month and increased 1.9% year over year to $1,015,505.
- The average price of condo apartments has decreased by 1.1% from the previous month to $681,855, which is just 0.1% lower than a year ago.
Sales Data
The Greater Toronto Area (GTA) had 3,359 sales overall in December 2024, a slight decrease from last year, although sales have cooled off in recent months.
- The City of Toronto’s 1,174 sales saw a 47.5% month-over-month decrease and a 7.3% year-over-year decrease.
- Brampton’s 268 sales in December 2024 are a 39% monthly decrease and a 9.2% annual decrease.
- Mississauga’s 288 home sales are a 35% monthly decrease and a 1.1% annual increase.
- Oshawa’s 122 home sales are a 38% monthly decrease and a 17% annual decrease.
Looking Forward
As interest rates in Canada continue to fall, buyers who have been hesitant due to affordability concerns may finally have the incentive to re-enter the market, potentially boosting demand. However, the impact on Toronto home prices will largely depend on how inventory levels respond.
Elevated inventory levels in Toronto's housing market have had significant implications for buyers and sellers. For buyers, higher inventory levels can lead to more options and potentially more negotiating power, as the increased supply may drive down prices.
On the other hand, rising inventory can result in longer times on the market and potentially lower sale prices for sellers, necessitating more competitive pricing and additional incentives to attract buyers.
The average property's days on the market rose to 56 in December 2024, up from 49 in December 2023. This month, the average sales price to listing price ratio was 98%, meaning that homes sold for less than their asking price on average. That’s a slight deterioration from November 2024, when the ratio was 99%.
Home Prices in Toronto
Greater Toronto Area Housing Market Statistics for All Property Types
Average Sold Price and MLS HPI Benchmark Price
Total Transactions
Property Type Distribution
Market Overview for Detached Homes
Average Sold Price
Transactions
Market Overview for Semi-Detached Homes
Average Sold Price
Transactions
Market Overview for Freehold Townhouses
Average Sold Price
Transactions
Market Overview for Condo Apartments
Average Sold Price
Transactions
Greater Toronto Area (GTA) Breakdown by Region
Glossary and Definitions
MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.
MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.
Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:
- Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
- Liability for any property damage or bodily injury suffered on strata property
- Any fixtures that are part of the "standard unit" or original construction of each unit
Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owner of the buildings has leased the land and pay rent to their landlord while owning the building on the land.
Housing Markets Across Canada
Data sourced from the Toronto Regional Real Estate Board (TRREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
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- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
- The trademarks MLS®, Multiple Listing Service®, and associated logos are owned by CREA and identify services provided by its members.