December 2024 - Another Slow Year in 2024
December 2024 Toronto Real Estate Market Report
Here’s a ‘highlights’ summary of the significant real estate milestones across the entire Toronto Real Estate Board territory and the City of Toronto specifically for DECEMBER 2024 and for the year’s end of our real estate market.
Across the entire TRREB Board, December sales (3,359) were -2% below last year as we lost the momentum of the Oct/Nov markets. 2024 had the 2nd lowest number of annual sales (67,610) in the last 12 years – 2023 was the lowest
Active Listings (15,393) however were +48% above those in December 2023 and the highest number of listings for ANY December since 2008
The ratio of sales-to-listings declined slightly during the month to 22% in December, a continuing definitive indication of a buyer’s market
The December average sale price came in at $1,067,186 – a -2% fall from the 2023 average one year ago
The GTA real estate market ‘velocity’ slowed to 36 days-on-market
Detached home sales in December 2024 with a purchase price over $2,000,000 declined by -12% (158 houses) while condo apartment sales over $2M were lower by -9% (10 suites) compared to December 2023
The CONDO townhouse / highrise share of the overall market was up slightly to 37% during the month and all condo-type sales (1,236) rose by just +3% year-over-year
In the City of Toronto only, detached house sales (309) dropped by -17% from 2023 while the average detached sale price ($1,624,500) was flat compared to a year ago
In December Toronto semi-detached sales (113) were down by -12% year-over-year while the average semi sale price ($1,302,024) was up by +11% compared to last year
These numbers show that the average sale price for TO detached houses remained flat going back to 2022 while semi-detached homes showed modest improvements year-over-year in the same period
Downtown condo active listing numbers showed a modest increase again… up +34% in C01 and by +27% in C08 from last year
December year-over-year downtown condo sales declined in C01 (-15%) and rose in C08 (+12%) compared to 2023
October and November showed the most year-over-year increase in condo sales while December showed positive signs that prices are stabilizing or showing slight improvement in the downtown C01 / C08 TRREB condo districts
The downtown condo days-on-market average slowed to between 44 & 37 days in both C01 and C08… the slowest since back in January 2024
The December ratio of sales-to-listings for high-rise condos downtown stayed in deep buyer market territory in both C01 (12%) and in C08 (13%), about the same as it was in September
In the 905 districts, December saw average detached and condo apartment home prices decline by around -1% compared to 2023. Sales numbers were mixed (-2.4% houses / +17% condos) from one year ago
Despite the BofC reducing their interest rate, we’ve seen little if any reduction in 5-year mortgage rates so far. I have modest hopes that the TO condo market has seen or is at the bottom right now and it may be that lower priced house sales (semis in particular) will become more dominant in 2025.
Thomas Cook
Thomas@LivingInToronto.com
647-962-1650
December 2024 Toronto Real Estate Market Report