'the numbers' [december 2024] • Sutton Old Mill

➕December 2024➕

➕ The Numbers for December are in! Toronto’s real estate market closed 2024 as a transitionary year. December, typically a quieter month due to seasonality and the holiday break, followed this trend. The shift in market dynamics continued, creating pockets of opportunity for buyers and challenges for sellers.

Some key observations:

+ Detached Homes: Sales hit their lowest December level since 2019, with only 309 transactions. Despite this, selling prices remained flat compared to December 2023, reflecting relative stability in this segment.

+ Semi-Detached Homes: Prices experienced double-digit growth year-over-year, primarily due to lower-than-average prices in December 2023.

+ Townhomes: In contrast, townhomes saw a double-digit price decline compared to December 2023. This drop was largely due to exceptionally high prices in December 2023 rather than a significant market shift.

Overall, affordability challenges driven by high interest rates persisted through much of 2024. However, the Bank of Canada’s substantial rate cuts in the latter half of the year bolstered buyer confidence and set the stage for a more active market in 2025. Looking ahead, further rate reductions and home prices below historic peaks are expected to encourage more buyers, particularly in the condo segment. Sellers should remain mindful of increasing competition as the market stabilizes and adjusts.

In this evolving landscape, having a knowledgeable and trusted realtor by your side is crucial. Whether you’re buying, selling, or simply seeking advice on navigating the market, feel free to reach out. We’re here to guide you every step of the way!

Looking to buy or sell a home in Toronto? Average prices in December were as follows:

➕Detached $1,624,500 [0% vs. 2023]

➕Semi-detached $1,302,024 [+11% vs. 2023]

➕Townhouse $900,503 [-18% vs. 2023]

➕Condo $719,774 [+1% vs. 2023]

••••••

Data presented is for City of Toronto Only. Source: TRREB.

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