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Market Report December 2024


Lake Ontario Overlooking The Toronto Downtown Core and CN Tower

REXIG SUMMARY

Housing Market December 2024: A Year of Transition and Optimism for 2025


The Greater Toronto Area housing market in 2024 saw a year of transition. Annual sales rose modestly by 2.6% compared to 2023, reaching 67,610 transactions, while new listings increased significantly by 16.4%. This increase in listings provided buyers with ample choice and maintained a cap on widespread price growth. The average selling price dipped slightly to $1,117,600, reflecting less than a 1% decline from 2023 levels. Condominium apartments faced the largest price pressures, while ground-oriented housing segments displayed tighter market conditions and more resilient pricing.


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High borrowing costs were a defining factor in 2024, creating affordability challenges that kept sales below historical norms. However, the Bank of Canada's significant interest rate cuts in the latter half of the year, including two back-to-back reductions, brought some relief. These rate changes contributed to improving conditions and are expected to drive further market stabilization. Single-family homes outperformed, with sales increasing, while the condominium segment struggled as first-time buyers awaited additional rate relief in 2025.


Future Outlook

Looking ahead, further rate cuts anticipated in 2025, combined with home prices remaining below historic peaks, are likely to bolster market activity over the next 12 months. However, policy decisions related to development, infrastructure, and monetary adjustments will play a critical role in shaping market dynamics. The Toronto Regional Real Estate Board (TRREB) emphasizes the need for government intervention on these fronts and plans to provide comprehensive insights in its upcoming Market Outlook and Year in Review report in February.




REGIONAL SPOTLIGHT // DECEMBER 2024 Oakville-Milton Region Real Estate Market Report


In December 2024, 353 homes were sold through the MLS System of the Oakville-Milton and District Real Estate Board, a minimal increase of just 0.3% (one sale) compared to December 2023. Despite the stability in monthly sales, activity was 13.5% below the five-year average and 14.1% below the 10-year average for December.


Over the course of 2024, annual home sales reached 7,021 units, marking a 4.8% increase from the previous year. New listings in December rose sharply by 41.6% compared to the same month in 2023, with 453 new residential listings entering the market. Active listings also grew significantly, up 15.7% year-over-year to 1,641 units, the highest level for December in over five years. The months of inventory rose to 4.6, reflecting a market that slightly favored buyers.


Price Trends and Market Balance

Price trends in 2024 showed modest shifts. The MLS HPI composite benchmark price for December was $1,227,700, a slight decrease of 0.2% compared to December 2023. Single-family homes saw a small price increase of 1.7%, with a benchmark price of $1,456,000. Townhouse/row units experienced a 3.5% gain, reaching $891,800, while apartment benchmark prices declined by 6.1% to $629,300.


The average price of homes sold in December was $1,224,879, reflecting a 7.9% decrease from December 2023. The annual average price for 2024 was $1,294,877, down 2.2% compared to the previous year. The total dollar value of all homes sold in December 2024 was $432.4 million, a 7.7% year-over-year decline.


Looking Ahead

As 2025 begins, questions remain about buyer activity in the early months. With mortgage rules recently updated and further interest rate cuts anticipated, buyers may decide to act before the busy spring season. The market balance remains slightly in favor of buyers, offering opportunities for those ready to purchase. Meanwhile, the significant rise in listings and active inventory points to a well-supplied market, which could continue to moderate price growth and provide buyers with more options.



 

Read here to read our economic update for last month.


ECONOMIC SPOTLIGHT

Feds Signal Gradual Easing & Elevated Rates in 2025 and 2026


 

As valued clients of REXIG Realty, we are excited to provide you with our latest Real Estate Market Report

for the Greater Toronto Area & surrounding regions.


Our goal is to keep you informed and empowered with the most up-to-date information to make

informed decisions regarding your real estate investments.

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