The real estate market in the Greater Toronto Area had a mixed performance in the past year, with prices decreasing, home sales remaining average, and the average days on market increasing.
Wahi’s 2024 Housing Market Snapshot revealed that hopes for a spring rebound were dashed, and although there were some signs of life due to rate cuts later in the year, they were not enough to drive significant growth. Buyers benefited from a high inventory level, which kept the market competitive and prices stable.
Wahi’s analysis of the 2024 market, based on TRREB data from Jan. 1 to Nov. 30, showed a comparison with the same period in 2023.
Prices down, sales flat across the GTA
The median sales price in the GTA dropped to $965,000, a 2% decline compared to the previous year, while the total number of sales remained the same at 62,651. Homes took longer to sell, with the average days on market increasing to 24 days (a five-day increase from 2023).
Among different regions:
- Toronto saw a 2% decrease in the median sales price to $888,000, with total sales also declining by 2% to 24,017.
- Durham experienced a 3% price drop to $860,000 and a 3% increase in sales to 8,682.
- Halton’s median sale price fell by 2% to $1.08 million, with a 3% increase in sales to 7,132.
- Peel’s median sales price decreased by 2% to $970,000, while the number of sales also dropped by 2% to 11,363.
- York witnessed a 3% price drop to just under $1.22 million, along with a 1% decrease in sales to 11,457.
Buyers had an advantage as inventory remained high, with the number of homes actively listed on the market staying above 20,000 from May onwards.
The condo market remains under pressure
The condo market in the GTA struggled compared to single-family homes, with a 5% decline in sales and a 3% decrease in median prices to $655,500. Condos also stayed on the market longer, with an average days on market of 30 days (a seven-day increase from the previous year).
High inventory levels in the condo sector, driven by new developments and investors selling off properties, contributed to the downward pressure on prices. Wahi’s data indicated that condos took nine days longer to sell compared to single-family homes on average. GTA condo sales reached the highest level in three years during September, October, and November.
Single-family homes hold steady
Single-family homes showed more stability in 2024, with a 2% decrease in median prices to nearly $1.9 million, and a 2% increase in sales to 39,576 units. This segment saw a stronger recovery in the fall, with sales picking up momentum in September, October, and November.
Wahi identified the most popular communities based on search volume on their website and neighborhoods with the highest sales.
Most searched neighborhoods
- Bowmanville (856 homes sold)
- The Danforth (253 homes sold)
- Jane and Finch (155 homes sold)
- Bridle Path (seven homes sold)
- Mount Pleasant, Brampton (481 homes sold)
GTA neighborhoods with the most sales
- Willowdale (1,134 homes sold)
- Neighborhood of Newmarket (922 homes sold)
- Bowmanville (856 homes sold)
- Entertainment District (792 homes sold)
- Neighborhood of Aurora (754 homes sold)
The fastest-selling GTA neighborhoods
According to Wahi, homes took longer to sell in 86% of neighborhoods across the GTA in the third quarter of the year compared to Q3 2023, with some areas having an average DOM of 10 days.
Overbidding trends decline
Throughout the year, most neighborhoods in the GTA saw prices bid down. By November, 91% of GTA neighborhoods were in underbidding territory, up from 88% in October.
A buyer’s market in transition
Wahi’s 2024 report indicates a housing market in transition, with more inventory and modest price declines.
Wahi CEO Benjy Katchen summarized the year by stating, “In 2024, Toronto homebuyers had more choice in the market than they have had in years, with listings reaching the highest level in recent memory.”
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