2024 City of Toronto Market Analysis
Overall, in 2024 the Toronto real estate market saw a steady and stable year, moving towards moderate growth later in the year.
The average sale price increased by 2.07%, reflecting a modest yet positive trend in property values. The number of new properties for sale surged by 17.25% over 2023 as we started to see renewed confidence in the Toronto market.
Overall, the number of sales edged up by 0.58%, indicating a relatively balanced market despite global and economic uncertainties.
We all watched in anticipation as interest rates finally started to come down in the second half of the year which contributed to healthy turnover and continued demand in the city's dynamic real estate landscape.
Looking ahead to 2025 the supply side is expected to remain tight, with new listings continuing to trend upwards, but inventory may still fall short of meeting demand.
The average days on market are likely to stay relatively low, especially on single family homes, reflecting a still-active market with well-priced properties moving quickly. Overall, Toronto's real estate market is likely to remain stable and attractive, with gradual price appreciation in the longer term.
2024 was an incredible year for LTHome, full of amazing moments, but without a doubt,
the biggest highlights were working with our wonderful clients to help make their REAL ESTATE DREAMS a reality!! Thank you!! Helping you is what we do, and we LOVE what we do!!
As we look forward to 2025, we are excited to bring you more; up-to-date insightful market information & analysis, 1st-time Homebuyer workshops, beautiful homes, giving back to our community and as always...we look forward to delivering the highest standards of customer care to exceed your expectation!!
Have questions about your REAL ESTATE GOALS for 2025? Let's chat!
