In Dec ’24, the Toronto real estate market monthly saw a decline of 42.8% of sales volume, 1.8% annually. Prices also came down 3.5% monthly and 1.6% annually.
More affordable low-rise homes like semi-detached and townhomes saw monthly price growth with semi-detached even up 6% yearly . Detached homes were sluggish and were down for 1.4% in price from last year.
Over the year, the market faced significant changes, notably elevated interest rates and significant growth in supply, which resulted in more choice for buyers still in the market and cautious buyer behavior. With further rate cuts expected and supply normalizing, the market may shift towards tighter conditions later in 2025.