Larger Toronto dwelling gross sales fell barely final month to cap a yr that noticed consumers benefit from “substantial negotiating energy” on worth.
The Toronto Regional Actual Property Board says 3,359 houses have been offered in December all through the Larger Toronto Space, down 1.8 per cent in contrast with 3,419 in the identical month the earlier yr.
The common promoting worth declined 1.6 per cent in contrast with a yr earlier to $1,067,186, because the composite benchmark worth, meant to symbolize the standard dwelling, was up by lower than one per cent year-over-year.
Get day by day Nationwide information
Get the day’s high information, political, financial, and present affairs headlines, delivered to your inbox as soon as a day.
The board says 2024 was a “transitionary” yr for the area’s housing market as gross sales rose 2.6 per cent to 67,610 — outpaced by a 16.4 per cent improve in new listings, at 166,121.
It says this gave consumers “appreciable selection” within the market and successfully prevented widespread worth progress. The common promoting worth for all dwelling sorts mixed was $1,117,600 in 2024, a decline of lower than one per cent in contrast with 2023.
TRREB president Elechia Barry-Sproule says excessive rates of interest introduced “important affordability hurdles and stored dwelling gross sales nicely under the norm” in 2024, however the market benefitted from the Financial institution of Canada’s price cuts within the second half of the yr.
© 2025 The Canadian Press
Source link