Housing Market and Trends
Homeownership in the GTA became more affordable in March 2025 compared to the previous year. On average, both borrowing costs and home prices have declined over the past year, making monthly payments more manageable for households looking to buy a home.
Buyers continued to benefit from substantial choice in the GTA resale market in February 2025. Home sales last month were down in comparison to the same period last year, while listing inventory remained high.
A well-supplied housing market will keep average annual home price growth at the rate inflation, with the average selling price increasing moderately in the Greater Toronto Area (GTA) over the course of the year.
The GTA housing market experienced a transitional year in 2024. Annual sales were up slightly compared to 2023, and new listings were up significantly year-over-year.
GTA home sales increased strongly on a year-over-year basis in November 2024. Many buyers benefitted from more affordable market conditions brought about by lower borrowing costs.
GTA home sales increased strongly year-over-year in October 2024. New listings were up, but by a lesser annual rate. The result was tighter market conditions compared to October 2023. The average selling price was up slightly on an annual basis.
GTA home sales increased year-over-year in September. Buyers were starting to take advantage of more affordable market conditions brought about by interest rate cuts and lower home prices.
GTA home sales were down on a year over-year basis in August. New listings were up slightly over the same period. While the region's housing market remained well-supplied in August, average home prices only edged slightly lower compared to August 2023.
GTA home sales in July 2024 were up compared to July 2023. While sales were up from last year, buyers continued to benefit from more choice in the GTA marketplace, with annual growth in new listings outstripping that of sales.
June 2024 home sales in the GTA were lower compared to the same month last year. Despite the Bank of Canada rate cut at the beginning of last month, many buyers kept their home purchase decisions on hold.
May home sales continued at low levels, especially in comparison to last spring's short-lived pick-up in market activity. Home buyers are still waiting for relief on the mortgage rate front.
As we move through the Spring, the anticipated interest rate cuts may soon materialize. We anticipate increased demand for home ownership once the first cut is announced.
Toronto's Early Spring Market is Gaining Momentum. The first quarter of 2024 concluded with a notable uptick in sales, with an 11% year-over-year growth and an 18% increase in new listings.
A spring resurgence is on the way as home sales, new listings, and sales prices all edged upward in February.
The market is definitely picking up. Compared to this time last year, GTA homes sales in January 2024 increased by an impressive 37 percent, with 4,223 sales reported as compared to 3,083 in January 2023.
Compared to this time last year, GTA home sales in December 2023 increased by 11.5% percent, while the average selling price grew by 3.2 percent reaching $1,084,692.The number of GTA home sales in 2023 came in at less than 70,000 due to affordability.
High borrowing costs and uncertain economic conditions continued to weigh on Greater Toronto Area (GTA) home sales in November 2023. Sales were down on a year-over-year basis, while listings were up from last year's trough in supply.
Lack of affordability and uncertainty remained issues for many would-be home buyers in the Greater Toronto Area (GTA) in October 2023. As a result, sales edged lower compared to last year. However, selling prices remained higher than last year's levels.
The fall market is off to a calm start as home supply builds giving buyers less competition and more choices. The uncertainty around the Bank of Canada's upcoming interest rate announcement is also creating some hesitancy for home buyers
With continued uncertainty about the economy and the Bank of Canada's decision-making, increased borrowing costs, and a constrained supply of listings, the month of August resulted in fewer home sales compared to the previous year.
GTA home sales, new listings and home prices were up in July 2023 in comparison to July 2022. The market experienced more balance in July compared to June, with sales trending lower while new listings were up.
Home sales and the average selling price in the Greater Toronto Area (GTA) in June 2023 remained above last year's levels.
The GTA housing market continued to improve from a sales perspective in May 2023. Unfortunately, the supply of homes for sale did not keep up with the demand for ownership housing.
On a year-over-year basis, sales edged lower compared to April 2022, but new listings were down by more than one-third. Fewer listings relative to sales meant there was more competition between buyers, supporting an improvement in selling prices.