Market Update - January 2025

The 2024 real estate market was not as anyone could’ve predicted. The sales volume across Ontario and specifically the GTA was way down - the last time we had this low of annual sales was 2001 when the average price of a home was $251,508. The market was resilient in some ways, even with all the challenges and obstacles through the year, prices stayed mostly consistent across market types and areas. 

We know it was a tough year for both buyers and sellers. Buyers being faced with unaffordability due to the aftermath of the pandemic and sellers dealing with differing expectations due to unprecedented inventory. We extend a congratulations to those buyers who were able to take advantage of the “buyer’s market”, and sincere gratitude to the sellers who were able to hang in there until the right buyer came along. 

Even as the interest rate cuts began in June, we didn’t start to feel any of the effect until early November. Q4 of 2024 ended up being the safety net that 2024 needed - across the GTA and Halton region we saw a 40% year over year increase in sales volume, ending the year on a more positive note. Still low but ending on an optimistic level. This increased activity is expected to follow us into 2025. Helped by the fact that economic experts are expecting further rate cuts, and combined with the mortgage changes (that now allow first-time homebuyers to choose a 30-year amortization on insured mortgages), the cost of homeownership has decreased. As buyers make their way back into the market, the hope is that inventory will start to stabilize, making it both a promising time for buyers and sellers to make their next strategic move. 

Ready to get started? Check out our Buyers Guide and Sellers Guide.