Toronto Real Estate Struggles with Weak December Sales and Stagnant Prices
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In December 2024, Greater Toronto's real estate market showed stagnation, with the composite benchmark home price remaining at $1.06 million. This followed a slight increase in November, but December's figures were nearly identical to those of 2021, highlighting a lack of significant growth. Although annual price growth reached a modest 0.15%, home prices remain significantly below the March 2022 peak by nearly 20%.
Sales dropped to 3,359 homes in December, marking the second-worst month for sales in the last decade. Inventory surged with new listings up by 20.2%, bringing the total active listings to over 15,000. Despite the rate cuts that were expected to stimulate the market, these factors indicated ongoing sluggishness.
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