Happy New Year! We hope 2025 is off to a great start for you.
In December, the Toronto real estate market hit a slowdown after two months of positive numbers in October and November. The short-lived rebound was fuelled by 5 straight Bank of Canada interest rate cuts. Compared to last December, the average selling price was pretty much flat; sales were down a couple of percent overall, and new listings were up about 20%.
December year-over-year statistics:
New listings were up +20.2% (+6.6% November year-over-year)
Active listings were up +48.5% (+30.2% November)
Sales were down -1.8% (+40.1% November)
Average selling price $1,067,186 down -1.8%
($1,106,050 up +2.6% November)
Average days on market were up from 49 to 56 days
*** The statistics above are the average of the Toronto real estate board, including condo and freehold properties. Freehold properties are levelling out in terms of selling price, active listings and sales. The condo market is not, with selling prices starting to level out, but active listings are growing significantly, and sales are also slowing. So, depending on what you are buying or selling, there continues to be a big difference between freehold and condos.
If you have any questions about the market when the best times to sell or buy are, or if you would like to learn more about our amazing client services, feel free to reach out, and we can speak more in person.