2024: The Year in Review - December Real Estate Market Report

2024 has been a rather slow year for Real Estate in the GTA, somewhat comparable to 2023. But with the Bank of Canada dropping the interest rates 5 times since June, the market has started to pick up and the outlook for 2025 is much brighter.

A total of 67,610 Homes have sold on the Toronto Real Estate Board, which is slightly higher than in 2023 (+2.6%).

The average price of $1,117,600 basically remained the same (-0.8%).

York Region:More Listings

The average Sale price in York Region has fluctuated between $1.211m (January) and $1.385m (June). Year-over-year Prices in December have been down by 1%. The total amount of homes sold in 2024 in York Region (12,185) was only up 2.25% while new Listings (29,783) increased by 18% compared to 2023.

Aurora around the $1.4m-Mark

Prices in Aurora have remained quite strong throughout the year, hovering around the $1.4m-mark. The impact of lower interest rates was noticed at the end of the year with some of the strongest months being September, November & December.

Almost the exact same amount of homes sold in Aurora in 2024 (784) as in 2023 (786). But the time to sell a home (38 days) took longer than in the previous year (24 days).

Newmarket slower towards end of 2024

Contrary to Aurora, the average prices in Newmarket started declining towards the end of the year. But the total amount of Sales in 2024 (978) was up by 6%.

It took 35 days on average for a home to sell in Newmarket (24 days in 2023).

Sales in Bradford (453) were up by 2.7% compared to 2023. The average price for a home in Bradford in 2024 ($1,093,380) was down by 2%.