January 10, 2025
As expected for the last month of the year, the number of sold properties and the average sold price dropped in Toronto. New listings at 1,783 (4,360 for November 2024) are significantly lower than the previous month but 16% higher than in December 2023. Property days on market further increased to 58 (48).
*Numbers in parentheses are for November 2024.*
- The Average Sale Price for detached homes is $1,624,500 ($1,695,939). That is lower than last month’s and also -0.3% (5.9%) lower than last year.
- Semi-detached homes are the biggest jumpers at 10.9% (2.8%) YoY with an avg sale price of $1,302,024 ($1,248,930).
- The Average Sale Price for condos trended higher to $719,774 ($713,364), a minimal but surprising 1.7% (-0.3%) spike from December 2023.
- Townhomes sold a bit lower on average at $900,503 ($904,335) and also dipped the most with -18.2% (-6.10) YoY.
Number of Sales is down across all categories, though prices have remained rather steady. There is more inventory and even with some rate cuts, many buyers are still biding their time and taking their pick while negotiating prices down. It has been a mixed bag and signs are pointing to more demand this year.
If you have questions or need assistance, send us a DM. We are always happy to discuss.