Welcome to January 2025, where the only thing colder than the weather might just be the leftover holiday turkey in your freezer. But fear not, because the Toronto real estate market is bringing a little heat to kick off the new year.
Looking back, 2024 was what we’ll call a “transition year” for the Greater Toronto Area (GTA) housing market. Translation? A lot of waiting, watching, and wondering if buying a home would feel less like pulling teeth. While the year wasn’t exactly a real estate blockbuster, it had its moments—and it’s left us with plenty to think about as we move into 2025.
Prices? They dipped a little compared to 2023, thanks to high borrowing costs that made homeownership feel just out of reach for many. But the second half of the year brought some unexpected cheer: the Bank of Canada swooped in with two big rate cuts, making mortgages a bit less intimidating.
Single-family homes held their ground in terms of price, but condo apartments weren’t so lucky. First-time buyers largely stayed on the sidelines, hoping for more rate relief in 2025, which left the condo market with a bit of a “meh” energy.
But let’s not forget about the challenges. Policy decisions—whether they’re about development, transportation, or monetary changes—will continue to shape how things play out.
And for everyone else? Whether you’re still renting, thinking about upgrading, or just scrolling the MLS for fun, the year ahead promises to keep things interesting.
Looking back, 2024 was what we’ll call a “transition year” for the Greater Toronto Area (GTA) housing market. Translation? A lot of waiting, watching, and wondering if buying a home would feel less like pulling teeth. While the year wasn’t exactly a real estate blockbuster, it had its moments—and it’s left us with plenty to think about as we move into 2025.
2024 in a Nutshell
Here’s the vibe: sales were up slightly compared to 2023, new listings increased significantly, and buyers—especially in the condo market—had plenty of negotiating power. It was the kind of market where buyers could confidently say, “Actually, I’d like $10,000 off and a better paint job,” and sellers might actually consider it.Prices? They dipped a little compared to 2023, thanks to high borrowing costs that made homeownership feel just out of reach for many. But the second half of the year brought some unexpected cheer: the Bank of Canada swooped in with two big rate cuts, making mortgages a bit less intimidating.
Single-family homes held their ground in terms of price, but condo apartments weren’t so lucky. First-time buyers largely stayed on the sidelines, hoping for more rate relief in 2025, which left the condo market with a bit of a “meh” energy.
A Peek Ahead
The good news? 2025 could be the year the market gets its groove back. With borrowing costs likely to trend even lower and prices still below their historic highs, conditions are setting up for what could be a healthier, more balanced market.But let’s not forget about the challenges. Policy decisions—whether they’re about development, transportation, or monetary changes—will continue to shape how things play out.
So, What Does This Mean for You?
If you’re a buyer, you’re walking into 2025 with more choice and a bit of power in your corner—especially if you’re eyeing condos. If you’re a seller, now’s the time to make sure your home stands out, because buyers are doing their homework and looking for value.And for everyone else? Whether you’re still renting, thinking about upgrading, or just scrolling the MLS for fun, the year ahead promises to keep things interesting.
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Let’s Plan Your Next Move
The market is shifting—are you ready to make your move? Whether it’s buying, selling, or just exploring your options, let’s connect and make 2025 the year you take the next step in real estate.