Real Estate Market Report | Toronto | January 2025
Recalibration in progress
Home buyers continue to purchase in Toronto. Many sellers seem to be sitting back to see what is happening to interest rates, however, the homes on the market are moving.
We help provide home buyers and sellers with the data they need to be successful. When you have access to accurate and relevant data, you can be more confident in setting the price of your home and selling it or buying at the right price.
With many important factors to consider (what kind of home you have, what community etc.), it’s important to look specifically at what the housing market is doing in your neighbourhood.
Bōdesellers are more successful and actually make more money, on average, than the rest of the market. We are also here to make sure you have the information you need to make the decisions that are right for YOU!
So what's happening in the Toronto real estate market as of January 2025?
Let’s start with a Macroeconomics view
To understand what’s happening in the real estate market you have to look at supply and demand.
The best proxies for supply and demand are:
Supply
New supply: New Listings (i.e. the number of homes recently listed for sale)
Total supply: Inventory (i.e. the total number of homes listed for sale)
Demand
Sales (i.e. the number of homes recently sold)
Supply & Demand
Months of Supply (i.e. the number of months it would take to sell all current inventory at the current rate of sale)
These metrics are the best indicators of the health of the real estate market. Let’s look at what they show us.
Overall Toronto Market
Toronto’s real estate market in December 2024 showed a significant shit, reflecting a normalizing year overall. Sales activity decreased, while prices remained relatively stable compared to the previous year. The market continued to adjust to changing interest rates and shifting buyer preferences. Total residential sales in Toronto Area reached just over 1,000 units in December 2024, a -33% decrease from the average of the last five Decembers. The average selling price for all home types was $1,033,742, down -2.7% year-over-year. However, the benchmark price showed a slight increase of 0.2% compared to the previous year, reaching $1,045,500.
Toronto's Detached Homes
The detached housing segment experienced a slight decline in December. Sales of detached homes fell by 5.8% compared to the previous year. The average price for detached homes in the GTA decreased by 1.3% year-over-year to $1.40 million. In the City of Toronto (416 area code), detached homes saw a marginal price decrease, with the average price at $1,624,500, essentially unchanged from the previous year.
Toronto's Condominiums
The condominium apartment market showed resilience despite challenges. Condo sales decresed by -38% compared to the last five Decembers. The average price for condo apartments in the GTA experienced a minimal decrease of 0.1% year-over-year, settling at $682,000. In the City of Toronto, condo prices showed a slight uptick, with the average price reaching $719,774, a 1% increase both annually and monthly.
Toronto's Semi-detached homes
The attached housing market, including semi-detached and townhouses, demonstrated strength. Semi-detached home prices in the GTA increased significantly, rising 5.9% year-over-year to an average of $1.3 million. Townhouse prices also saw growth, with the average price increasing by 1.9% year-over-year to $780,000. In the City of Toronto, semi-detached homes performed exceptionally well, with prices rising 11% year-over-year to $1,302,024.
It’s critical to understand the dynamics in your local property market
To understand your local property market you need to look at your local data. Head over to Bōde’s new and improved Market Data dashboard, the only place where you can see all the data yourself, including being able to filter on community, property type, and price range to see exactly what’s happening where you live.
You can also see the sold price of any home that has sold in the last 2 years using Bode’s Sold Data page.
If you’re thinking about selling, take a look at how Bōde helps sellers sell for 1.3% higher prices while paying 50% less commission.
Want to Buy or Sell Your Home Easily?
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With your free Bōde account, you don’t need an agent – you are completely in charge of your home sale or purchase and get to keep more of the money you invested in your home!
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January 2025 Toronto Real Estate Market: Sales, Listings & Inventory
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