Article content
TORONTO – Greater Toronto home sales fell slightly last month to a year as buyers took advantage of “significant bargaining power” on price.
Article content
The Toronto Regional Real Estate Board says 3,359 homes were sold in December across the Greater Toronto Area, down 1.8 per cent from 3,419 in the same month last year.
The average sales price fell 1.6 percent from a year ago to $1,067,186, as the composite listing price, which is meant to represent the average home, rose less than 1 percent year-over-year.
Article content
The board says 2024 was a “transformational” year for the region’s housing market as sales rose 2.6 per cent to 67,610 – outpaced by a 16.4 per cent increase in new listings, to 166,121.
It says this has given buyers “a great choice” in the market and has effectively prevented widespread price increases. The average sales price for all home types combined was $1,117,600 in 2024, a decrease of less than 1 percent compared to 2023.
Scheduled Recommended
-
Toronto home sales are on the rise as low prices draw buyers back
-
Toronto home sales rose 44% in October
TRREB president Elechia Barry-Sproule says high interest rates have brought “significant barriers to affordability and kept home sales below normal” through 2024, but the market benefited from the Bank of Canada’s rate cut in the second half of the year.
Share this article on your social network
Source link
