TRREB Releases 2024 Q4 Condo Market Statistics

Greater Toronto Ontario Area (GTA) condominium apartment buyers benefitted from improved affordability in the fourth quarter of 2024. A well supplied marketplace provided buyers with substantial negotiating power, which saw the average selling price trend lower. Borrowing costs also trended lower as we moved through 2024, including two oversized 50 basis point cuts on the part of the Bank of Canada to end off the year. Lower prices and lower borrowing costs translated into more affordable monthly payments, especially for firsttime buyers.

Consumer polling over the past two years suggested that average rents have reached the point where many renters are seriously considering the purchase of their first home. With interest rates expected to be cut even further through the spring of 2025, look for condominium apartment demand to increase in the months ahead. Even as demand picks up, it will take time to absorb the large amount of standing inventory. As a result, condominium apartment price growth is expected to be somewhat muted in 2025.

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Total GTA condominium apartment sales amounted to 4,307 in the fourth quarter of 2024. This result was up by 25.5 per cent compared to the fourth quarter of 2023. This year-overyear increase points to the positive improvement in affordability over the past year.

There were 6,450 active condominium apartment listings in the GTA marketplace at the end of 2024, representing a 43 per cent increase compared to the end of 2023. The year-overyear increase in inventory outpaced the increase in sales, providing buyers with more choice.

The average condo selling price in Q4 2024 was $689,198 – down by 1.6 per cent compared to Q4 2023. The average selling price in the City of Toronto, which accounted for two-thirds of Q4 condo sales, was $717,226 – down only slightly compared to the same period a year earlier.