🏢 GTA Condo Market Report – Q4 2024
Improved Affordability, Rising Sales & a Buyer’s Market Taking Shape
The Greater Toronto Area (GTA) condo market showed renewed signs of life in the fourth quarter of 2024, as affordability improved due to lower borrowing costs and softening prices. TRREB’s Q4 2024 report reflects strong year-over-year growth in sales volume, rising inventory, and steady buyer interest—especially from renters looking to enter the ownership market.
📈 Sales Surge Amid Lower Prices
Condo apartment sales in Q4 2024 totaled 4,307 units, a 25.5% increase from Q4 2023 (3,432 units). This growth is largely attributed to the improving affordability landscape, helped by the Bank of Canada's rate cuts in the latter half of the year.
💰 Average Price Dips Slightly
The average selling price across all TRREB areas dropped to $689,198, down 1.6% from the Q4 2023 average of $700,735. This price softness, combined with improved financing conditions, made homeownership more realistic for first-time buyers.
Notably, Toronto proper accounted for two-thirds of all condo sales, with an average price of $717,226, only slightly down from a year ago—suggesting demand remains strong in central, well-connected locations.
🏙️ Regional Breakdown – Q4 Average Condo Prices
🆕 Listings & Inventory Soar
There were 10,677 new listings in Q4 2024, up 9.3% from the 9,766 in Q4 2023.
The active listings inventory rose dramatically to 6,450 units, a 43% increase, giving buyers plenty of choice and negotiation power.
⏱️ Time on Market Increases
Condo apartments spent 37 days on market on average in Q4 2024 — up from 30 days a year ago. This 23.3% increase reflects a more cautious buyer base and a growing inventory pool.
🛏️ What Types of Condos Are Selling?
By Bedroom Type (GTA-wide share):
One-Bedroom: 33%
Two-Bedroom: 25%
One-Bedroom + Den: 19%
Bachelor: 14%
Two-Bedroom + Den: 7%
Three-Bedroom: 1%
This spread shows growing demand for functional space, especially as more renters transition to ownership.
💬 Market Insight
📉 Prices are gently declining
📈 Sales are rebounding
🏠 Buyers now have leverage
💸 Mortgage rates are easing
With interest rates expected to decline further into 2025, buyer demand—especially from renters—will likely increase. However, the abundance of inventory will keep price growth modest, making it a great time to enter the market.
Source: Toronto Regional Real Estate Board – Condo Market Report Q4 2024
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Sami Chowdhury
📧 samichy@torontobase.com
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