Harimax Realty Point

GTA Home Sales and Average Price Expected to Increase Moderately in 2025

TRREB Unveils Highly Anticipated Market Outlook and Year in Review Report

The Toronto Regional Real Estate Board’s (TRREB) Market Outlook and Year in Review report reveals that a well-supplied housing market will keep average annual home price growth at the rate inflation, with the average selling price increasing moderately in the Greater Toronto Area (GTA) over the course of the year.

This year’s sought-after report and interactive digital digest includes new Ipsos consumer polling results, homebuying and selling intentions, and TRREB’s outlook on home sales and average price.

“A growing number of homebuyers will take advantage of lower borrowing costs as we move toward the 2025 spring market, resulting in increased transactions and a moderate uptick in average selling prices in 2025. However, the positive impact of lower mortgage rates could be reduced, at least temporarily, by the negative impact of trade disruptions on the economy and consumer confidence,” said TRREB Chief Market Analyst Jason Mercer.

The 2025 Outlook

For 2025, TRREB forecasts:

A total of 76,000 home sales in 2025, up by 12.4 per cent over 2024. Lower borrowing costs coupled with ample supply will improve affordability and prompt more buyers to move off the sidelines.
The average selling price to reach $1,147,000, up by 2.6 per cent over 2024, for all home types combined. Price growth will be stronger for single-family homes, as compared to the well-supplied condo apartment market.

The Ipsos polling results on buying and selling intentions show:

28 per cent of survey respondents said they are likely to buy a home in 2025. Nine per cent of these respondents are very likely to purchase a home this year. These results matched intentions for 2024.
First-time buyers accounted for 42 per cent of intending homebuyers.
On average, homeowners rented for 8.5 years before purchasing their first home. However, 25 per cent of homeowners said they rented for two years or less before buying.
Intended down payments remain substantial, at an average of 28 per cent of the purchase price.
37 per cent of survey respondents said they are likely to sell a home in 2025, with 14 per cent very likely to sell. This result was in line with 2024 polling.
The great majority of poll respondents said that high taxes are making homeownership less affordable and if taxes continue to increase many will have to adjust their home buying intentions.

“As we look to the future, prioritizing housing diversity and supply remains paramount. Encouraging the development of missing-middle housing—such as townhomes, duplexes, and low-rise multi-unit buildings—is critical to delivering a range of attainable options for individuals and families. Purpose-built rentals also play a vital role in ensuring everyone has access to a place they can call home,” said TRREB President Elechia Barry-Sproule.

The report also unveils new research on traffic congestion and its staggering societal and economic impact on GTA residents. In addition, solutions to reduce the Landlord and Tenant Board backlog are presented alongside policy recommendations aimed at addressing issues within Ontario’s tax, development charge and municipal funding frameworks.

“At TRREB, we believe the solution starts with collaboration. Traffic congestion and affordability are interconnected challenges that require integrated approaches. The current system of high development charges, taxes, and administrative hurdles only exacerbates the issues. This stalls progress on building the housing supply we need to support our growing communities,” said TRREB CEO John DiMichele.

The 2025 Market Outlook and Year in Review report covers all aspects of the GTA real estate market including trends for new homes and condos and a look at the commercial market.
TRREB REPORT

https://www.youtube.com/watch?v=Z83V7Owpciw&t=34s
Interested? Call now: 416 569 0444

TRREB: GTA Home Sales Up Substantially in November
TORONTO, ONTARIO, December 4, 2024 – Greater Toronto Area (GTA) home sales increased
strongly on a year-over-year basis in November 2024. Many buyers benefitted from more
affordable market conditions brought about by lower borrowing costs. New listings were also up
compared to November 2023, but by a much lesser annual rate. This meant that market
conditions tightened, resulting in overall average price growth compared to last year.
“As we approach the end of 2024, I am pleased to report an improvement in housing market
conditions. Many home buyers patiently waited on the sidelines for reduced inflation and lower
borrowing costs. With selling prices remaining well off their historic peak and monthly mortgage
payments trending lower, the stage is set for an accelerating market recovery in 2025,” said
Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.

For more information, please contact:

Dr. Rajesh K Bhatia,
Broker of Record,
Harimax Realty Point
Canada : +1- 416-569-0444
US : +1-917-720-5124

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TRREB: Sales and Average Selling Price Increases in October
TORONTO, ONTARIO, November 6, 2024 – Greater Toronto Area (GTA) home sales increased strongly year-over-year in October 2024. Over the same period, new listings were up, but by a
lesser annual rate. The result was tighter market conditions compared to October 2023. The average selling price was up slightly on an annual basis.
“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in
October. The positive affordability picture brought about by lower borrowing costs and relatively flat home prices, prompted this improvement in market activity,” said Toronto Regional Real
Estate Board (TRREB) President Jennifer Pearce.
GTA REALTORS® reported 6,658 home sales through TRREB’s MLS® System in October 2024 – up by 44.4 per cent compared to 4,611 sales reported in October 2023. New listings entered into the MLS® System amounted to 15,328 – up by 4.3 per cent year-over-year.
On a seasonally adjusted basis, October sales increased month-over-month compared to September.
The MLS® Home Price Index Composite benchmark was down by 3.3 per cent year-over year in October 2024. The average selling price was up by 1.1 per cent compared to October 2023 to
$1,135,215. On a seasonally adjusted basis, the average selling price edged up compared to September.
“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for home buyers. This choice will keep home price growth moderate over the next few months.
However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025,” said TRREB Chief Market Analyst Jason Mercer.
“Policymakers can further improve affordability by reducing taxes on home buyers.
TRREB supports the Conservative Party of Canada pledge to remove the GST from the purchase of new homes sold for under $1 million as this is an encouraging step towards giving new home
buyers desperately needed relief. Enhancing the rebate will not only make homes more affordable, but it will also increase the number of homes built,” said TRREB CEO John DiMichele.
“Given that the average price of a home in less affordable markets such as the GTA and Vancouver is over $1 million, phasing out the rebate between $1 million and $1.5 million, rather than a hard cutoff at $1 million, would address this shortcoming.

Dr. Rajesh K Bhatia,
Broker of Record,
HARIMAX REALTY POINT
PH: 416-569-0444

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