HARVEY KALLES REAL ESTATE LTD. BROKERAGE

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2024 Market Outlook & Year in Review

2024 Market Outlook: What's Trending Next

The direction of mortgage rates is key to where the housing market is headed in the Greater Toronto Area (GTA).

TRREB is forecasting that:

  • Home sales will reach the 77,000 mark in 2024, marking a substantial improvement compared to the less than 66,000 transactions in 2023.
  • The projected average selling price will move closer to $1.17 million this year.  This would be the second highest mark on record but still  below the 2022 peak.

 

2023 Year in Review: A Look Back

Sales, prices, and new listings results in 2023 showed decreases when compared to 2022:

  • Home sales dropped 12.1% from 75,047.  
  • New listings in 2023 were down 8.6% to 142,233.
  • The average price of $1,126,604 for all home types decreased 5.4% from $1,190,749.
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Click for the full report.

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