Toronto Regional Real Estate Board 2024 Market Outlook
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