January has come and gone, and we’re already more than halfway through Winter—time really flies! The Toronto Regional Real Estate Board (TRREB) recently released its Year in Review, offering insights into what we can expect from the housing market in 2025.
TRREB forecasts a solid 2025 with a 12.4% increase in home sales over 2024, reaching a total of 76,000. With lower borrowing costs and ample housing supply, affordability is improving, encouraging more buyers to enter the market. The average selling price is expected to rise modestly by 2.6% to $1,147,000, with single-family homes seeing stronger price growth compared to the condo market.
In January, 3,847 homes sold—down 7.9% from the previous year, though there was a slight month-over-month increase from December 2024. The average selling price was $1,040,994, a 1.5% increase compared to January 2024.
With nearly 4.5 months of inventory available, the market is approaching a buyer’s market, offering more choices for buyers and potentially putting pressure on sellers to adjust their prices.
The condo market softened in January, with sales down 13% and prices dropping slightly by 1.7%. This trend is expected to continue through 2025 as a record number of newly completed units hit the GTA.
As always, I’m here to help with any real estate questions. Let’s connect soon!