The GTA housing market in 2024 can be described as chilly and slow, and house sales in the Greater Toronto area remain low. Throughout the year, buyers have fully demonstrated their "obvious price negotiation advantage." The Toronto Regional Real Estate Board (TRREB) said that a total of 3,359 properties were sold in the GTA in December, down 1.8% from 3,419 in December 2023. The average selling price fell by 1.6% year-on-year, which can be said to be a year of neither progress nor significant regression.

TRREB pointed out that the sales volume in 2024 did not increase much, only 2.6% to 67,610 units, but the number of newly listed properties increased by 16.4% to 166,121 units, so the sales rate dropped significantly. This situation not only effectively suppressed the growth of house prices without an obvious increase in buyers, but also fell by less than 1% compared with 2023.

The high-interest rate channel opened in 2023 caused "great unaffordability" for property owners in 2024, causing housing sales to be far below normal levels, but the market also recovered accordingly due to the interest rate cut channel in the second half of 2024.

From the overall GTA market performance in 2024, different housing types also performed significantly differently. The demand for detached and semi-detached houses is relatively more stable, and buyers are more inclined to hold land-based residences. Townhouses also performed well, with sales increasing by 5.8% year-on-year in 2024 compared with 2023. In contrast, Toronto's condo market performed more difficultly. With the handover of many high-priced pre-construction condos, pre-construction buyers had a serious demand for transfer, and sales fell by 4.7%. However, in the 905 area, condo sales increased by 17.2% year-on-year, which is much better than the situation in Toronto.

With the further reduction of interest rates, a series of policies that are beneficial to the housing market have been introduced, including exemption of refinancing from stress testing, extension of loan amortization period from 25 years to 30 years, and increase of the guaranteed mortgage loan limit to 1.5 million etc., and housing affordability has been improved. In addition, as far as the long-term housing market in most areas is concerned, the supply problem has not yet been resolved, and the housing market should gradually heat up in 2025.