January 2025 Stats
The latest Toronto Regional Real Estate Board’s Market Outlook and Year in Review report indicates that a strong housing supply is expected to keep home price growth in line with inflation. As a result, home prices in the Greater Toronto Area (GTA) are projected to see moderate increases over the year.
The average home price is currently $1,040,994, reflecting a 2.4% decrease from December. This price is now approximately $5,000 below its February 2021 level, a time when values were still rising toward the market peak of $1,334,544 in February 2022.
Interestingly, this price point has been seen twice before in recent years, both times in January 2023 and January 2024. On each previous occasion, values rebounded in the following months, suggesting this level could act as a potential floor for the market. However, if this support line fails to hold, price volatility is likely to follow.
While home values remain near multi-year lows, sellers have not been deterred. Newly active listings reached 12,392, bringing the total active inventory to 17,157 by the end of the month. This represents a 92 per cent increase compared to the 10-year historical monthly average of 8,916.
On a positive note, home sales rose 14.5 per cent month-over-month to 3,847 transactions. However, on a yearly basis, sales remain 8 per cent lower and are down over 17 per cent compared to the 10-year monthly average.$1,040,994, was up by 1.5 per cent compared to January 2024.
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