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Toronto's real estate market faced significant challenges in 2024, as developers and sellers scrambled due to a sharp decline in sales, while buyers hesitated amid economic uncertainty. Condo sales, in particular, hit historic lows, and the number of homes on the market surged, revealing that the region's housing issues stemmed more from affordability than a supply shortage.

Several neighborhoods experienced a shift toward buyer's markets, offering more room for negotiation as sellers faced pressure to sell at a loss. In terms of affordability, the most budget-friendly areas based on median sale prices included The Elms in Etobicoke, Queen Street Corridor in Brampton, and Flemingdon Park and Thorncliffe Park in Toronto. As the year ended, lower interest rates sparked a slight uptick in activity, and realtors are hopeful for an increase in sales and price growth in 2025.

Read the full article on: blogTO