DECEMBER 2024 UPDATE: THE GTA & DURHAM REGION REAL ESTATE MARKET

Welcome to our final market update of 2024! As the year wrapped up, both the Greater Toronto Area (GTA) and Durham Region showed clear signs of stabilization in the housing market, with some segments performing stronger than others. Let’s dive into the highlights from December 2024.

GTA Market Insights

(Overview of the GTA stats you provided, focusing on key trends like annual sales increases, buyer negotiating power, and average selling prices.)

Durham Region Market Highlights

Durham Region ended the year on a strong note, with average sale prices increasing month-over-month, despite a sharp drop in sales and new listings compared to November.

Key Metrics

• Average Sale Price: $930,207
• Days on Market: 30 (up from 24 in November)
• Sales: 404 
• New Listings: 486 

Area Breakdown

Oshawa:

• Average Sale Price: $769,082
• Sales: 122 
• New Listings: 181 

Whitby:

• Average Sale Price: $1,107,785 
• Sales: 84 
• New Listings: 81

Ajax:

• Average Sale Price: $915,709
• Sales: 53 
• New Listings: 65 

Pickering:

• Average Sale Price: $984,991 
• Sales: 68
• New Listings: 81

Clarington:

• Average Sale Price: $889,461
• Sales: 42 
• New Listings: 52 

What’s Driving the Market?

1. Low Inventory: December saw a significant drop in new listings, tightening the market.
2. Borrowing Costs: Continued affordability challenges shaped buyer behavior.
3. Price Stability: Ground-oriented homes held their value, while some areas, like Whitby, saw substantial price growth.

Looking Ahead to 2025

• For Buyers: The market remains favorable, with rates expected to decline further in 2025.
• For Sellers: Tight inventory offers strong selling opportunities for well-prepared properties.

Conclusion

As 2024 closes, Durham Region remains a competitive market, balancing affordability and opportunity. Stay tuned for next year’s updates as we track the ongoing recovery and evolution of the market.

Stats provided by TRREB & Independent Reporting Company RE Stats Inc. Information is deemed reliable but not guaranteed and may vary by 2.5%.