January 2025 UPDATE: THE GTA & DURHAM REGION REAL ESTATE MARKET

JANUARY 2025 UPDATE: THE GTA & DURHAM REGION REAL ESTATE MARKET

Welcome to our first market update of 2025! As we step into the new year, the Greater Toronto Area (GTA) and Durham Region are seeing shifts driven by increasing inventory, moderate price adjustments, and growing buyer activity. Let’s dive into the highlights from January 2025.

GTA Market Insights

The Toronto Regional Real Estate Board (TRREB) reports that 3,847 home sales took place in January 2025, marking a 7.9% decline from the same period last year. However, new listings surged by 48.6% year-over-year, providing more options for buyers. The average selling price for all home types in the GTA was $1,040,994, up 1.5% from January 2024.

Looking ahead, TRREB forecasts a 12.4% increase in sales over the course of 2025, with home prices expected to rise modestly by 2.6%—a trend that will likely favor single-family homes over condos.

Durham Region Market Highlights

Durham Region kicked off the year with a strong increase in new listings and a slight price adjustment from December. While sales rebounded after the holiday season, the increase in available inventory signals a more balanced market.

Key Metrics

• Average Sale Price: $896,611
• Days on Market: 30 (unchanged from December)
• Sales: 489 (up 21.04% from December)
• New Listings: 1,213 (up 149.59% from December)

Area Breakdown

Oshawa:

• Average Sale Price: $779,868
• Sales: 158
• New Listings: 364

Whitby:

• Average Sale Price: $1,025,963
• Sales: 88
• New Listings: 201

Ajax:

• Average Sale Price: $915,035
• Sales: 68
• New Listings: 155

Pickering:

• Average Sale Price: $950,327
• Sales: 80
• New Listings: 198

Clarington:

• Average Sale Price: $852,765
• Sales: 62
• New Listings: 186

What’s Driving the Market?

• Increased Inventory: January saw a major spike in new listings across Durham Region, providing buyers with more choices.
• Stable Days on Market: Homes continued to sell in about 30 days on average, showing steady demand.
• Price Adjustments: While prices declined slightly in some areas, overall values remain strong heading into spring.
• Lower Borrowing Costs on the Horizon: With interest rate cuts expected in 2025, buyer confidence is likely to grow.

Looking Ahead to 2025

• For Buyers: More inventory means greater selection, and potential rate cuts could make homeownership more affordable.
• For Sellers: With sales activity picking up, well-prepared homes are still selling at strong prices.

Conclusion

As we begin 2025, Durham Region’s real estate market is showing positive momentum with an influx of listings and steady buyer activity. We’ll continue monitoring these trends to help you navigate the evolving market. Stay tuned for next month’s update!

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