TRREB’s Chief Market Analyst, Jason Mercer, sat down to provide valuable insights into the Greater Toronto Area (GTA) housing market outlook for the year 2024. Mercer wasted no time in sharing the three key takeaways that will shape the real estate landscape in the upcoming months.


Takeaway #1

Record-Breaking Home Sales GTA home sales are expected to reach 77,000 in 2024.”representing a significant improvement compared to the previous year.


Takeaway #2

New Listings and Market Dynamics New listings will hover at the 150,000 mark in 2024, showcasing a historical low. However, this is a positive shift from 2023 as homeowners react to the improving market conditions.” Despite this improvement, Mercer highlights the challenge of achieving balanced market conditions as demand continues to rise over the next two years.


Takeaway #3

Expect a Price Surge “Tighter market conditions will see the average selling price move closer to $1.2 million this year, marking the second-highest point on record. However, it’s important to note that this is still below the peak witnessed in 2022.”


The promising surge in home sales, coupled with strategic insights into new listings and average selling prices, paints a comprehensive picture of what lies ahead.

For those eager to delve deeper into the trends shaping the GTA real estate landscape, TRREB’s Digital Digest promises a wealth of invaluable information and a glimpse into the future of housing in the Greater Toronto Area.


Want to ‘Geek out’? Read the full 2024 Market Outlook and Year in Review.