Toronto vs. everybody: A growing housing market divide

Toronto's housing market is showing a notable divide compared to other major Canadian cities. According to a recent report, Toronto stands as the only buyers' market among 23 major cities analyzed. In December, the city's sales-to-new listings ratio dropped to 38.6%, indicating a surplus of available homes compared to the number of buyers.

A significant factor contributing to this trend is the influx of condominiums into Toronto's resale market. The increase in condo listings has provided buyers with more options, leading to a more balanced market. This contrasts with other cities where housing supply remains tighter.

In 2024, the Greater Toronto Area (GTA) experienced a 2% decrease in the median sales price, bringing it down to $965,000. The total number of sales remained steady at 62,651. Homes also took longer to sell, with the average days on market increasing to 24 days, up by five days from the previous year.

Despite these shifts, Toronto continues to lead in housing costs. As of 2024, the average price for a one-bedroom rental was $2,374, and the average home price stood at $1,061,700. These figures highlight the city's ongoing affordability challenges, especially when compared to national trends.

Looking ahead, experts predict that average condo prices in Toronto could reach $1 million within the next decade. Between 2019 and 2024, the city's average condo price rose from $504,758 to $671,980, marking a 33% increase. This upward trajectory underscores the city's escalating housing costs.

In summary, while many Canadian cities are experiencing tight housing markets, Toronto presents a unique case with its current buyers' market status. The city's abundant condo listings and high property prices contribute to this distinct position within the national housing landscape.