The GTA condo market in Q4 2024 saw a surge in sales, a slight dip in prices, and a record-high influx of new listings, creating a dynamic landscape for both buyers and investors. Key Insights:

Sales Growth: Condo sales increased by 25.5% year-over-year, reaching 4,307 transactions in Q4 2024. This growth signals improved affordability and market activity.
Price Decline: The average selling price dropped by 1.6% to $689,198 across the GTA. In Toronto, which accounted for two-thirds of sales, the average price was $717,226 (a slight decline from Q4 2023).
Increased Listings: The number of active condo listings surged by 43%, reaching 6,450 by year-end, giving buyers more choices and negotiating power. Two-bedroom condominiums accounted for the highest share of overall sales, representing 33% of total transactions. One-bedroom plus den units ranked second, comprising approximately 25% of total sales.

Market preferences varied by location. In the Downtown Core, buyers exhibited a stronger preference for one-bedroom plus den and one-bedroom units, reflecting demand from young professionals and investors. In North York, particularly near North York Centre, demand was driven by families seeking larger living spaces, favoring two-bedroom and larger units. Meanwhile, in Mississauga City Centre, buyers prioritized even more spacious layouts, with the highest sales recorded in two-bedroom plus den and two-bedroom units, suggesting a demand for more functional living space. ​In 2024, the Greater Toronto Area (GTA) experienced a record high of 29,800 new condominium completions, a 24% increase from 2023’s 24,117 units. This surge in supply intensified market competition, leading to a 4.2% decrease in average rents compared to the previous year.​

Rental Price Changes by Unit Type:

Bachelor Units: Average rent decreased by 9%, now at $1,940.​
1-Bedroom Units: Average rent is $2,424.​
2-Bedroom Units: Average rent is $3,154.​
3-Bedroom Units: Average rent increased by 2.7%, now at $4,011.​
The significant drop in bachelor unit rents is attributed to high supply and low demand for this unit type. Conversely, 3-bedroom units saw a modest rent increase, indicating sustained demand for larger living spaces.

The GTA condo market in Q4 2024 demonstrated a dynamic shift, with rising sales, declining prices, and an influx of new listings shaping buyer and renter behavior. Increased affordability and greater selection contributed to a more competitive landscape, particularly as record-high completions added to supply pressures. While price declines may have benefited buyers, landlords faced downward pressure on rents, particularly in smaller unit categories.

Looking ahead, the market’s trajectory will depend on interest rate trends, economic conditions, and demand fundamentals.

Source: Toronto Regional Real Estate Board’s Q4 2024 Condo Market Report, Condo Market Report – TRREB