The Toronto Regional Real Estate Board (TRREB) is forecasting what’s next in the Greater Toronto Area (GTA) real estate market with the sought-after 2024 Market Outlook and 2023 Year in Review.

The report unveils new Ipsos consumer polling results, including 2024 home buying and selling intentions, and TRREB’s outlook on home sales, new listings, average price, plus underlying drivers, including interest rates, population growth and the labour market.

The report also provides an in-depth 2023 year in review with some terrific market statistics.

2024 Market Outlook Highlights

·       There will be a total of 77,000 sales in 2024.

·       The average selling price will reach $1,170,000 for all home types combined. This would be the second highest mark on record but still below the early 2022 peak.

·       New listings will hover around the 150,000 mark in 2024, an improvement over 2023.

·       Lower interest rates in 2024 will prompt would-be-homebuyers to return to the market and reduce the possibility of payment shock and default for those households renewing their mortgage.

·       Immigration will drive sales and price.

·       Supply will remain a substantial problem.

·       Ipsos reports that overall buying intentions remained the same when compared to last year, with 28 per cent of respondents indicating that they will consider purchasing a home in 2024. However, the share of respondents who said they were very likely to purchase edged lower, highlighting the fact that there remains some uncertainty amongst would-be home buyers at the beginning of 2024.

·       The number of homeowners likely (very likely or somewhat likely) to list their home for sale in 2024 declined two percentage points compared to 2023 to 37 per cent. This shows that the persistent lack of listing inventory continues to be an issue, just as demand is starting to pick up.

The 2024 Market Outlook and 2023 Year in Review Report also takes an in-depth look at the impact of the housing crisis on the mental and physical health of residents, and the need for more housing supply in response to record population growth driven by immigration. 

The report covers all aspects of the GTA real estate market with new trends for new homes and condos and an in-depth look at the commercial market.

Read TREBB's full interactive digital report HERE. 

What's next?

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