The Greater Toronto Area (GTA) housing market saw a 2.6% increase in home sales in 2024, totaling approximately 67,610, alongside a 16.4% rise in new listings to 166,121. This surge provided buyers with more negotiating power, especially in the condominium sector. However, high borrowing costs and elevated interest rates posed affordability challenges. Substantial rate cuts by the Bank of Canada in late 2024 may lead to improved market conditions in 2025, with predictions of stabilization and potential growth if trends continue.
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