Central Toronto Real Estate Market Trends: December 2024 vs. December 2023

The Central Toronto real estate market showcased solid growth in December 2024, with several key metrics pointing to an overall positive trajectory compared to the same period in 2023. While the total number of homes sold remained steady year-over-year, key indicators like price growth, faster sales, and stronger seller leverage revealed the market's underlying strength.

Traditionally, December is a slower month due to seasonal trends, and this year was no exception. The data reflects a limited number of transactions, which may introduce some skew. However, as a year-over-year comparison, the insights remain valuable and could provide an early indication of trends to watch for in 2025.

Rising Home Prices Across Communities

Most Central Toronto neighborhoods experienced increased sold prices in December 2024, driven by heightened demand for high-quality properties. Prestigious communities like Forest Hill South, Leaside, and Forest Hill North led the way with significant price growth, particularly in single-family homes and condos.

This upward trend highlights growing competition among buyers in Toronto's most desirable areas. For instance:

• Forest Hill South and Leaside saw impressive appreciation in detached homes.

Faster Sales Indicating Stronger Buyer Activity

Another key trend in December 2024 was faster sales, as the average Days on Market (DOM) decreased significantly across nearly all communities. Buyers appeared more decisive, reflecting heightened confidence in the market. Notable improvements in DOM were observed in:

• Forest Hill South, where detached homes and condos sold in record time.

• Yonge-St. Clair, where faster sales highlighted increased market activity.

Shorter Days on the Market demonstrates a competitive market, where buyers are moving quickly to secure properties in high-demand areas.

Improved Seller Leverage

Sellers enjoyed a stronger position in December 2024, with higher Ask-to-Sell ratios seen across most market segments. This trend indicates reduced price negotiations, as buyers increasingly met or exceeded asking prices to secure their desired homes. Key areas of seller strength included:

• Detached and semi-detached homes in Yonge-Eglinton.

• Properties in Leaside, which consistently achieved top-tier Ask-to-Sell ratios.

These trends suggest that sellers in Central Toronto are benefiting from a competitive environment, with properties achieving excellent returns.

Key Takeaways

The Central Toronto real estate market closed out 2024 on a high note, with these standout trends:

• Higher sold prices across the majority of neighborhoods, reflecting increased market demand.

• Faster sales, with reduced DOM pointing to stronger buyer confidence and quicker decision-making.

• Improved seller leverage, as properties sold closer to or above asking prices.

This dynamic and competitive market demonstrates the strength of Central Toronto real estate heading into 2025.

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Stay tuned for more updates and insights on the Toronto real estate market.