Peter Kusch

The year ended with 1,322 sales in December, a three per cent decline over last year but nearly 20 per cent higher than long-term trends. Overall sales in 2024 were just shy of last year’s levels. Over the past several years, population gains have supported sales activity that has outperformed long-term trends. In 2024, sales would likely have been higher if more supply choices existed, especially in the lower price ranges.

Detached

 The relatively tight market conditions throughout the year caused prices to rise by nearly eleven per cent in 2024, a faster pace than what was reported in 2023. Much of that growth occurred during spring when supply levels were exceptionally low. The strongest growth occurred in the most affordable districts of the North East and East. The average benchmark price of $749,000 was almost 11 per cent higher than $676,000 in 2023.

Semi-Detached

 Limited supply choice for lower-priced detached homes drove many purchasers toward the semi-detached sector. In 2024, there were 2,355 sales, with an annual gain of five per cent. The annual average benchmark price increased by nearly 11 per cent to $669,042 in 2024. Like detached homes, exceptionally tight conditions throughout the spring caused the pace of price growth to rise over the seven per cent annual gain reported in 2023.

Row

 In 2024, there were 4,647 row home sales, a gain of over two per cent compared to last year and the second-highest total on record. By the year's end, supply improvements helped take the pressure off home prices. However, the annual benchmark price rose by 14 per cent as conditions favoured the seller throughout the year. The benchmark price rose from $396,000 in 2023 to $452,000 in 2024.

Apartment

 The year 2023 was a record high for sales, and the 7,568 transactions this year reflect the second-highest year on record. At the same time, new listings have been on the rise, supporting inventory gains and a shift toward more balanced conditions by the end of the year. As more supply became available, we did see some price adjustments in the last quarter of the year. However, the quarterly decline did not offset the strong gains that occurred earlier in the year, and the annual benchmark price rose by 15 per cent. The benchmark price rose from $292,000 in 2023 to $336,000 in 2024.