TORONTO — The Toronto Regional Real Estate Board says it is forecasting a 12.4 per cent increase in home sales for 2025, with 76,000 properties changing hands throughout the region as lower borrowing costs lead to improved affordability.
The board expects the average selling price to reach $1,147,000, up 2.6 per cent compared with last year, with stronger price growth for single-family homes.
TRREB chief market analyst Jason Mercer says he believes more homebuyers will move off the sidelines closer to the spring, but cautioned that the positive effect of lower mortgage rates "could be reduced, at least temporarily, by the negative impact of trade disruptions on the economy and consumer confidence."
Meanwhile, it says home sales fell 7.9 per cent in January compared with the first month of last year, with 3,847 transactions recorded.
The average selling price was $1,040,994, an increase of 1.5 per cent compared with January 2024, as the composite benchmark price, meant to represent the typical home, was up 0.44 per cent year-over-year.
There were 12,392 new listings in the Greater Toronto Area last month, up 48.6 per cent year-over-year.
This report by The Canadian Press was first published Feb. 5, 2025.
Sammy Hudes, The Canadian Press
