The Greater Toronto Area is expected to generate 77,000 homes sales during 2024, according to a new forecast from the Toronto Regional Real Estate Board (TRREB).
The average selling price for all home types in the GTA market will reach $1.17 million this year, the TRREB predicted, which would be the second highest mark on record but still below the early 2022 peak. However, the forecast also warned there will be lower numbers for both buyers and homeowners likely to list their properties for sale.
“We need to rapidly increase our supply and assist first-time home buyers with relief on the significant upfront land transfer tax. Prioritizing “missing middle” housing will provide more diverse and affordable housing options – something we have long called for. All levels of government need to work together and ensure the right incentives are in place for developers to build more housing across the spectrum,” said TRREB CEO John DiMichele.