As we step into 2025, Toronto’s real estate market continues to evolve, presenting both challenges and opportunities for buyers and sellers alike. December 2024 closed the year with mixed signals, highlighting affordability hurdles, buyer’s market conditions, and hidden value in under-the-radar neighbourhoods like Eglinton West.
In this blog post, we’ll dive into key stats from December 2024, explore what they mean for the market ahead, and uncover why Eglinton West could be Toronto’s next hot spot.
Key Insights from December 2024
- Annual Sales Trends
Toronto home sales in 2024 rose by 2.6% compared to 2023, thanks to interest rate cuts late in the year. However, the average home price dipped slightly to $1,117,000, offering potential buying opportunities. - Buyer’s Market Signals
- Sales-to-New-Listings Ratio: 38.9% (well below the 50% balanced market threshold).
- Months of Inventory: 3.8 months, indicating ample supply and negotiating power for buyers.
- Property Types
- Detached Homes: Stable prices at $1.6M (416 average).
- Condos: Up 2%, reflecting demand for larger units suitable for families.
- Townhouses: Down 18%, likely due to shifting demand dynamics.
Under-the-Radar Neighborhoods to Watch in 2025
Eglinton West
Dubbed “Toronto’s Brooklyn,” Eglinton West offers hidden gems with incredible value. From Oakwood Village’s trendy vibe to Keelesdale’s affordability under $800K, this area is poised for growth with the upcoming Eglinton Crosstown LRT.
- Oakwood Village: Average price $1.18M.
- Fairbank: Green spaces, detached homes, and topography reminiscent of San Francisco. Average price $1.06M.
- Keelesdale: Affordable homes under $800K and rapid development around LRT stations.
Why Eglinton West Stands Out
With new developments like Beltline Yards and boutique condos by Blue Lion, Eglinton West is attracting young professionals and families looking for value and lifestyle. Expect this area to see significant growth once transit improvements are completed.
What to Expect in 2025
While predicting Toronto’s real estate market is no easy task, key indicators suggest the market will remain favorable for buyers in early 2025. However, uncertainty around interest rates, political leadership, and macroeconomic factors could influence trends throughout the year.
For those seeking opportunities, Eglinton West and its surrounding neighborhoods stand out as prime areas to watch. Whether you’re a first-time buyer or looking for an investment, the hidden gems along Eglinton West could be your next big move.
Watch the Full Podcast Episode
Want a deeper dive into December’s stats and predictions for 2025? Watch the full episode of the Under the Radar Real Estate Podcast on YouTube. We break down the numbers, trends, and the neighbourhoods you should keep on your radar.
