GTA condo buyers gain leverage as inventory outpaces sales

Homebuyers in the Greater Toronto Area (GTA) are gaining negotiating power as new listings surged in 2024, outpacing sales and increasing inventory. This trend is expected to continue into 2025, benefiting first-time buyers due to declining borrowing costs. TRREB reported a 2.6% rise in home sales and a 16.4% increase in new listings, while the average selling price slightly decreased. Despite rising condo inventory, single-family homes remain in high demand. Continued focus on housing development is essential to meet future population growth in the GTA.