Greater Toronto home sales dip in December

Greater Toronto home sales slightly decreased in December, with 3,359 homes sold, down 1.8% from the previous year. The average selling price fell 1.6% to $1,067,186, while new listings rose 20.2% to 4,681. In Toronto, sales dropped 6.7%, but increased by 1.1% in the rest of the GTA. The market is expected to transition in 2024, with high interest rates affecting affordability. The average selling price for all home types in 2024 was $1,117,600, a decline of less than 1% from 2023, with tighter conditions for single-family homes.