Winter 2024

According to the Royal LePage® House Price Survey released on October 10, 2024, the aggregate1 price of a home in the Greater Toronto Area (GTA) increased 0.7 per cent year over year to $1,155,800 in the third quarter of 2024. On a quarterly basis, however, the aggregate price of a home in the GTA decreased 2.9 per cent. 

Broken out by housing type, the median price of a single-family detached home increased 1.6 per cent year over year to $1,421,000 in the third quarter of 2024, while the median price of a condominium dipped 0.4 per cent to $722,200 during the same period. 

“Activity in the third quarter was muted overall. The slower-than-expected spring market gave way to a soft start to fall in Toronto and the GTA, although the tide began to turn in mid-September. While inventory levels continued to rise and the average days on market sat higher than usual, prices came down only slightly in parts of the region in Q3,” said Karen Yolevski, chief operating officer, Royal LePage Real Estate Services Ltd. “This indicates that while sellers have come off the sidelines faster than buyers, they're not desperate to sell.”

In the city of Toronto, the aggregate price of a home decreased 2.3 per cent year over year to $1,128,900 in the third quarter of 2024. During the same period, the median price of a single-family detached home declined 1.3 per cent year over year to $1,672,400, while the median price of a condominium decreased 3.2 per cent to $682,800.

“Trends in Toronto’s condo market have been marching to a different beat, compared to other property segments of late. A wave of new units has hit the market amid a near-record number of completions this year. And, with some investors offloading rental units that have become too expensive to carry, prices have softened. This could spell opportunity for first-time buyers, with borrowing rates on the decline and new 30-year amortization legislation set to come into effect that will ease the burden of monthly carrying costs,” noted Yolevski. 

“Looking ahead, as we move further into the fall market and lending rates continue to ease, sales activity and prices will start to edge upward modestly, and housing inventory will get consumed. I believe Toronto, along with most of the country, is set to see a brisk spring housing market in 2025.” 

Royal LePage is forecasting that the aggregate price of a home in the Greater Toronto Area will increase 6.0 per cent in the fourth quarter of 2024, compared to the same quarter last year. The previous forecast has been revised downward to reflect current market conditions.

1 Aggregate prices are calculated using a weighted average of the median values of all housing types collected. Data is provided by RPS Real Property Solutions and includes both resale and new build.

With fewer competing sellers, motivated buyers, and the chance to showcase your home’s resilience in the elements, winter offers unique perks for homeowners who are ready to make a move. Find out why embracing the “quiet season” could set you up for real estate success.

Fewer Sellers, More Opportunity

Winter means fewer homes on the market compared to other seasons, creating a less crowded playing field that lets your property stand out. During this time of year, serious buyers face minimal competition, which often leads to quicker, more decisive offers. It’s an ideal setup for sellers wanting a smooth, streamlined process. Think of winter as your chance to make your home the star attraction!

Motivated Buyers, Ready to Move

Winter buyers typically aren’t browsing just for fun — they have a reason to move. Whether it’s a job relocation, downsizing, or simply a new beginning for the new year, winter buyers are motivated and focused on making a purchase. Sellers, take note: this translates to serious purchasers who are more flexible in negotiations and more likely to commit to a timely sale. When motivation meets opportunity, it can mean a smoother transaction and a great outcome for you.

The Winter-Proof Test
Winter showings highlight a home’s strengths, like its heating efficiency, insulation, and comfort. Potential buyers can see first-hand how your home performs in cold weather, providing reassurance and adding value to their decision. Plus, a snow-covered yard can create a cozy, inviting charm, helping buyers envision it as “home” year-round.

Winter can be tough on the immune system, but with the right foods, you can stay warm, energized, and resilient against seasonal illness. Here are a few immune-boosting essentials to keep you feeling your best this winter. 

Load Up On Citrus Fruits
Packed with vitamin C, citrus fruits are as delicious as they are healthy. Try adding lemon to hot water or having fresh orange slices for a vitamin boost.

Spice Up Your Meals
Ginger, turmeric, and cinnamon have anti-inflammatory benefits that help the body fend off colds. Add them to teas, soups, or stews for flavour and health benefits.

Embrace Leafy Greens
Kale, spinach, and chard are full of vitamins A and C, making them a perfect winter staple. Sauté them as a side or add to soups for an easy nutritional boost.

Go For Whole Grains
Whole grains such as oats, barley, and quinoa are packed with fibre and provide long-lasting energy to keep you going through shorter days. A warm bowl of oatmeal or a grain-based soup can offer comfort and a dose of nutrition.

Include Fermented Foods
Yogurt and sauerkraut have probiotics that support gut health and keep your immune system strong and resilient.

With these nourishing foods, staying healthy this winter is simple and delicious. By incorporating these immune boosting ingredients into your meals, you can help keep your defenses up all season long.

Just because it’s winter doesn’t mean you have to spend the next few months hunkered down indoors! A few well-chosen upgrades can transform your patio into the perfect retreat, ready to welcome friends, family, or even just you and a hot cup of cocoa. Here are some of our favourite ways to make your outdoor space cozy, functional, and inviting all season long.

Add Warmth
Keep things toasty with a patio heater, fire pit, or outdoor fireplace. Arrange seating around your heat source to create a cozy focal point, and toss in a few weather-resistant blankets and pillows for extra comfort. The result? A space that invites you to curl up by the fire with a warm drink.

Weather-Proof Your Furniture
Opt for winter-ready outdoor furniture, such as metal or treated wood, paired with cushions that resist water and mildew. And when you’re not using the space, furniture covers offer extra protection, so your furniture stays fresh all season long. 

Light It Up
Good lighting is the key to transforming any space! Try string lights, lanterns, or LED candles to create a soft, magical glow. For an eco-friendly option that can withstand the winter chill, solar-powered lights are the perfect choice.

With these cozy touches, your outdoor area will become a functional space that lets you experience the beauty of the season. So go ahead — grab a blanket, make yourself a hot drink, and enjoy the best of winter, all from the comfort of your winter-ready living space!