While February usually marks the start of a seasonal uptrend in sales, the combination of heightened economic uncertainty emanating from a brewing trade war with the U.S. and severe winter storms pushed activity down to one if its lowest levels of the past three decades. However, with sellers also backing off last month, prices held fairly steady with only a mild decrease from a year ago.

The GTA housing market experienced a quiet end to December, showing a 2% decline in sales compared to last year, totaling 3,359 transactions. However, Q4 sales surged by 30% year-over-year, indicating a positive trend for 2025. With new mortgage rules and anticipated interest rate cuts, buyers are taking a more cautious approach in a well-supplied market. New listings surged 20%, leading to the highest year-end inventory since 2008. While average prices dipped slightly, Q4's average of $1,109,900 marked a three-year high, though still below the 2021 peak. Overall, the market is shifting towards better balance as we enter 2025.