TORONTO, Jan. 8, 2025 /CNW/ -- The Greater Toronto Area's (GTA) luxury housing market shifted into high gear in the final quarter of 2024, with sales over $3 million climbing more than 40 per cent ahead of year-ago levels for the same period. Just over 360 freehold and condominium properties sold in Q4 2024, up from the 259 sales reported in Q4 2023, according to an analysis by RE/MAX Canada. "The impact of the first and second 50-basis-point rate cuts by the Bank of Canada radiated throughout the GTA in the fourth quarter, jumpstarting demand for high-end properties both within the city and suburbs," says RE/MAX Canada President Christopher Alexander. "We've been expecting a surge in top-tier sales activity as the economic climate and corresponding pause in buying intentions prompted a build-up in pent-up demand. The fourth quarter did not disappoint."yes
Market trends