Ontario’s real estate landscape in 2024 was shaped by diverging fortunes—where investors found new opportunities, many recent buyers faced mounting losses, and first-time homeowners continued to struggle with high prices and limited options. Teranet’s latest Market Insight Report, based on provincial land registry data, offers a detailed look at the dynamics playing out across the province.
In Toronto, condominiums dominated the sales landscape, accounting for more than 65% of property transfers. This dominance came despite a lackluster resale market, with much of the activity driven by a flood of 15,000 newly completed condo units—a 78% increase from the previous year. The boom in new construction added inventory but also subdued the resale segment, leaving many units sitting longer on the market.
Multi-property owners (MPOs) remained the most active buyer group in Ontario. However, the majority of MPOs held only two to three properties, suggesting a shift toward more moderate investment strategies. The most aggressive investors—those with 11 or more properties—shrank from 13% of the MPO segment in 2022 to just 7% by the end of 2024. Toronto saw a sharp uptick in MPO transactions, while investor activity declined in regions like York, Waterloo, and Wentworth.
A notable shift in 2024 was the rise of single-party MPOs—individual investors making up 20% of all multi-property purchases. Nearly one-third of these buyers paid in full with cash, underscoring the growing divide between cash-rich investors and first-time buyers. Millennials and Gen X buyers led this wave, with their investments concentrated in Toronto, York, and Peel.
Meanwhile, signs of financial strain emerged across Ontario. Power of sale activity increased, with regions like Peel and Middlesex showing a disproportionate share of distressed sales relative to their total transaction volume. This growing financial pressure was especially visible among homeowners who bought at the 2022 peak: roughly 25% of those who purchased homes under $1 million and sold by 2024 suffered losses. The average loss province-wide was $45,000, rising to $56,000 in the GTA and a staggering $240,000 in Muskoka.
Affordability continued to push first-time buyers into a narrower corner. The median age of first-time homebuyers in Ontario climbed to 40, and the average price for a non-condo home in Toronto reached $1.3 million—more than double what it was a decade ago. This has made condos the go-to choice for many, despite limitations in space or future appreciation.
Finally, long-term property holding has become the norm, particularly in Toronto, where the average holding period for non-condo homes is now nearly 18 years. Many homeowners are choosing to renovate instead of upgrade, constrained by affordability and limited options in their desired neighborhoods.
Ontario’s 2024 housing data paints a clear picture: the market is increasingly defined by polarization—between those who can invest confidently and those struggling to find a foothold. As interest rates, economic policies, and investor behavior evolve in 2025, this gap may either close—or widen even further.
