Toronto’s housing market started to pick up in the latter half of last year, as lower mortgage rates made it easier for homebuyers to make a purchase. Annual 2024 home sales were 2.6 per cent higher than 2023 when the Bank of Canada was still raising interest rates to cool runaway inflation. The housing market did benefit from substantial Bank of Canada rate cuts in the second half of the year. Sales steadily increased in the fall, and competition heated up for some single-family homes. Many prospective first-time buyers remained on the sidelines last year, anticipating more interest rate relief this year. The lack of first-time buyers impacted demand for condos, which are relatively cheaper than single-family homes. Home prices have remained fairly steady even though there has been a greater number of listings in the market. Buyers benefitted from substantial negotiating power on price, especially in the condo market.