10 Best Charts of 2024
Every year, we reflect on key trends that shaped the economy and real estate. Here’s my 2024 roundup with a spotlight on the Toronto Metro area.
1. Population Growth Declines
After rapid growth in 2023, Canada’s population growth slowed in 2024, driven by stricter policies for international students, a weaker economy, and a natural outflow of non-permanent residents. This trend is expected to continue into 2025.
1. Population Growth Declines
After rapid growth in 2023, Canada’s population growth slowed in 2024, driven by stricter policies for international students, a weaker economy, and a natural outflow of non-permanent residents. This trend is expected to continue into 2025.
2. Labour Market Weakness
Permanent unemployment in Ontario surged, reaching levels typically seen during recessions. Youth and recent immigrants were the most affected, highlighting structural challenges in the job market.
Permanent unemployment in Ontario surged, reaching levels typically seen during recessions. Youth and recent immigrants were the most affected, highlighting structural challenges in the job market.
3. Monetary Policy Easing
The Bank of Canada began lowering rates faster than usual, with two 0.5% cuts in 2024. This reflects global trends as central banks combat weakening economies.
The Bank of Canada began lowering rates faster than usual, with two 0.5% cuts in 2024. This reflects global trends as central banks combat weakening economies.
4. Yield Curve Un-Inversion
The yield curve, a reliable recession predictor, un-inverted in 2024 as long-term bond yields surpassed short-term ones. While this doesn’t guarantee a recession, it remains a crucial economic signal.
The yield curve, a reliable recession predictor, un-inverted in 2024 as long-term bond yields surpassed short-term ones. While this doesn’t guarantee a recession, it remains a crucial economic signal.
5. Toronto Real Estate Gains Appeal
When adjusted for inflation, Toronto real estate prices in USD returned to 2017 levels, making the market more attractive to foreign investors.
When adjusted for inflation, Toronto real estate prices in USD returned to 2017 levels, making the market more attractive to foreign investors.
6. Inventory Hits a High
Active inventory in Toronto, combining resale, rental, and new construction, reached its highest point since 2012. Rental and resale inventories rose, while unsold new construction remained stable.
Active inventory in Toronto, combining resale, rental, and new construction, reached its highest point since 2012. Rental and resale inventories rose, while unsold new construction remained stable.
7. New Condo Investor Challenges
Condo investors faced hurdles with declining rents, stagnant resale prices, and higher completions. Condos completed in 2024 had the weakest returns, and 2025 looks even riskier.
Condo investors faced hurdles with declining rents, stagnant resale prices, and higher completions. Condos completed in 2024 had the weakest returns, and 2025 looks even riskier.
8. Cooling Rental Market
Rents in the Toronto area fell below 2022 levels, with smaller units facing higher vacancies. This shift was driven by more completions, weaker labour markets, and slowing non-permanent resident growth.
Rents in the Toronto area fell below 2022 levels, with smaller units facing higher vacancies. This shift was driven by more completions, weaker labour markets, and slowing non-permanent resident growth.
9. Record-Low Condo Sales
New condo sales hit their lowest levels since 1996, with under 5,000 units pre-sold in the GTHA. This trend could hinder future housing supply, complicating municipalities’ plans.
New condo sales hit their lowest levels since 1996, with under 5,000 units pre-sold in the GTHA. This trend could hinder future housing supply, complicating municipalities’ plans.
10. Households Save More
Household savings reached their highest level since 1996 (excluding the pandemic). Buyers are accumulating on the sidelines, setting the stage for a potential market rebound in 2025.
Which of these trends caught your attention?
Household savings reached their highest level since 1996 (excluding the pandemic). Buyers are accumulating on the sidelines, setting the stage for a potential market rebound in 2025.
Which of these trends caught your attention?
Alexander Gasenko, Mortgage Broker
DLC Maple Mortgage Group, Lic #13415
DLC Maple Mortgage Group, Lic #13415
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