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Ontario's housing market in 2024 experienced significant shifts in buyer behavior and market dynamics. Multi-property owners (MPOs), who previously dominated the market, have reduced their activity, especially those with large portfolios. The proportion of MPOs owning 11 or more properties decreased from 13% in April 2022 to 7.2% in 2024, indicating a strategic downsizing amid changing market conditions. Despite this, well-funded investors remain active, with 30% of MPO purchases in Toronto made without a mortgage, suggesting confidence in the market's long-term prospects.

First-time homebuyers faced increasing challenges in 2024, with the average age rising to 40 years, up from 36 in 2014. This delay is attributed to escalating home prices and economic uncertainties. The average price for first-time buyers in Toronto surged from under $500,000 in 2011 to $1.3 million in 2024, making homeownership less attainable for younger demographics.

The market also saw a significant number of properties sold at a loss, particularly those purchased during the peak years of 2022 and 2023. Approximately 25% of such properties sold in 2024 fetched lower prices than their purchase value. The median loss across Ontario was about $45,000, with the Greater Toronto Area experiencing a median loss of $56,000, and Muskoka facing even steeper declines, averaging $240,000.

Read the full article on: REAL ESTATE MAGAZINE