Whos Buying, Whos Selling, and Whos Losing? What Ontarios 2024 Housing Data Really Tells Us

If you’re even thinking about buying or selling real estate in Ontario this year — or if you’re just trying to make sense of all the headlines — the 2024 housing data is a must-read.

Because the truth is, Ontario’s market is shifting, fast. The days of red-hot bidding wars, low interest rates, and double-digit appreciation are behind us. What we’re seeing instead is a much more complex — and frankly, more sobering — picture.

From first-time buyers being priced out later in life to investors pulling back, from solo buyers with all-cash offers to homeowners losing money just two years after buying… this year’s real estate landscape reveals who’s winning, who’s struggling, and where we go from here.

Toronto Condos Are Leading the Market — But Only the New Ones

One of the most striking trends of 2024? Condos have completely taken over Toronto’s housing market. According to recent data, more than 65% of all home sales in Toronto this year have been condos. That’s nearly two out of every three properties sold.

But there’s a twist.

While condo sales overall are booming, the resale market for older condos is extremely sluggish — in fact, resale condo activity is at its lowest level in over a decade. What’s actually moving off the market are new builds. In 2024 alone, over 15,000 brand-new condo units have hit the market — a 78% increase from last year.

Buyers today are clearly prioritizing convenience and aesthetics. They want modern finishes, high-efficiency appliances, rooftop patios, co-working spaces, and everything else that comes with a shiny new build. Older condos, even if they’re in prime locations, are being passed over unless they’re priced aggressively or beautifully staged.

For sellers and investors, that means pricing and presentation are more important than ever. You're not just competing with other resale units — you're up against brand-new buildings with concierge service, gym memberships, and TikTok-worthy lobbies.

The Rise (and Shift) of Multi-Property Owners

Despite all the talk of affordability issues and housing slowdowns, multi-property owners are still the largest buyer group across Ontario. That hasn’t changed. What has changed, though, is who these investors are — and how they’re operating.

According to 2024 data:

• 55% of Ontario’s multi-property owners own only two homes
   

• Only 7% own 11 or more properties, a number that has dropped dramatically since 2022
   

• And perhaps most telling of all, 70% of these investors entered the market within the last decade
   

What this shows is a shift from large-scale landlords to smaller, more average investors. Many of these folks aren’t real estate moguls. They’re everyday Ontarians who’ve picked up a second property for rental income, a future retirement plan, or to help a family member.

Interestingly, while regions like Waterloo, York, and Wentworth are cooling down, Toronto investment activity actually increased by more than 20% this year. Investors are still betting big on the city’s long-term potential, even if the short-term outlook feels uncertain.

Meet the New Power Players: Solo, Cash-Rich Investors

Perhaps the most unexpected trend of 2024 is the rise of the cash-rich, single-property investor — individuals who aren’t part of a couple, aren’t buying through a corporation, and aren’t using a mortgage.

Believe it or not, 1 in 5 investment purchases this year were made by solo buyers. And what’s even more surprising? Roughly one-third of these transactions were made in cash — no mortgage, no financing, just a wire transfer and a title deed.

Who are these people?

Primarily, they’re Millennials and Gen X buyers, with Millennials representing 39% of this group and Gen X close behind at 36%. These buyers are snapping up everything from downtown condos to suburban detached homes, particularly in areas like Toronto, York, and Peel.

What this trend signals is a widening wealth gap in Ontario real estate. While many first-time buyers are still scraping together a down payment, others have access to enough capital to buy multiple homes without even borrowing. That’s a stark contrast, and one that continues to shape the housing market in profound ways.

Warning Signs: Financial Stress and Power of Sale Activity on the Rise

While some investors are thriving, not everyone is doing so well.

A growing number of homeowners in Ontario are facing financial pressure, and one of the clearest signs is the rise in power of sale activity. That’s when a lender steps in and forces the sale of a home because the mortgage holder can’t keep up with payments.

In 2024, the highest concentration of power of sale listings has been in:

• Toronto, accounting for 13% of all such listings in the province
   

• Peel Region, close behind with 9%
   

• Simcoe and Middlesex, which, while smaller markets, are seeing a higher-than-expected rate of distress sales relative to their transaction volumes
   

Most of these situations involve homeowners who bought during the pandemic market frenzy, often with low down payments and variable-rate mortgages. Now, with higher interest rates and falling home values, they’re being forced to sell — often at a loss.

For savvy buyers, these listings can represent opportunity, but they also come with risks. Inspections, legal protections, and thorough due diligence are absolutely essential.

Selling at a Loss: Pandemic-Era Purchases Are Struggling

One of the more painful realities of 2024 is that many homeowners who bought in 2022 are now selling for less than they paid.

Data shows that if you purchased a home under $1 million in 2022 and sold it this year, there was a 25% chance you sold at a loss. And those losses weren’t small.

• The average loss across Ontario? $45,000
   

• In the GTA? That number climbs to $56,000
   

• In Muskoka, losses reached a median of $240,000
   

Why is this happening? Many of these buyers jumped in during the peak of the market, often caught up in bidding wars and FOMO. As interest rates climbed and demand cooled, those inflated purchase prices simply couldn’t hold.

This is a critical reminder: real estate isn’t always a guaranteed short-term win. It’s a long game. And in volatile times like these, timing — and patience — can make or break your bottom line.

First-Time Buyers Are Entering the Market Later Than Ever

Remember when first-time homebuyers were typically in their early 30s? Those days are gone.

In 2024, the median age of a first-time buyer in Ontario is now 40.

That’s a huge shift, and it reflects the challenges younger buyers are facing: stagnant wages, rising interest rates, and astronomical home prices. For context, in 2014, a non-condo home in Toronto could be had for around $500,000. Today, that number is closer to $1.3 million.

Many younger buyers are pivoting. They’re choosing smaller condos instead of detached homes, getting financial help from family, or moving to outer suburbs or smaller cities in search of affordability. And while that might delay the dream of a backyard and a white picket fence, it’s the reality for many Ontarians today.

Why More Homeowners Are Choosing to Stay Put

Another trend that’s reshaping the market? Homeowners aren’t moving nearly as often as they used to.

In 2024, the average Toronto homeowner is holding onto their non-condo property for 18 years — up from 14 years in 2015. That might not sound like a huge change, but it has major implications.

There are a few reasons for this shift:

• Moving is expensive — both in terms of closing costs and property taxes
   

• There are fewer upgrade options that make financial sense within the same neighborhood
   

• Many are choosing to renovate or add secondary suites instead of listing their homes
   

When people stay put longer, the housing supply becomes more limited, and tight supply continues to push prices up, even when demand cools. This is one of the hidden forces keeping Ontario’s real estate prices resilient, even in the face of higher borrowing costs.

Final Thoughts: The Ontario Housing Market in 2024 Is a Tale of Two Realities

So what does all of this tell us?

The Ontario housing market in 2024 isn’t crashing — but it is undergoing a significant transition. We’re seeing a reshuffling of who’s participating in the market, who’s benefiting, and who’s starting to feel the pressure.

New condos are thriving. Older properties are sitting. Wealthier, solo investors are stepping in — often paying cash — while first-time buyers are aging, downsizing expectations, or walking away altogether. And homeowners who once expected fast returns are realizing that the market doesn’t always cooperate.

But here’s the good news: with the right strategy, there are still smart moves to be made.

Whether you’re thinking of buying your first condo, upgrading your family home, or investing in a rental property, the key is to be informed, realistic, and future-focused. Real estate isn’t just about buying at the right time — it’s about understanding your goals, knowing your numbers, and making decisions that stand the test of time.

Let’s Chat About Your Next Move

I’m Maria Ho, a real estate agent and team leader based in Mississauga and the Greater Toronto Area. I work with buyers, sellers, and investors every day — and I’d love to help you navigate this market with confidence.

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Whether you're just getting started or planning your next investment, I’m here to help you make smart, informed, and stress-free real estate decisions.