Buckle up, folks, because the numbers just dropped a bomb—new home sales slammed into a 34-year low in December 2024, worse than the 2008 gut punch, worse than any slump in memory. Only 9,816 new homes sold all year—a measly 47% drop from 2023 and a staggering 69% below the 10-year average. The last time it was this bad? 1990, right before the market tanked for a solid decade. Are we staring down the same abyss? Because this isn’t a dip—it’s a freefall!
Peel this wreckage apart—it’s ugly. Developers limped into December with 21,787 homes sitting unsold, nearly 2.5 times the pile they had in 2021. That’s a mountain of inventory, folks—buyers aren’t biting, even with mortgage rates easing, prices sliding, and deals dangling like bait. Single-family homes? A pitiful 160 sold last month, down 1% from December 2023, and a jaw-dropping 62% below the 10-year norm. Condos? Just 150 moved—63% less than last year, 86% under the decade’s average. Are people blind? Or just broke? Because the market’s screaming, and nobody’s listening!
Check the price tags—single-family homes hit $1.55 million in December, down 3.4% from a year ago. Condos slid to $1,018,000, off 2.8%. Falling prices should lure buyers, right? Wrong! Even with cash dangling, folks are sitting tight—pros smell blood and are bailing, while the little guy’s too spooked to jump. Posts on X are howling it’s “worse than 2008” (vibe from there, not a quote)—and they’re not wrong. Back in ’90, this kind of stall kicked off a lost decade. Are we sleepwalking into round two? Because the stats don’t lie—this is a ghost town in the making!
Needless to say, this stinks of panic. Builders are drowning in unsold units—21,787 homes rotting on the market—and buyers won’t budge. Why? Economy’s creaking—layoffs are up, money’s tight, and confidence is shot. The Fed might cut rates more, but who cares when prices still choke the average Joe? Condo sales tanking 86% below average? That’s not a hiccup—that’s a heart attack! Single-family homes at 160 last month? Pathetic! Are we watching a bubble pop in slow motion? Because history’s flashing red, and 1990’s ghost is laughing!
Without a doubt, Toronto’s teetering folks—9,816 sales in a year ain’t survival, it’s surrender. Developers are stuck, buyers are gone, and that $4 billion inventory pile’s a tombstone waiting to fall. Shove your cash into gold or dirt—this rail’s not saving you! How long before this craters for a decade like ’90? The wise are bolting—stash what’s left before the bottom drops. Buckle up—this ride’s about to get rough!
Sources:
https://betterdwelling.com/toronto-new-home-sales-were-the-weakest-since-the-1990-real-estate-crash/