Greater Toronto Area home sales tumbled to a five-month low in December, rounding out a subdued 2024 for the market as historically elevated borrowing costs kept sales in check for much of the year, data released on Tuesday showed.

The Toronto Regional Real Estate Board says 3,359 homes were sold in December throughout the Greater Toronto Area, down 1.8% compared with 3,419 in the same month the previous year.

Greater Toronto home sales fell slightly last month to cap a year that saw buyers take advantage of "substantial negotiating power" on price.

Toronto’s housing market quieted down in December as sales slowed. Transactions in Canada’s largest city dropped nearly 19% from November on a seasonally adjusted basis, the first month-over-month decline since July,