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Toronto Housing Market Report

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Market Report Summary for February 2024
Updated March 5th, 2024
  • The Greater Toronto Area’s benchmark home price for February 2024 was $1,093,900, up 0.4% year-over-year.
  • The average home sold price in the GTA increased 1.2% year-over-year to $1,108,720 for February 2024.
  • Detached home average price increased by 0.3% year-over-year to $1.44M.
  • Semi-detached home average price increased by 5.1% year-over-year to $1.12M.
  • Freehold townhouse average price decreased by 1.6% year-over-year to $1.03M.
  • Condo apartment average price decreased by 1.4% year-over-year to $695k.
  • March 19, 2024 Update: Today’s Lowest mortgage rates in Toronto is 4.94% for 5-Year Fixed

Greater Toronto Area (GTA) Housing Market Overview

Data for February 2024
Avg. Sold Price:$1,108,720
All Property Types:$1,108,720
Detached:$1,443,612
Semi-Detached:$1,123,896
Freehold Townhouse:$1,034,011
Condo Apartment:$695,345
Transactions (Buy/Sell):5,607
All Property Types:5,607
Detached:2,495
Semi-Detached:463
Freehold Townhouse:554
Condo Apartment:1,586
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GTA Housing Market: Price Movements for February 2024

Benchmark

Home Price

$1,093,900

+2.6%

1-Month Change

+0.4%

1-Year Change

Average

Home Price

$1,108,720

+8.0%

1-Month Change

+1.2%

1-Year Change

Median

Home Price

$970,000

+9.0%

1-Month Change

+3.2%

1-Year Change

Toronto Market Condition
Balanced
This Month’s SNLR: 49%
An SNLR between 40% and 60% indicates a balanced market.

The Greater Toronto Area (GTA) housing market has exhibited significant price movements in February 2024 as it warms up after a typically slow winter season. Toronto home prices have risen, in some cases, quite significantly according to some price metrics, while sales activity has gradually picked up steam over the last few months.

There was a slight uptick in the GTA’s benchmark home price, registered at $1,093,900 in February 2024, marking a 0.4% increase compared to the previous year. This growth, albeit modest, underscores a steady upward trend with a 2.6% increase on a month-to-month basis.

wahi map

The average GTA home price has seen a more pronounced rise, standing at $1,108,720. This represents a slight 1.2% increase from the preceding year, accompanied by an 8.0% increase within the span of a month when compared to January 2024.

Adding another layer of analysis, the median home price paints a vivid picture of the market as it is considered a more accurate measure of home price trends by taking out outliers. It was recorded at $970,000 in February 2024, reflecting a 3.2% year-over-year growth, further compounded by an impressive 9.0% leap in just one month.

GTA home sales are up 33% compared to last month and up 17% year-over-year to end up at 5,607 homes sold in February 2024. This month’s sales-to-new-listings ratio (SNLR) was 49%, meaning the Toronto housing market is currently balanced. Being in a balanced market means that the demand for housing is relatively in line with the supply of available homes for sale, with neither buyers nor sellers having a significant advantage. New listings have increased to 11,396 new listings in February 2024, a 36% increase from the 8,367 new listings in February 2023.

As the cost of borrowing remains high, more and more buyers are continuing to wait on the sidelines as they take stock of their situation and assess their mortgage affordability. There’s hope on the horizon with multiple interest rate cuts forecasted in 2024, although possibly not until the later half of the year, which would help bring relief to mortgage borrowers.

Regional Comparison

The City of Toronto is seeing quite a large increase in its average and median home prices, yet its benchmark home price remains lower year-over-year. For February 2024, the City of Toronto’s benchmark home price was $1,071,200, down 0.8% year-over-year.

The City of Toronto’s average home price was $1,072,528, up 12% on a month-to-month basis, while it was up 0.1% year-over-year. The median home price has risen 16.7% month-over-month to $875,000, bringing it 2.9% higher year-over-year.

While the GTA’s median home price has increased by 9% on a month-to-month basis, and the City of Toronto has risen 17%, not all cities in the GTA have seen the same price growth. Mississauga’s median home price has fallen 2.7% month-over-month, while Oshawa’s median home price has also decreased 1.5% month-over-month.

The Brampton housing market is seeing its average home price remain almost unchanged compared to last year, up 0.5% at $1,033,673, but it is up 5.2% compared to January 2024. The Mississauga housing market has seen its average price drop below the $1 million mark to $996,259, down 1.3% year-over-year. That’s also a 5% decrease compared to last month’s average home price of $1,048,658 in January 2024. However, Mississauga’s benchmark price of $1,021,000 is only down 0.4% year-over-year and has instead risen by 1.9% month-over-month.

Property Types

The average price of a detached home in the GTA was $1,443,612 in February 2024, a 0.3% increase year-over-year and up by 6.9% month-over-month. Semi-detached home prices increased 5.1% year-over-year to an average price of $1,123,896, up 8.2% month-over-month.

Freehold townhouses are seeing prices at $1,034,011, down 1.6% year-over-year. Apartment prices are also down 1.4% year-over-year to $695,345.

Looking Forward

According to X user @xelan_gta, the seasonal target for total listings is roughly 15,000 by April 1, 2024. That’s a bit far off from the 11,102 active listings by the end of February 2024, which means that inventory in the GTA housing market would need to increase by another 35% over the course of March 2024.

Toronto home buyers may see some relief on the horizon, with interest rates forecasted to decrease as early as June 2024. Meanwhile, the average sales price to listing price ratio was 98% this month, meaning the average home sold for less than its asking price.

Home Prices in Toronto

Greater Toronto Area Housing Market Statistics for All Property Types

Data for February 2024

Average Sold Price and MLS HPI Benchmark Price

Total Transactions

Property Type Distribution

Detached
Semi-Detached
Townhouses
Condo Apartments

Housing Markets Across Canada

Data for January 2024

Market Overview for Detached Homes

Data for February 2024

Average Sold Price

Transactions


Market Overview for Semi-Detached Homes

Data for February 2024

Average Sold Price

Transactions


Market Overview for Freehold Townhouses

Data for February 2024

Average Sold Price

Transactions

Market Overview for Condo Apartments

Data for February 2024

Average Sold Price

Transactions

Greater Toronto Area (GTA) Breakdown by Region

Data for February 2024
Best 5-Year Fixed Mortgage Rates in Toronto
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Glossary and Definitions

MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.

MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.

Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:

  • Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
  • Liability for any property damage or bodily injury suffered on strata property
  • Any fixtures that are part of the "standard unit" or original construction of each unit

Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.

Property types

Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.

Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.

Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.

Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.

Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.

Property Classes

Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.

Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.

Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owner of the buildings has leased the land and pay rent to their landlord while owning the building on the land.

Housing Markets Across Canada

Data sourced from the Toronto Regional Real Estate Board (TRREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.