Toronto Housing Market Report
- The Greater Toronto Area’s benchmark home price for October 2024 was $1,060,300, down 3.3% year-over-year.
- The average home sold price in the GTA increased 0.8% year-over-year to $1,135,215 for October 2024.
- Detached home average price increased by 0.9% year-over-year to $1.46M.
- Semi-detached home average price increased by 0.5% year-over-year to $1.11M.
- Freehold townhouse average price decreased by 3.3% year-over-year to $1.01M.
- Condo apartment average price decreased by 2.1% year-over-year to $694k.
- November 27, 2024 Update: Today’s Lowest mortgage rates in Toronto is 4.09% for 5-Year Fixed
Greater Toronto Area (GTA) Housing Market Overview
GTA Housing Market: Price Movements for October 2024
Benchmark Home Price | $1,060,300 | -0.8% 1-Month Change | -3.3% 1-Year Change |
Average Home Price | $1,135,215 | +2.5% 1-Month Change | +0.8% 1-Year Change |
Median Home Price | $960,000 | +1.1% 1-Month Change | +0.1% 1-Year Change |
The Greater Toronto Area (GTA) housing market experienced a significant surge in home sales during the month of October 2024 as Toronto homebuyers stepped off the sidelines in the wake of successive rate cuts over recent months.
According to the Toronto Regional Real Estate Board (TRREB), 6,658 homes were sold in the GTA in October 2024, an increase of 33% month-over-month and 43% year-over-year. That has helped to absorb the surging inventory levels from last month in September 2024, when the GTA housing market saw its highest number of active home listings since November 2008.
Active listings in October 2024 have now slightly leveled off to 24,481, down 4.4% monthly while still being up 25% yearly. It’s the highest number of active home listings that Toronto has seen for the month of October since 2008. Meanwhile, 15,328 new listings were added in October 2024, up 6.5% from the same period in the previous year yet down 15.3% compared to September 2024.
Looking at Toronto home prices, in October 2024, the GTA's benchmark home price decreased 0.8% month-over-month to $1,060,300, a 3.3% decrease year-over-year. That’s the lowest unadjusted benchmark price since August 2021.
The average GTA home price was $1,135,215 in October 2024, a 2.5% increase from the previous month’s price of $1,107,291 in September 2024. On an annual basis, the GTA’s average home price is up 0.8%. It’s the first time that Toronto’s housing market has seen an annual gain in its average home price since April 2024.
The median home price, often considered a more transparent indicator of market trends, was $960,000 in October 2024. This is a 1.1% increase month-over-month and up 0.1% year-over-year.
The much larger rise in home sales relative to new listings meant that October 2024’s sales-to-new-listings ratio (SNLR) jumped to 43%, quite higher than September 2024’s SNLR of 28%, bringing the GTA back into the balanced market territory. This can be seen in the fact that new listings decreased by 15% monthly, compared to sales increasing by 33% monthly. The City of Toronto’s SNLR for October 2024 was similar, at 42%.
Three 0.25% rates cut by the Bank of Canada in June, July, and September 2024 were the first rate cuts in over four years, and they brought some hope that the housing market may see a price boost as buyers return from the sidelines. We have instead seen a larger influx of sellers who had been waiting to list their homes than a return of buyers, seen through high listing numbers, although October 2024 did see a surge in home sales. Another rate cut in October 2024, as well as future rate cuts, may result in a more robust Toronto housing market in the coming months.
Regional Comparison
City of Toronto
The City of Toronto is experiencing strong growth in October 2024 as the city’s average home price jumps to $1,165,660, up 4.7% monthly and up 3.4% annually. City of Toronto's home sales are up 39% monthly and 37% annually, while the median Toronto home price has also increased by 4.5% month-over-month and 4.3% year-over-year to $920,000. Meanwhile, the City of Toronto’s benchmark home price was $1,042,400, down 2.7% year-over-year.
Brampton
Brampton's housing market shows a slightly similar performance. The average price increased 2.0% year-over-year to $1,019,645, while Brampton home sales are up 47% year-over-year.
Mississauga
Mississauga home prices have instead seen a 2.2% decrease from the previous year to an average price of $1,081,951. However, it is also up by 3.1% month-over-month. Mississauga home sales are up 38% yearly.
Oshawa
The average price in Oshawa’s housing market decreased 3.6% year-over-year to $775,011, although Oshawa home sales are up a significant 64% year-over-year.
Property Types
Among property types in the GTA for October 2024:
- The average price of detached homes has increased by 2.8% from the previous month and increased 0.9% from last year to $1,462,838.
- The average price of semi-detached homes increased 1.6% month over month and increased 0.5% year over year to $1,108,376.
- The average price of freehold townhomes increased 2.5% month over month yet decreased 3.3% year over year to $1,007,417.
- The average price of condo apartments increased 1.7% from the previous month to $694,038, which is 2.1% lower than a year ago.
Sales Data
The Greater Toronto Area (GTA) had 6,658 sales overall in October 2024, experiencing a significant increase in sales compared to both last month and last year. Cities in the GTA are also seeing an increase in sales compared to last month:
- The City of Toronto’s 2,509 sales saw a 39% month-over-month increase and a 37% year-over-year increase.
- Brampton’s 498 sales in October 2024 are a 27% monthly increase and a 47% annual increase.
- Mississauga’s 577 home sales are a 27% monthly decrease and a 38% annual increase.
- Oshawa’s 235 home sales are a 28% monthly increase and a 64% annual increase.
Looking Forward
As interest rates in Canada continue to fall, buyers who have been hesitant due to affordability concerns may finally have the incentive to re-enter the market, potentially boosting demand. However, the impact on Toronto home prices will largely depend on how inventory levels respond.
Elevated inventory levels in Toronto's housing market have had significant implications for buyers and sellers. For buyers, higher inventory levels can lead to more options and potentially more negotiating power, as the increased supply may drive down prices.
On the other hand, rising inventory can result in longer times on the market and potentially lower sale prices for sellers, necessitating more competitive pricing and additional incentives to attract buyers.
The average property's days on the market rose to 43 in October 2024, up from 32 in October 2023. This month, the average sales price to listing price ratio was 99%, meaning that homes sold for less than their asking price on average.
Home Prices in Toronto
Greater Toronto Area Housing Market Statistics for All Property Types
Average Sold Price and MLS HPI Benchmark Price
Total Transactions
Property Type Distribution
Housing Markets Across Canada
Market Overview for Detached Homes
Average Sold Price
Transactions
Market Overview for Semi-Detached Homes
Average Sold Price
Transactions
Market Overview for Freehold Townhouses
Average Sold Price
Transactions
Market Overview for Condo Apartments
Average Sold Price
Transactions
Greater Toronto Area (GTA) Breakdown by Region
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.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
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- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
- The trademarks MLS®, Multiple Listing Service®, and associated logos are owned by CREA and identify services provided by its members.