Toronto Housing Market Report
- The Greater Toronto Area’s benchmark home price for June 2024 was $1,110,600, down 4.6% year-over-year.
- The average home sold price in the GTA decreased 1.7% year-over-year to $1,162,167 for June 2024.
- Detached home average price decreased by 3.3% year-over-year to $1.48M.
- Semi-detached home average price decreased by 9.2% year-over-year to $1.10M.
- Freehold townhouse average price decreased by 6.1% year-over-year to $1.02M.
- Condo apartment average price decreased by 1.6% year-over-year to $728k.
- July 27, 2024 Update: Today’s Lowest mortgage rates in Toronto is 4.49% for 5-Year Fixed
Greater Toronto Area (GTA) Housing Market Overview
GTA Housing Market: Price Movements for June 2024
Benchmark Home Price | $1,110,600 | -0.6% 1-Month Change | -4.6% 1-Year Change |
Average Home Price | $1,162,167 | -0.3% 1-Month Change | -1.7% 1-Year Change |
Median Home Price | $990,000 | -0.2% 1-Month Change | -2.0% 1-Year Change |
The Greater Toronto Area (GTA) housing market is seeing a surge in home listings in June 2024 as inventory swells to a 14-year high, even as a rate cut by the Bank of Canada leaves sellers hopeful of higher demand from buyers.
In June 2024, the GTA's benchmark home price decreased 0.6% month-over-month to $1,110,600, a 4.6% decrease year-over-year from June 2023.
The average GTA home price was $1,162,167 in June 2024. This is a small 0.3% decrease from the previous month’s price of $1,165,691 in May 2024. On an annual basis, the GTA’s average home price is down 1.7%.
The median home price, often considered a more transparent indicator of market trends, was $990,000 in June 2024. This is a 0.2% decrease month-over-month. The GTA’s median home price is down 2.0% year-over-year.
According to the Toronto Regional Real Estate Board (TRREB), there were 23,613 homes listed for sale at the end of June 2024, a 67% increase from the same month last year. This marks the highest number of active listings in 14 years since June 2010, when there were 23,923 listings. Meanwhile, there were 17.964 new listings in June 2024, up 13.2% from the same period in the previous year.
GTA home sales for June 2024 experienced an 11.4% decrease relative to the previous month, yet a much larger 17% decline year-over-year, culminating in 6,213 homes sold in June 2024. The month’s sales-to-new-listings ratio (SNLR) dipped to 35%, down into buyer’s market territory from 38% last month. This downward movement indicates that demand is growing slower than the supply of available homes for sale, slightly tipping the balance in favour of buyers. The City of Toronto’s SNLR for June 2024 was 33%.
A 0.25% rate cut by the Bank of Canada in June 2024, the first rate cut in over four years, brought some hope that the housing market may see a price boost as buyers return from the sidelines. However, TRREB polling found that rate cuts totalling at least 1.00% would be needed before a significant number of buyers would return to the market.
Further projected interest rate cuts in 2024 would only bring a cumulative 0.75% cut, which means that the Toronto housing market may still face challenges in terms of demand this year.
Regional Comparison
City of Toronto
The City of Toronto is still seeing a year-over-year increase in its average home price, a rare case amid a sea of red across the Greater Toronto Area. For June 2024, the City of Toronto’s average home price was $1,173,781, down 1.6% month-to-month yet up by 1.9% year-over-year.
The median Toronto home price has decreased 1.9% month-over-month to $930,444 but is 0.6% higher year-over-year. Meanwhile, the City of Toronto’s benchmark home price was $1,091,600, down 4.3% year-over-year.
Brampton
Brampton's housing market shows a more mixed performance, with the average price increasing by 0.7% from the previous month and a substantial 9.3% year-over-year decrease to $1,009,802. The benchmark price in Brampton also fell by 0.9% month-over-month and 8.4% year-over-year to reach $1,009,300.
Mississauga
Mississauga home prices have fared better, with an average price increase of 0.7% from last month and a smaller 0.8% decrease from the previous year to $1,103,727.
Oshawa
Oshawa also presents a mixed picture. The average price in Oshawa’s housing market increased by 1.2% month-over-month but showed a 3.7% decline year-over-year to $822,846. Notably, condos in Oshawa have declined by 30% from the previous month and 30% from last year, falling to an average price of $356,000.
Property Types
Among property types in the GTA for June 2024:
- Detached homes’ average price has decreased by 1.7% from the previous month and 3.3% from last year to $1,480,399.
- The average price of semi-detached homes decreased 6.0% month over month and 9.2% year over year to $1,102,904.
- The average price of freehold townhomes decreased 1.8% month over month and 6.1% year over year to $1,021,866.
- Condo apartments’ average price have seen the smallest changes, with a 0.4% decrease from the previous month to $727,861, though they are still 1.6% lower than a year ago.
Sales Data
The Greater Toronto Area (GTA) overall had 6,213 sales, experiencing a strong decrease in sales, with an 11.4% decline from the previous month and a staggering 16.9% drop compared to the previous year. This trend is consistent across various cities:
- The City of Toronto’s 2,236 sales saw a 17.2% month-over-month decrease and a 21.1% year-over-year decrease.
- Brampton and Mississauga both reported yearly declines in sales figures to 489 sales and 552 sales, respectively.
- Oshawa faced a smaller 1.3% year-over-year decline to 225 sales.
Looking Forward
According to X user @areacode416, the City of Toronto is still seeing an year-over-year increase in its average home price due to the slump in Toronto condo sales, which are down 29% year-over-year in the city. In the City of Toronto, the drop in condo sales by 29% means that fewer of these typically lower-priced properties are included in the overall sales data. This skews the average price higher as a larger proportion of the transactions are made up of more expensive detached homes and other property types.
Increasing inventory levels in Toronto's housing market have also 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. This shift towards a buyer's market can create opportunities for individuals looking to enter the housing market or upgrade their current living situation.
On the other hand, for sellers, the rising inventory can result in longer times on the market and potentially lower sale prices, necessitating more competitive pricing and possibly additional incentives to attract buyers.
In June 2023, the average property's days on the market were 19. In June 2024, that has risen to 30. This month, the average sales price to listing price ratio was 100%, meaning the average home sold for its asking price.
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.