Toronto Housing Market Report
- The Greater Toronto Area’s benchmark home price for March 2024 was $1,113,600, up 0.3% year-over-year.
- The average home sold price in the GTA increased 1.2% year-over-year to $1,121,615 for March 2024.
- Detached home average price decreased by 0.2% year-over-year to $1.47M.
- Semi-detached home average price increased by 3.1% year-over-year to $1.12M.
- Freehold townhouse average price increased by 0.2% year-over-year to $1.04M.
- Condo apartment average price decreased by 0.5% year-over-year to $700k.
- April 19, 2024 Update: Today’s Lowest mortgage rates in Toronto is 4.69% for 5-Year Fixed
Greater Toronto Area (GTA) Housing Market Overview
GTA Housing Market: Price Movements for March 2024
Benchmark Home Price | $1,113,600 | +1.8% 1-Month Change | +0.3% 1-Year Change |
Average Home Price | $1,121,615 | +1.2% 1-Month Change | +1.2% 1-Year Change |
Median Home Price | $977,297 | +0.8% 1-Month Change | +1.3% 1-Year Change |
The Greater Toronto Area (GTA) housing market continues its vibrant activity into March 2024, displaying resilience amidst fluctuating economic conditions. Notably, the housing market in Toronto has witnessed varied trends in prices and sales that indicate both challenges and opportunities for potential homeowners and investors.
In March 2024, the GTA's benchmark home price experienced an increase month-over-month, registering at $1,113,600. This figure represents a 1.8% climb from February 2024, indicating a break from the cumulative 0.3% increase over the past twelve months.
The average GTA home price also demonstrated growth, marking a value of $1,121,615. This increase reflects a moderate 1.2% rise from the previous month, along with a 9.2% surge compared to January 2024, showcasing robust month-to-month dynamics. On an annual basis, the GTA’s average home price is also up 1.2% year-over-year.
The median home price, often considered a more transparent indicator of market trends, climbed to $977,297 in March 2024. This rise in prices signaled a 0.8% increase month-over-month and a significant 9.8% jump from January 2024, shedding light on the escalating values of GTA homes so far this year. The GTA’s median home price is up 1.3% year-over-year.
GTA home sales for March 2024 revealed a continued upward momentum with a 17% increase relative to the previous month, yet with a 4.9% decline year-over-year, culminating in 6,560 homes sold in March 2024. The month’s sales-to-new-listings ratio (SNLR) slightly rose to 50%, a touch higher than February 2024’s SNLR of 49%. This upward movement indicates that demand is slightly growing faster than the supply of available homes for sale, slightly tipping the balance in favor of sellers, although the market is currently balanced. New listings experienced a significant hike, reaching 13,120 new listings in March 2024, up 17% from the same period in the previous year.
While the cost of borrowing remains elevated, projected interest rate cuts in late 2024 could inject fresh optimism into the market, potentially easing mortgage burdens for future borrowers.
Regional Comparison
The City of Toronto is seeing a larger increase in its home prices than the Greater Toronto Area as a whole, even as benchmark price growth remained lower year-over-year. For March 2024, the City of Toronto’s benchmark home price was $1,093,300, down 0.3% year-over-year.
The City of Toronto’s average home price was $1,087,017, up 1.4% on a month-to-month basis, while it was up 3.1% year-over-year. The median Toronto home price has risen 1.1% month-over-month to $885,000, bringing it 4.1% higher year-over-year.
While the GTA’s median home price has increased by just 0.8% on a month-to-month basis, and the City of Toronto has risen 1.1%, not all cities in the GTA have seen the same price growth. Mississauga’s median home price has increased a more significant 5.6% month-over-month, while Oshawa’s median home price has instead decreased 0.9% month-over-month. Brampton’s median home price has fallen 1.7% month-over-month from February 2024.
The Brampton housing market is seeing its average home price remain almost unchanged compared to last year, down just 0.2% at $1,028,297, but it is down 0.5% compared to February 2024. The Mississauga housing market has seen its average price rise above the $1 million mark to $1,056,300, up 1.9% year-over-year. That’s also a 6.0% increase compared to last month’s average home price of $996,259 in February 2024. However, Mississauga’s benchmark price of $1,044,600 is only up 0.45% year-over-year, and has instead risen by 2.3% month-over-month.
Property Types
The average price of a detached home in the GTA was $1,466,397 in March 2024, a 0.2% decrease year-over-year and up by 1.6% month-over-month. Semi-detached home prices increased 3.1% year-over-year to an average price of $1,121,645, down 0.2% month-over-month.
Freehold townhouses are seeing prices at $1,039,124, up 0.2% year-over-year. Apartment prices are down 0.5% year-over-year to $700,046.
Looking Forward
According to X user @xelan_gta, the seasonal target for total listings is roughly 15,000 by April 1, 2024. That’s far off from the 12,459 active listings by the end of March 2024, which means that inventory in the GTA housing market missed that target by roughly 20%. X user @rob_siglio notes that GTA home sales for the month of March 2024 is at its lowest level since 2009, and with particular weakness in condo sales.
Toronto home buyers may see some relief on the horizon, with interest rates forecasted to decrease as early as June 2024. Housing supply in the city is seeing a course for growth after Toronto City Council permitted multiplexes to be built in all Toronto neighbourhoods in 2023. Meanwhile, the average sales price to listing price ratio was 102% this month, meaning the average home sold for more than its asking price. That’s quite a difference from the 98% ratio seen last month.
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.