Toronto Housing Market Report
- The Greater Toronto Area’s benchmark home price for November 2024 was $1,061,700, down 1.2% year-over-year.
- The average home sold price in the GTA increased 2.2% year-over-year to $1,106,050 for November 2024.
- Detached home average price increased by 3.5% year-over-year to $1.45M.
- Semi-detached home average price increased by 1.5% year-over-year to $1.08M.
- Freehold townhouse average price increased by 1% year-over-year to $994k.
- Condo apartment average price decreased by 2.9% year-over-year to $690k.
- December 22, 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 November 2024
Benchmark Home Price | $1,061,700 | +0.1% 1-Month Change | -1.2% 1-Year Change |
Average Home Price | $1,106,050 | -2.6% 1-Month Change | +2.2% 1-Year Change |
Median Home Price | $945,000 | -1.6% 1-Month Change | +1.8% 1-Year Change |
The Greater Toronto Area (GTA) housing market in November 2024 continued to see sales activity well above the same period last year, driven by lower mortgage rates that have spurred activity in Canada’s largest housing market. However, average home prices are down on a monthly basis across all property types, marking a slight cool-off compared to October's larger monthly increase.
According to the Toronto Regional Real Estate Board (TRREB), 5,875 homes were sold in the GTA in November 2024, a decrease of 11.8% month-over-month, yet an increase of 39% year-over-year.
Active listings in November 2024 are now at 21,818, down 10.9% monthly while still up 30.2% yearly. Meanwhile, 11,592 new listings were added in November 2024, a moderation from previous months as it dipped 24.4% from October 2024 and is up 9.9% from the same period in the previous year.
Looking at Toronto home prices, in November 2024, the GTA's benchmark home price increased 0.1% month-over-month to $1,061,700, a 1.2% decrease year-over-year. That’s the first time that Toronto’s benchmark home price has risen on a monthly basis in seven months since April 2024.
The average GTA home price was $1,106,050 in November 2024, a 2.6% decrease from the previous month’s price of $1,135,215 in October 2024. That’s after increasing 2.5% on a monthly basis in October 2024. On an annual basis, the GTA’s average home price is up 2.2%. It’s the second month 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 $945,000 in November 2024. This is a 1.6% decrease month-over-month and up 1.8% year-over-year.
The much larger rise in home sales relative to new listings meant that November 2024’s sales-to-new-listings ratio (SNLR) jumped to 51%, higher than October 2024’s SNLR of 43%, pushing it further into balanced market territory. This can be seen in the fact that new listings decreased by 24% monthly, compared to sales decreasing by 11.8% monthly. The City of Toronto’s SNLR for November 2024 was similar, also at 51%.
Three 0.25% rate cuts by the Bank of Canada in June, July, and September 2024 were the first rate cuts in over four years, followed by a jumbo cut of 0.50% that occurred in October 2024, 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 November 2024 did see a larger increase in home sales as new listings taper off. A possible rate cut in December 2024, as well as future rate cuts, may result in a more robust Toronto housing market in the coming months. However, a deterioration in the job market could negate the support that the housing market would receive from further rate cuts.
Regional Comparison
City of Toronto
The City of Toronto is experiencing a moderation in its average home price as it falls 7.3% monthly to $1,080,167 in November 2024, although that remains 2.8% higher annually. City of Toronto's home sales are down 10.9% monthly and up 39% annually, while the median Toronto home price has slumped 8.7% month-over-month and 1.2% year-over-year to $840,000. Meanwhile, the City of Toronto’s benchmark home price was $1,046,100, down 0.7% year-over-year.
Brampton
Brampton's housing market shows a slightly similar performance. The average price increased 1.4% year-over-year to $1,016,260, while Brampton home sales are up 46% year-over-year.
Mississauga
Mississauga home prices are up 0.1% from the previous year to an average price of $994,634. However, it is down by 8.1% month-over-month. Mississauga home sales are up 18% yearly.
Oshawa
The average price in Oshawa’s housing market increased 1.3% year-over-year to $765,674, with Oshawa home sales up 25% year-over-year.
Property Types
Among property types in the GTA for November 2024:
- The average price of detached homes has increased by 3.5% from the previous year and decreased 0.7% from last month to $1,452,518.
- The average price of semi-detached homes decreased 2.8% month over month and increased 1.5% year over year to $1,077,254.
- The average price of freehold townhomes decreased 1.3% month over month and increased 1.0% year over year to $994,251.
- The average price of condo apartments has decreased by 0.6% from the previous month to $689,599, which is 2.9% lower than a year ago.
Sales Data
The Greater Toronto Area (GTA) had 5,875 sales overall in November 2024, experiencing a significant increase in sales compared to last year, although they have cooled off from October 2024’s levels.
- The City of Toronto’s 2,236 sales saw a 10.9% month-over-month decrease and a 39% year-over-year increase.
- Brampton’s 442 sales in October 2024 are an 11.2% monthly decrease and a 46% annual increase.
- Mississauga’s 445 home sales are a 23% monthly decrease and an 18% annual increase.
- Oshawa’s 198 home sales are a 15.7% monthly decrease and a 25% 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 49 in November 2024, up from 31 in November 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
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.