Toronto Housing Market: Sep. 5th, 2024 Update | Interactive Map - WOWA.ca (2024)

Greater Toronto Area (GTA) Housing Market Overview

Home prices in the Greater Toronto Area (GTA) housing market continued to decline in August 2024 as the region saw an abundance of home listings. All three measures of home prices, benchmark, average, and median, have dipped to their lowest level since January 2024.

In August 2024, the GTA's benchmark home price decreased 1.4% month-over-month to $1,082,200, a 4.6% decrease year-over-year from August 2023. That’s the lowest benchmark price since January 2024.

The average GTA home price was $1,074,425 in August 2024. That’s also the lowest since January 2024, and it is a 2.9% decrease from the previous month’s price of $1,106,617 in July 2024. On an annual basis, the GTA’s average home price is down 0.7%.

The median home price, often considered a more transparent indicator of market trends, was $925,000 in August 2024. This is a 2.6% decrease month-over-month and, once again, the lowest since January 2024. The GTA’s median home price is down 0.9% year-over-year.

According to the Toronto Regional Real Estate Board (TRREB), 22,653 homes were listed for sale at the end of August 2024, a 46% increase from the same month last year. That eased up slightly from last month’s 23,877 active listings, which was a 14-year high. Meanwhile, 12,547 new listings were added in August 2024, up 2% from the same period in the previous year.

GTA home sales for August 2024 experienced a 7.7% decrease relative to the previous month and a decrease of 6.0% year-over-year, culminating in 4,975 homes sold in August 2024. The month’s sales-to-new-listings ratio (SNLR) rose to 39.7%, almost rising out of buyer’s market territory from 33% last month. This upward movement indicates that demand is growing slightly faster than the growth in the supply of available homes for sale. This can be seen in the fact that new listings decreased 23% monthly, compared to sales that declined just 7.7% monthly. The City of Toronto’s SNLR for August 2024 was higher at 41%.

A 0.25% rate cut by the Bank of Canada in both June and July 2024, first rate-cuts 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 in June 2024 found that rate cuts totalling at least 1.00% would be needed before a significant number of buyers would return to the market. Another 0.25% rate cut in September 2024, as well as further projected interest rate cuts in 2024 may bring a cumulative 1.25% cut by the end of the 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 August 2024, the City of Toronto’s average home price was $1,029,069, up by 2.3% year-over-year. However, the City of Toronto’s average home price is down quite a significant 5.4% monthly.

The median Toronto home price has decreased 7.5% month-over-month to $814,000 but is still 0.5% higher year-over-year. Meanwhile, the City of Toronto’s benchmark home price was $1,059,600, down 4.3% year-over-year.

Brampton

Brampton's housing market shows a slightly weaker performance. The average price decreased 2.9% year-over-year to $984,544, and it was down 2.5% month-over-month.

Mississauga

Mississauga home prices have fared slightly better than Brampton, with a smaller 1.1% decrease from the previous year to an average price of $1,044,543. That is up by 0.2% month-over-month.

Oshawa

The average price in Oshawa’s housing market declined 4.2% year-over-year to $780,900, up by 0.6% monthly.

Property Types

Among property types in the GTA for August 2024:

• The average price of detached homes has decreased by 0.8% from the previous month and 0.2% from last year to $1,414,070.
• The average price of semi-detached homes decreased 3.9% month over month and 3.9% year over year to $1,026,435.
• The average price of freehold townhomes decreased 2.7% month over month and 3.1% year over year to $991,307.
• The average price of condo apartments decreased 6.1% from the previous month to $674,706, which is 4.4% lower than a year ago.

Sales Data

The Greater Toronto Area (GTA) had 4,975 sales overall in August 2024, experiencing a decrease in sales compared to both last month and last year. However, some cities in the GTA are seeing an increase in sales compared to last month:

• The City of Toronto’s 1,718 sales saw a 13.5% month-over-month decrease and a 9.1% year-over-year decrease.
• Brampton’s 410 sales in August 2024 is a 5.1% monthly increase and a 3.5% annual decrease.
• Mississauga’s 466 home sales is a 2.7% monthly decrease and a 7.7% annual decrease.
• Oshawa’s 164 home sales is an 18.8% monthly increase and a 32.5% annual decrease.

Looking Forward

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. A buyer's market, which Toronto’s housing market is currently in, can create opportunities for individuals looking to enter the housing market or upgrade their current living situation.

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 44 in August 2024, up from 28 in August 2023. This month, the average sales price to listing price ratio was 99%, 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

Housing Markets Across Canada

Market Overview for Detached Homes

Market Overview for Semi-Detached Homes

Market Overview for Freehold Townhouses

Market Overview for Condo Apartments

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.