Toronto Housing Market Report
- The Greater Toronto Area’s benchmark home price for May 2024 was $1,117,400, down 3.5% year-over-year.
- The average home sold price in the GTA decreased 2.5% year-over-year to $1,165,691 for May 2024.
- Detached home average price decreased by 3.2% year-over-year to $1.51M.
- Semi-detached home average price decreased by 2% year-over-year to $1.17M.
- Freehold townhouse average price decreased by 6.9% year-over-year to $1.04M.
- Condo apartment average price decreased by 2.4% year-over-year to $731k.
- June 8, 2024 Update: Today’s Lowest mortgage rates in Toronto is 4.84% for 5-Year Fixed
Greater Toronto Area (GTA) Housing Market Overview
GTA Housing Market: Price Movements for May 2024
Benchmark Home Price | $1,117,400 | -0.9% 1-Month Change | -3.5% 1-Year Change |
Average Home Price | $1,165,691 | +0.8% 1-Month Change | -2.5% 1-Year Change |
Median Home Price | $992,000 | +1.1% 1-Month Change | -4.2% 1-Year Change |
The Greater Toronto Area (GTA) housing market saw inventory soaring to a decade high in May 2024, with 21,760 active home listings by month’s end. That comes amid a surge in new listings, while sales and home price growth are held back.
In May 2024, the GTA's benchmark home price decreased 0.9% month-over-month to $1,117,400, a 3.5% decrease from May 2023.
The average GTA home price was $1,165,691 in May 2024. This is a small 0.8% rise from the previous month’s price of $1,156,167 in April 2024. On an annual basis, the GTA’s average home price is down 2.5% year-over-year.
The median home price, often considered a more transparent indicator of market trends, was $992,000 in May 2024. This is a 1.1% increase month-over-month. The GTA’s median home price is down 4.2% year-over-year.
GTA home sales for May 2024 experienced 1.4% decrease relative to the previous month, yet a much larger 22% decline year-over-year, culminating in 7,013 homes sold in May 2024. The month’s sales-to-new-listings ratio (SNLR) dipped to 38%, down into buyer’s market territory This downward movement indicates that demand is growing slower than the supply of available homes for sale, slightly tipping the balance in favor of buyers.
New listings experienced a significant hike, reaching 18,612 new listings in May 2024, up 22.5% from the same period in the previous year. The 21,760 active listings on the market at the end of May 2024 is the highest number that it has been in the GTA in over ten years, and is up 83% year-over-year.
While the cost of borrowing remains elevated, projected interest rate cuts in 2024 and 2025 could inject fresh optimism into the market, potentially easing mortgage burdens for future borrowers. That includes a 0.25% rate cut by the Bank of Canada in June 2024.
Regional Comparison
City of Toronto
The City of Toronto is seeing a larger increase in its average home price than the Greater Toronto Area as a whole, even as benchmark price growth remained lower year-over-year. For May 2024, the City of Toronto’s benchmark home price was $1,098,000, down 2.8% year-over-year.
The City of Toronto’s average home price was $1,193,202, up 3.6% on a month-to-month basis, while it was down just 0.3% year-over-year. The median Toronto home price has risen 4.8% month-over-month to $948,000, bringing it 2.1% higher year-over-year.
Brampton
Brampton's housing market shows a more pronounced decline, with the average price dropping by 2.3% from the previous month and a substantial 9.8% year-over-year decrease to $1,002,608. The benchmark price in Brampton also fell by 1.0% month-over-month and 7.5% year-over-year to reach $1,018,300.
Mississauga
Mississauga home prices have not fared much better, with an average price decline of 2.7% from last month and a 3.9% decrease from the previous year to $1,096,142. Detached homes in particular, suffered a significant drop of 7.3% month-over-month to $1,536,430.
Oshawa
Oshawa presents a mixed picture. The average price in Oshawa’s housing market increased by 0.5% month-over-month but showed a 5.0% decline year-over-year to $813,004. Notably, condos in Oshawa have surged by 20.3% from the previous month and 5.5% from last year, reaching $508,163.
Property Types
Among property types in the GTA for May 2024:
- Detached homes’ average price has decreased by 0.6% from the previous month and 3.2% from last year to $1,506,675.
- Semi-detached homes’ average price experienced a 3.0% month-over-month increase but are down 2.0% year-over-year to $1,173,819.
- Freehold townhomes’ average price show a slight month-over-month decrease of 0.5% and a significant year-over-year drop of 6.9% to $1,040,141.
- Condo apartments’ average price have seen modest growth, with a 0.4% increase from the previous month to $730,815, though they are still 2.4% lower than a year ago.
Sales Data
The Greater Toronto Area (GTA) overall had 7,013 sales, experiencing a notable decrease in sales, with a 1.4% decline from the previous month and a staggering 22.2% drop compared to the previous year. This trend is consistent across various cities:
- The City of Toronto’s 2,701 sales saw a 4.6% month-over-month increase but a 17.8% year-over-year decrease.
- Brampton and Mississauga both reported yearly declines in sales figures to 484 sales and 635 sales, respectively.
- Oshawa faced a 1.6% month-over-month decrease and a 23.1% year-over-year decline to 240 sales.
Looking Forward
According to X user @xelan_gta, inventory has been accumulating in Toronto’s housing market in recent months, with current resale inventory levels blowing past what the July 2024 resale seasonal target would be.
Increasing inventory levels in Toronto's housing market has significant implications for both 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 May 2023, the average property days on the market was 20 days. In May 2024, that has risen to 28 days.
Toronto home buyers may see some relief on the horizon, with interest rates forecasted to decrease over 2024 and 2025. The average sales price to listing price ratio was 102% this month, meaning the average home sold for more than 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.