Hello, real estate enthusiasts! Welcome back to another Toronto Real Estate Market Update brought to you by the SO&Co. team. The first quarter of 2024 is in the bag as we move into Spring. As a Toronto real estate agent, my team and I must be up to date on the latest stats to ensure we can guide our clients to make educated real estate decisions. Let’s dive into the March 2024 stats to gauge the April 2024 market temperature!
Toronto Real Estate Market Update
As of March 2024, the Toronto Regional Real Estate Board recorded that sales (transactions) were down 4.5% compared to March of 2023. This is largely due to holidays such as Good Friday and Easter falling into March this year (coupled with March Break). Though supply increased, we still saw a slight increase in the average price of a home in the Greater Toronto Area, up 1.3% to $1,121,615. Please note, that this number considers all home types (condo, townhome, link, semi-detached, and detached).
Though reports show March sales were down by 4.5%, if we look at the first quarter, sales were up by 10.8% when compared to Q1 of 2023. Though activity in Q1 is up, interest rates kept the average sale price in this period consistent with last year.
Jason Mercer, TRREB’s Chief Market Analyst reports:
Price growth is expected to accelerate during the spring and even more so in the second half of the year, as sales growth catches up with listings growth. Lower borrowing costs in the months ahead will further help fuel increased demand for ownership housing.
As political conversations continue to heat up, so does the discussion of inventory and the cost of buying a home. As Canadians continue to witness the population grow, they also are becoming more aware of supply issues. It is important to understand the pivotal role new homes will play in the future of supply. It’s simple, if nobody’s buying new homes and condos today, they won’t be built and ready in the future. Right now is a great time to buy because developers are offering lower prices and special deals to attract buyers and investors. Since there won’t be many homes available in the future, prices will keep going up.
Average Home Price in the GTA By Month 2023/2024
Market Stats by Region
Let’s take a look at some of the regional stats across the GTA, Toronto, Mississauga, Oakville, Durham Region, York Region and Brampton.
GTA Real Estate Market Stats
In March 2024, the average sale price (all home types) in the Greater Toronto Area was up 1.3% to $1,121,615 compared to last year. The number of sales were down by 4.5%. Condos prices in the GTA were slightly down by 0.5%, to $700,046. The number of condo sales was also down by 13.2% in March with 1,842 condo sales compared to the same time last year. Inventory is getting tight again. Currently, we have 1.9 months worth of inventory (homes for sale in the GTA). If there were no more homes listed for sale, we would sell out in 1.9 months. As a result of the current market, listings are taking on average 20 days to sell in the GTA.
Toronto Real Estate Market Stats
In March 2024, the average sale price (all home types) in Toronto was up by 3.1% to $1,087,017 compared to last year though the number of sales was down 8.4%. Condos prices in Toronto were slightly down 0.5%, to $729,392. The number of condo sales was down 15.9% in March with 1,186 condo sales compared to this time last year. Currently, we have 2.42 months worth of inventory (homes for sale in Toronto). If there were no more homes listed for sale, we would sell out in 2.42 months. As a result of the current market, listings are taking an average of 28 days to sell in Toronto.
Mississauga Real Estate Market Stats
In March 2024, the average sale price (all home types) in Mississauga was slightly up by 1.9% to $1,056,300 compared to last year and the number of sales was down 1.2%. Condos prices in Mississauga were barely up by 0.1%, to $615,529. The number of condo sales was down 15% in March with 170 condo sales. Currently, we have 1.81 months worth of inventory (homes for sale in Mississauga). If there were no more homes listed for sale, we would sell out in 1.81 months. As a result of the current market, listings are taking an average of 26 days to sell in Mississauga.
Oakville Real Estate Market Stats
In March 2024, the average sale price (all home types) in Oakville was down by 5.4% to $1,486,047 compared to last year and the number of sales was down 4.3%. Condos prices in Oakville were down 12.6%, to $708,825. The number of condo sales was up 16.3% in March with 57 condo sales. Currently, we have 1.76 months worth of inventory (homes for sale in Oakville). If there were no more homes listed for sale, we would sell out in 1.76 months. As a result of the current market, listings are taking an average of 27 days to sell in Oakville.
Durham Region Real Estate Market Stats
In March 2024, the average sale price (all home types) in the Durham Region was slightly up 1.1% to $936,166 compared to last year and the number of sales was down 0.6%. Condos prices in the Durham Region were down 3.2%, to $542,126. The number of condo sales was up 3.9% in March with 79 condo sales. Currently, we have 1.07 months worth of inventory (homes for sale in the Durham Region). If there were no more homes listed for sale, we would sell out in 1.07 months. As a result of the current market, listings are taking on average only 21 days to sell in the Durham Region.
York Region Real Estate Market Stats
In March 2024, the average sale price (all home types) in the York Region was down slightly by 0.7% to $1,334,655 compared to last year and the number of sales was up 0.2%. Condos prices in the York Region were down by 17%, to $579,148. The number of condo sales remained the same in March with 239 condo sales. Currently, we have 1.8 months worth of inventory (homes for sale in the York Region). If there were no more homes listed for sale, we would sell out in 1.8 months. As a result of the current market, listings are taking on average 26 days to sell in the York Region.
Brampton Real Estate Market Stats
In March 2024, the average sale price (all home types) in Brampton was slightly down by 0.2% to $1,028,297 compared to last year and the number of sales was down 15.6%. Condos prices in Brampton were up 1.6%, to $574,188. The number of condo sales was down by 37% compared to last year, with 34 condos sold. Currently, we have 1.68 months worth of inventory (homes for sale in Brampton). If there were no more homes listed for sale, we would sell out in 1.68 months. As a result of the current market, listings are taking an average of 22 days to sell in Brampton.
As professionals in the Toronto real estate field, we’re dedicated to providing our clients with thorough information so they can make well-informed decisions about buying or selling property. If you’re thinking about making a move in this lively market, get in touch with our seasoned team of Toronto real estate agents. We’re ready to have valuable conversations with you!
