And the SO&Co. team is back with another Toronto Real Estate Market Update. Our team of expert Toronto real estate agents is dedicated to keeping our clients up to speed with the latest trends in our dynamic market. Let’s dive in!
Toronto Real Estate Market Update
Residential sales in the Greater Toronto Area were up in July 2024 when compared to July 2023. The Toronto Regional Real Estate Board reported 5,391 residential sales last month, a 3.3% increase when compared to the 5,220 sales last July.
According to Jennifer Pearce, the President of the Toronto Regional Real Estate Board reported:
“It was encouraging to see an uptick in July sales relative to last year. We may be starting to see a positive impact from the two Bank of Canada rate cuts announced in June and July. Additionally, the cost of borrowing is anticipated to decline further in the coming months. Expect sales to accelerate as buyers benefit from lower monthly mortgage payments.”
Average Home Price in the GTA
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 July 2024, the average sale price (all home types) in the Greater Toronto Area was down 1.1% to $1,106,617 compared to last year at this time. The number of sales was up by 2.7%. Condo prices in the GTA were also down by 2.2%, to $718,698. The number of condo sales was down by 1.5% in July with 1,482 condo sales compared to the same time last year. Inventory is growing. Currently, we have 4.43 months worth of inventory (homes for sale in the GTA). If there were no more homes listed for sale, we would sell out in 4.43 months. As a result of the current market, listings are taking an average of 22 days to sell in the GTA.
Toronto Real Estate Market Stats
In July 2024, the average sale price (all home types) in Toronto was slightly up by 2% to $1,087,436 compared to last year. The number of sales was up by 5.4%. Condos prices in Toronto were down 0.7%, to $748,330 with the number of condo sales down 1.9% in July to 994 sales compared to last year. Currently, we have 4.74 months worth of inventory (homes for sale in Toronto). If there were no more homes listed for sale, we would sell out in 4.74 months. As a result of the current market, listings are taking an average of 23 days to sell in Toronto.
Mississauga Real Estate Market Stats
In July 2024, the average sale price (all home types) in Mississauga was down by 1.4% to $1,070,943 compared to last year and the number of sales was up 3%. Condos prices in Mississauga were down by 6.7%, to $631,810. The number of condo sales was up 8% in July with 149 condo sales. Currently, we have 4.43 months worth of inventory (homes for sale in Mississauga). If there were no more homes listed for sale, we would sell out in 4.43 months. As a result of the current market, listings are taking an average of 23 days to sell in Mississauga.
Oakville Real Estate Market Stats
In July 2024, the average sale price (all home types) in Oakville was down by 3.3% to $1,529,217 compared to last year and the number of sales was up by 2.8%. Condos prices in Oakville were up by 4.7%, to $862,264. The number of condo sales was up 20% in July with 36 condo sales. Currently, we have 5.28 months worth of inventory (homes for sale in Oakville). If there were no more homes listed for sale, we would sell out in 5.28 months. As a result of the current market, listings are taking an average of 23 days to sell in Oakville.
Durham Region Real Estate Market Stats
In July 2024, the average sale price (all home types) in the Durham Region was down by 4.8% to $915,636 compared to last year and the number of sales was up 1.2%. Condos prices in the Durham Region were down 11.3%, to $517,100. The number of condo sales was up 3.8% in July with 55 condo sales. Currently, we have 2.93 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 2.93 months. As a result of the current market, listings are taking on average 18 days to sell in the Durham Region.
York Region Real Estate Market Stats
In July 2024, the average sale price (all home types) in the York Region was down by 3.8% to $1,305,476 compared to last year and the number of sales was up by 1.8%. Condos prices in the York Region were down 7.6%, to $696,586. The number of condo sales was down by 23.4% in June with 193 condo sales. Currently, we have 3.93 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 3.93 months. As a result of the current market, listings are taking on average 23 days to sell in the York Region.
Brampton Real Estate Market Stats
In July 2024, the average sale price (all home types) in Brampton was down by 4% to $1,010,044 compared to last year and the number of sales was up 7.4%. Condos prices in Brampton were down 6.2%, to $521,751. The number of condo sales was consistent when compared to July last year, with only 26 condos sold. Currently, we have 4.73 months worth of inventory (homes for sale in Brampton). If there were no more homes listed for sale, we would sell out in 4.73 months. As a result of the current market, listings are taking an average of 21 days to sell in Brampton.
If you or someone you know is looking for a Toronto real estate agent, please feel free to reach out and one of our agents will get back to you!
