Welcome, real estate enthusiasts! The SO&Co. team is committed to keeping you informed about the latest trends in our ever-evolving market. I’m Britt Huggins, and I’m here to provide you with the most recent updates on the Toronto real estate scene. Let’s dive in!
Toronto Real Estate Market Update
Residential real estate listings (all types of homes) are up 67% compared to this time last year. Prices have remained consistent since last year, only down by 1.6% to $1,162,167. When looking at transactions, sales were down by 16% compared to this time last year.
Last month’s rate cut wasn’t enough to get buyers off the sidelines. June transactions are suggesting that buyers will need to see stronger rate cuts to make more purchasing decisions. Jason Mercer, TRREB’s Chief Market Analyst stated:
“The GTA housing market is currently well-supplied and recent home buyers have benefitted from substantial choice along with negotiating power on price. As sales pick up throughout the balance of the year alongside lower borrowing costs, increased inventory levels will help mitigate against any run-up on selling prices.”
Though inventory has doubled since June of 2023, we haven’t yet seen the decrease in pricing that one would hope for. The GTA housing market continues to show resilience and demand and more buyers will enter the market as we see rates decrease!
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 June 2024, the average sale price (all home types) in the Greater Toronto Area was down 1.6% to $1,162,167 compared to last year at this time. The number of sales was down by 16.4%. Condos prices in the GTA were also down by 1.6%, to $727,861. The number of condo sales was down by 28.4% in June with 1,520 condo sales compared to the same time last year. Inventory is growing. Currently, we have 3.80 months worth of inventory (homes for sale in the GTA). If there were no more homes listed for sale, we would sell out in 3.80 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 June 2024, the average sale price (all home types) in Toronto was slightly up by 1.9% to $1,173,781 compared to last year. The number of sales was down 21.1%. Condos prices in Toronto were down 8.3%, to $706,105 with the number of condo sales down 29.4 % in June to 1,014 sales compared to last year. Currently, we have 4.3 months worth of inventory (homes for sale in Toronto). If there were no more homes listed for sale, we would sell out in 4.3 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 June 2024, the average sale price (all home types) in Mississauga was down by only 0.8% to $1,103,727 compared to last year and the number of sales was down 23.7%. Condos prices in Mississauga were down by 1.6%, to $626,081. The number of condo sales was down 28.6% in June with 135 condo sales. Currently, we have 3.70 months worth of inventory (homes for sale in Mississauga). If there were no more homes listed for sale, we would sell out in 3.70 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 June 2024, the average sale price (all home types) in Oakville was down by 5.5% to $1,482,150 compared to last year and the number of sales was down 17.4%. Condos prices in Oakville were down slightly by 1.3%, to $781,438. The number of condo sales was down 46.3% in June with 29 condo sales. Currently, we have 4.35 months worth of inventory (homes for sale in Oakville). If there were no more homes listed for sale, we would sell out in 4.35 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 June 2024, the average sale price (all home types) in the Durham Region was down by 4.3% to $956,418 compared to last year and the number of sales was down 2.3%. Condos prices in the Durham Region were down 5.1%, to $578,306. The number of condo sales was down 18.6% in May with 48 condo sales. Currently, we have 2.49 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 2.49 months. As a result of the current market, listings are taking on average 17 days to sell in the Durham Region.
York Region Real Estate Market Stats
In June 2024, the average sale price (all home types) in the York Region was down by only 0.4% to $1,385,139 compared to last year and the number of sales was down by 16.9%. Condos prices in the York Region were down 1.8%, to $706,105. 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 June 2024, the average sale price (all home types) in Brampton was down by 9.3% to $1,009,802 compared to last year and the number of sales was down 19%. Condos prices in Brampton were down 11.9%, to $537,820. The number of condo sales was down by 18.9% compared to last year, with only 30 condos sold. Currently, we have 3.53 months worth of inventory (homes for sale in Brampton). If there were no more homes listed for sale, we would sell out in 3.53 months. As a result of the current market, listings are taking an average of 21 days to sell in Brampton.
As specialists in Toronto real estate, we are dedicated to educating our clients and empowering them to make informed, data-driven decisions. If you would like to speak with one of our Toronto real estate agents, please schedule a no-obligation consultation.
