Toronto Real Estate Market Update

The Toronto Regional Real Estate Board reported 7,013 sales in May 2024. This was a 21.7% decrease compared to the 8,960 sales reported last year in May. When comparing the number of available homes for purchase, inventory is up 83% compared to the same time last year. This has relieved some of the pricing pressure with the average price of a home in the Greater Toronto Area down 2.5% to $1,165,691, compared to last year’s average price of $1,195,409.

Jason Mercer, TRREB’s Chief Market Analyst reports:

With interest rates remaining high in May, home buyers did continue to benefit from slightly lower selling prices compared to last year. Selling prices have adjusted to mitigate the impact of higher mortgage rates, therefore, affordability is expected to improve further as borrowing costs trend lower.  As demand picks up, we will likely see renewed upward pressure on home prices as competition between buyers increases.

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 May 2024, the average sale price (all home types) in the Greater Toronto Area was down 2.5% to $1,165,691 compared to last year at this time. The number of sales was down by 21.7%. Condos prices in the GTA were also down by 2.4%, to $730,815. The number of condo sales was down by 24.4% in May with 1,942 condo sales compared to the same time last year. Inventory is growing. Currently, we have 3.10 months worth of inventory (homes for sale in the GTA). If there were no more homes listed for sale, we would sell out in 3.10 months. As a result of the current market, listings are taking on average 23 days to sell in the GTA.

Toronto Real Estate Market Stats

In May 2024, the average sale price (all home types) in Toronto was slightly down by 0.3% to $1,193,202 compared to last year. The number of sales was down 17.8%. Condos prices in Toronto were down 2.3%, to $767,064 with the number of condo sales down 24% in May to 1,287 sales compared to last year. Currently, we have 3.34 months worth of inventory (homes for sale in Toronto). If there were no more homes listed for sale, we would sell out in 3.34 months. As a result of the current market, listings are taking an average of 24 days to sell in Toronto.

Mississauga Real Estate Market Stats

In May 2024, the average sale price (all home types) in Mississauga was down by 3.9% to $1,096,142 compared to last year and the number of sales was down 23.7%. Condos prices in Mississauga were up by 1.5%, to $645,616. The number of condo sales was down 17.9% in May with 183 condo sales. Currently, we have 2.91 months worth of inventory (homes for sale in Mississauga). If there were no more homes listed for sale, we would sell out in 2.91 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 May 2024, the average sale price (all home types) in Oakville was slightly up by 2.4% to $1,591,978 compared to last year and the number of sales was down 20.2%. Condos prices in Oakville were down 4.7%, to $760,603. The number of condo sales was down 39.4% in May with 40 condo sales. Currently, we have 3.34 months worth of inventory (homes for sale in Oakville). If there were no more homes listed for sale, we would sell out in 3.34 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 May 2024, the average sale price (all home types) in the Durham Region was down by 3.4% to $954,942 compared to last year and the number of sales was down 15%. Condos prices in the Durham Region were down 2.7%, to $569,142. The number of condo sales was down 23.6% in May with 55 condo sales. Currently, we have 2.08 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 2.08 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 May 2024, the average sale price (all home types) in the York Region was down by 2.7% to $1,340,032 compared to last year and the number of sales was down by 29.6%. Condos prices in the York Region were down 2.3%, to $700,815. The number of condo sales was down by 31.3% in May with 228 condo sales. Currently, we have 3.28 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 3.28 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 May 2024, the average sale price (all home types) in Brampton was down by 9.8% to $1,002,608 compared to last year and the number of sales was down 34.8%. Condos prices in Brampton were down 6.6%, to $532,221. The number of condo sales was down by 48.2% compared to last year, with only 29 condos sold. Currently, we have 3.31 months worth of inventory (homes for sale in Brampton). If there were no more homes listed for sale, we would sell out in 3.31 months. As a result of the current market, listings are taking an average of 21 days to sell in Brampton.

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