And just like that, the residential real estate market is heating up again! The demand for housing continues to grow as our population increases and our economy strengthens. When comparing the average price of a home in the GTA in February 2024 to last year, prices are up 1.1% to $1,108,720. When looking at the number of transactions, sales are up 18% compared to last year. As a Toronto real estate agent, my advice is if you are looking to buy, get your ducks in order stat. Homes are selling again and it’s up to you to bring your best real estate foot forward. My name is Britt Huggins, I’m a Toronto real estate agent here to bring you the March Market Update.
Toronto Real Estate Market Update
Jason Mercer, Chief Market Analyst of the Toronto Regional Real Estate Board reported that more buyers are expected to return as we move further into 2024. The anticipated drop in interest rates will further increase the number of buyers, along with our growing population. Of course, we can’t forget first-time home buyers who are looking to take that jump from renting to owning.
As Canada continues to grow its population at a record pace, supply issues will persist. As a result, the amount of new inventory will play a huge role in keeping supply and price in check. If you are interested in purchasing a pre-construction piece of real estate, developers are offering great incentives that won’t be available as the market improves. If you or someone you know needs some expert real estate advice, feel free to contact us and one of our realtors will be happy to schedule a no-obligation consultation!
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 February 2024, the average sale price (all home types) in the Greater Toronto Area was up 1.1% to $1,108,720 compared to last year. The number of sales were up significantly by 18%. Condos prices in the GTA were slightly down by 1.4%, to $695,345. The number of condo sales was up by 9% in February with 1,586 condo sales. Inventory is getting tight again. Currently, we have 1.98 months worth of inventory (homes for sale in the GTA). If there were no more homes listed for sale, we would sell out in 1.98 months. As a result of the current market, listings are taking on average 30 days to sell in the GTA.
Toronto Real Estate Market Stats
In February 2024, the average sale price (all home types) in Toronto was barely up by 0.1% to $1,072,528 compared to last year and the number of sales was up 13%. Condos prices in Toronto were slightly down 0.2%, to $726,608. The number of condo sales was up 6.5% in February with 1,014 condo sales. Currently, we have 2.55 months worth of inventory (homes for sale in Toronto). If there were no more homes listed for sale, we would sell out in 2.55 months. As a result of the current market, listings are taking an average of 31 days to sell in Toronto.
Mississauga Real Estate Market Stats
In February 2024, the average sale price (all home types) in Mississauga was slightly down by 1.3% to $996,259 compared to last year and the number of sales was up 24.1%. Condos prices in Mississauga were up by 3%, to $630,583. The number of condo sales was up 30.2% in February with 168 condo sales. Currently, we have 2.01 months worth of inventory (homes for sale in Mississauga). If there were no more homes listed for sale, we would sell out in 2.01 months. As a result of the current market, listings are taking an average of 30 days to sell in Mississauga.
Oakville Real Estate Market Stats
In February 2024, the average sale price (all home types) in Oakville was slightly up 0.7% to $1,575,436 compared to last year and the number of sales was up 20.9%. Condos prices in Oakville were down 40.9%, to $685,515. The number of condo sales was up 57.7% in February with 41 condo sales. Currently, we have 2.05 months worth of inventory (homes for sale in Oakville). If there were no more homes listed for sale, we would sell out in 2.05 months. As a result of the current market, listings are taking an average of 32 days to sell in Oakville.
Durham Region Real Estate Market Stats
In February 2024, the average sale price (all home types) in the Durham Region was slightly up 3.4% to $919,017 compared to last year and the number of sales was up 24%. Condos prices in the Durham Region were up 2.1%, to $548,815. The number of condo sales was down 14.3% in February with 48 condo sales. Currently, we have 1.08 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 1.08 months. As a result of the current market, listings are taking on average 26 days to sell in the Durham Region.
York Region Real Estate Market Stats
In February 2024, the average sale price (all home types) in the York Region was up slightly by 1.7% to $1,324,423 compared to last year and the number of sales was up 14.6%. Condos prices in the York Region were up by 2.1%, to $690,823. The number of condo sales was up 4.1% in February with 201 condo sales. Currently, we have 1.91 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 1.91 months. As a result of the current market, listings are taking on average 30 days to sell in the York Region.
Brampton Real Estate Market Stats
In February 2024, the average sale price (all home types) in Brampton was slightly up by 0.5% to $1,033,673 compared to last year and the number of sales was up 16.5%. Condos prices in Brampton were up 3.7%, to $557,371. The number of condo sales was consistent with last year, with 31 condos sold. Currently, we have 1.59 months worth of inventory (homes for sale in Brampton). If there were no more homes listed for sale, we would sell out in 1.59 months. As a result of the current market, listings are taking an average of 27 days to sell in Brampton.
As experts within the Toronto real estate industry, our commitment lies in equipping our clients with comprehensive data to empower informed decisions when it comes to buying or selling property. If you’re considering a purchase or sale in this vibrant market, reach out to our experienced team of Toronto real estate agents. We’re here to engage in meaningful discussions with you!
