GTA Condo Market Q1 2024 Report
Condo Market Trends in the Greater Toronto Area
In the first quarter of 2024, condominium apartment sales in the Greater Toronto Area (GTA) experienced a moderate increase compared to the same period in 2023. However, this uptick was overshadowed by a larger annual growth rate in condo apartment listings. With a rise in available options, home buyers found themselves with more choices, leading to a slight decrease in the average selling price.
During Q1 2024, total condominium apartment sales reached 4,747, marking a 5.3% increase year-over-year.
Concurrently, new condo listings surged by over 23% within the same timeframe. Toronto Regional Real Estate Board (TRREB) has noted that consumer polling indicated a growing impatience among renters with rent increases, potentially driving more first-time buyers into the market once interest rates decline.
As interest rates begin to decline, anticipate a surge in condo sales as more first-time buyers enter the market.
In the City of Toronto condo market, which accounted for the majority of condo sales, the average selling price was $723,186, reflecting a 0.5% decline compared to Q1 2023.
The average selling price for condominium apartments in the GTA stood at $693,754 in Q1 2024, representing a 1% decrease from the previous year.
An uptick is expected in first-time buying activity as borrowing costs decrease later this year and into 2025. This surge in demand is expected to absorb existing inventory, leading to tightened market conditions. We can expect increased competition among condo buyers, which will likely result in upward pressure on selling prices.
View the full 2024 Q1 TRREB Condo Market Report.
| Condo Apartment Prices 2024 Q1 | |
|---|---|
| City | Avg Condo Price |
| Burlington | $661,563 |
| Milton | $643,029 |
| Oakville | $693,655 |
| Brampton | $558,408 |
| Mississauga | $615,203 |
| Toronto Central | $777,430 |
| Year-over-Year Summary | |||||
|---|---|---|---|---|---|
| 2024 | 2023 | 2022 | 2021 | %age Change 2024 vs. 2023 | |
| Sales | 4,747 | 4,508 | 3,569 | 7,804 | 5.3% |
| New Listings | 11,322 | 9,179 | 7,514 | 8,761 | 23.3% |
| Active Listings | 5,834 | 3,928 | 3,430 | 1,488 | 48.5% |
| Avg. Price | $693,754 | $700,704 | $710,124 | $710,246 | -1.0% |
| Avg. LDOM | 33 | 27 | 27 | 18 | 22.2% |
Condominium Apartment Market Summary 2024 Q1
| 2024 Q1 | 2023 Q1 | |||
|---|---|---|---|---|
| Sales | Average Price | Sales | Average Price | |
| TRREB Total | 4,747 | $693,754 | 4,508 | $700,704 |
| Halton | 297 | $672,852 | 283 | $737,652 |
| Peel | 550 | $607,303 | 544 | $606,282 |
| Toronto | 3,072 | $723,186 | 2,952 | $726,984 |
| York | 627 | $680,749 | 541 | $683,882 |
| Durham | 167 | $555,036 | 165 | $546,806 |
| Other Areas | 34 | $536,750 | 23 | $606,087 |
Rental Market Summary 2024 Q1
| 2024 Q1 | All Apartments | Bachelor | 1 BR | 2 BR | 3 BR |
|---|---|---|---|---|---|
| Listed | 27,159 (51.0%) ↑ | 987 (57.7%) ↑ | 14,949 (57.3%) ↑ | 10,106 (41.4%) ↑ | 1,117 (58.4%) ↑ |
| Leased | 12,541 (19.7%) ↑ | 402 (5.2%·) ↑ | 7,247 (22.7%) ↑ | 4,447 (15.1%) ↑ | 445 (35.3%) ↑ |
| Avg Rent | $2,727 (-0.6%) ↓ | $2,000 (-1.4%) ↓ | $2,441 (-1.2%) ↓ | $3,139 (0.0%) ↓ | $3,929 (1.7%) ↑ |
Are you a GTA Landlord or Tenant?
You may find our recent post on Residential Tenant Move-in and Move-out process very useful!
Mississauga & Toronto Condo Market Performance in for Q1 2024 (with 1 Parking + 1 Locker)
| Resale Market | ||
|---|---|---|
| Average Condo Apartment Prices in 2024 Q1 | ||
| 1 +1 BR + 1 WR | 2 +1 BR + 2 WR | |
| Mississauga City Centre | $557,765 | $669,584 |
| Downtown Toronto (C01) | $698,698 | $949,561 |
| Rental Market | ||
| Average Condo Apartment Rents in 2024 Q1 | ||
| 1 +1 BR + 1 WR | 2 +1 BR +2 WR | |
| Mississauga City Centre | $2,474 | $2,987 |
| Downtown Toronto (C01) | $2,738 | $3,722 |
Are You Looking to Buy, Sell or Rent?
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Condominium Apartment Market Summary
