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
CityAvg Condo Price
Toronto Central$777,430
Year-over-Year Summary
2024202320222021%age Change 2024 vs. 2023
New Listings 11,3229,1797,5148,76123.3%
Active Listings 5,8343,9283,4301,48848.5%
Avg. Price$693,754$700,704$710,124$710,246-1.0%
Avg. LDOM 3327271822.2%

Condominium Apartment Market Summary 2024 Q1

2024 Q12023 Q1
SalesAverage PriceSalesAverage Price
TRREB Total4,747$693,7544,508$700,704
Other Areas34$536,75023$606,087

Rental Market Summary 2024 Q1

2024 Q1All ApartmentsBachelor1 BR2 BR3 BR
Listed27,159 (51.0%) ↑987 (57.7%) ↑14,949 (57.3%) ↑10,106 (41.4%) ↑1,117 (58.4%) ↑
Leased12,541 (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 WR2 +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 WR2 +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?

Contact Team Kalia to find out what your condo is worth if you are looking to sell. If you are looking to lease your Mississauga & area condo, we can assist you in finding quality tenants.

If you are looking to buy a condo in Mississauga, Milton, Burlington, Oakville, Toronto, we will help you secure best available deals! Call Team Kalia today!

Condominium Apartment Market Summary

GTA Condo Market Q1 2024
GTA Condo Market Q1 2024

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