GTA Condo Market Q2 2024 Report
Condo Market Slowed as Borrowing Costs Remained High in Q2 2024
In the second quarter of 2024, high borrowing costs had a noticeable impact on the Greater Toronto Area condominium market. Condo apartment sales dropped significantly compared to the same period in 2023, while condo listings increased substantially.
Sales Dropped, Listings Surged
Condo apartment sales in Q2 2024 amounted to 5,474 units, a 19.8% decline compared to the 6,824 sales recorded in Q2 2023. Meanwhile, new condo listings surged, rising by 36.5% year-over-year to 16,917. This gap between sales and listings led to an increase in available inventory, with active listings at the end of the quarter remaining high.
Market Was Sensitive to Interest Rates
As per TRREB spokesperson, the condo market was very sensitive to interest rates, as it traditionally serves as a gateway for first-time buyers. High monthly payments, along with slightly lower rental prices, kept many potential buyers on the sidelines. However, it is expected that with improving affordability over the next year would draw more first-time buyers into the condo market.
Condo Prices Declined Slightly
The average selling price of a condo apartment in Q2 2024 was $729,005, a 1.2% decrease from $737,925 in Q2 2023. In the City of Toronto, the average selling price fell by 0.5% year-over-year to $765,963.
Sellers Held Firm
Despite a more abundant condo supply, prices remained relatively flat, particularly in Toronto. Sellers held firm on listing prices, likely expecting better market conditions as borrowing costs were expected to trend lower in the future.
At Team Kalia, we continue to stay on top of these condo market trends, offering guidance to help our clients make informed decisions, whether buying or selling their Square One Condos, other Mississauga Condos, Downtown Condos and other GTA Condos. Contact us today for any assistance with your condo buying, selling or investing needs.
How did the GTA Real Estate Market perform in September 2024
According to TRREB's September 2024 Market Watch, the Greater Toronto Area housing market saw a significant year-over-year increase in home sales. Lower interest rates and reduced prices have opened up new opportunities for buyers, especially first-time homebuyers, who are taking advantage of the more favorable market conditions. Read more in our September GTA Real Estate Market Update.
Also view some of the recent Square One condo sales by Team Kalia during the month of September 2024.
| Condo Apartment Prices 2024 Q2 | |
|---|---|
| City | Avg Condo Price |
| Burlington | $635,975 |
| Milton | $628,409 |
| Oakville | $745,630 |
| Brampton | $535,663 |
| Mississauga | $633,676 |
| Toronto Central | $824,614 |
| Year-over-Year Summary | |||
|---|---|---|---|
| 2024 | 2023 | %age Change 2024 vs. 2023 | |
| Sales | 5,474 | 6,824 | -19.8% |
| New Listings | 16,917 | 12,396 | 36.5% |
| Active Listings | 8,806 | 4,797 | 83.6% |
| Avg. Price | $729,005 | $737,925 | -1.2% |
| Avg. LDOM | 26 | 20 | 30.0% |
Condominium Apartment Market Summary 2024 Q2
| 2024 Q2 | 2023 Q2 | |||
|---|---|---|---|---|
| Sales | Average Price | Sales | Average Price | |
| TRREB Total | 5,474 | $729,005 | 6,824 | $737,925 |
| Halton | 367 | $667,549 | 424 | $713,015 |
| Peel | 594 | $618,641 | 753 | $631,691 |
| Toronto | 3,619 | $765,963 | 4,565 | $769,760 |
| York | 696 | $709,117 | 841 | $717,534 |
| Durham | 164 | $568,323 | 201 | $590,107 |
| Other Areas | 34 | $568,928 | 40 | $540,095 |
Rental Market Summary 2024 Q2
| 2024 Q2 | All Apartments | Bachelor | 1 BR | 2 BR | 3 BR |
|---|---|---|---|---|---|
| Listed | 30,097 (51.3%⇑) | 1,415 (70.5%⇑) | 16,369 (50.5%⇑) | 11,053 (48.6%⇑) | 1,260 (67.6%⇑) |
| Leased | 17,400 (25.2%⇑) | 762 (29.4%⇑) | 9,697 (23.5%⇑) | 6,224 (24.5%⇑) | 717 (56.9%⇑) |
| Avg Rent | $2,753 (-2.5⇓) | $1,971 (-6.0⇓) | $2,452 (-3.1%⇓) | $3,178 (-1.9%⇓) | $3,977 (-6.9%⇓) |
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