GTA Condo Market Q3 2024 Report
Q3 2024 GTA Condo Market Update
Increased Inventory, Lower Prices, and a Buyer’s Advantage
The Greater Toronto Area (GTA) condominium market experienced notable shifts in Q3 2024 as high borrowing costs impacted sales while inventory increased. Buyers in Mississauga and across the GTA benefited from more options and a slight dip in prices, resulting in a temporary shift in negotiating power.
High Borrowing Costs and Their Impact
Relatively high borrowing costs have affected the GTA condo market, leading to a decrease in year-over-year sales. In Q3 2024, total condo sales were 4,204 units, down 4.4% compared to the same period in 2023. As the impact of high borrowing costs lingered, more buyers chose to delay homeownership, waiting for favorable conditions.
Increased Inventory Creates More Options for Buyers
The GTA saw a 10.6% increase in new condo listings on the MLS® System, totaling 14,721 units in Q3. This increase in supply has given buyers more choice, with the resulting competition allowing for improved negotiating power and lower average prices. In Q3, the average condominium price in the GTA dipped by 3.3% year-over-year to $692,672, while the City of Toronto’s average price stood at $713,801, down from $737,035 in Q3 2023.
Outlook for Price Growth and Market Conditions
According to TRREB Chief Market Analyst Jason Mercer, condo market conditions are expected to improve over the coming months, eventually absorbing the current inventory. With anticipated interest rate cuts, a growing number of renters are expected to transition to homeownership, benefiting from lower borrowing costs and making monthly payments more manageable.
Future Projections: What’s Ahead in 2025
As the condo market stabilizes and borrowing conditions improve, the current inventory build-up will gradually reduce, leading to potential tightening and price increases by 2025. Buyers may want to explore current opportunities in Mississauga’s condo market, as increased inventory and slightly lower prices offer a rare negotiating edge that could shift as market dynamics change.
View Recent Team Kalia Condo Sales!
| Condo Apartment Prices 2024 Q3 | |
|---|---|
| City | Avg Condo Price |
| Burlington | $721,114 |
| Milton | $613,943 |
| Oakville | $791,547 |
| Brampton | $526,354 |
| Mississauga | $618,061 |
| Toronto Central | $760,781 |
| Year-over-Year Summary | |||
|---|---|---|---|
| 2024 | 2023 | %age Change 2024 vs. 2023 | |
| Sales | 4,204 | 4,399 | -4.4% |
| New Listings | 14,721 | 13,305 | 10.6% |
| Active Listings | 8,981 | 6,509 | 38.0% |
| Avg. Price | $692,672 | $716,479 | -3.3% |
| Avg. LDOM | 33 | 23 | 43.5% |
Condominium Apartment Market Summary 2024 Q3
| 2024 Q2 | 2023 Q2 | |||
|---|---|---|---|---|
| Sales | Average Price | Sales | Average Price | |
| TRREB Total | 4,204 | $692,672 | 4,399 | $716,479 |
| Halton | 258 | $732,669 | 266 | $717,614 |
| Peel | 452 | $607,719 | 504 | $635,481 |
| Toronto | 2,778 | $713,801 | 2,934 | $737,035 |
| York | 549 | $688,673 | 523 | $725,972 |
| Durham | 143 | $521,637 | 152 | $574,636 |
| Other Areas | 24 | $527,579 | 20 | $556,845 |
Rental Market Summary 2024 Q3
| 2024 Q3 | All Apartments | Bachelor | 1 BR | 2 BR | 3 BR |
|---|---|---|---|---|---|
| Listed | 31,082 (46.6%⇑) | 1,444 (77.6%⇑) | 16,835 (45.0%⇑) | 11,524 (44.9%⇑) | 1,279 (53.5%⇑) |
| Leased | 18,540 (29.2%⇑) | 988 (56.3%⇑) | 10,286 (24.6%⇑) | 6,609 (31.9%⇑) | 657 (43.4%⇑) |
| Avg Rent | $2,790 (-5.3⇓) | $2,051 (-8.8⇓) | $2,499 (-5.0%⇓) | $3,216 (-5.6%⇓) | $4,170 (-9.0%⇓) |
Are you a GTA Landlord or Tenant?
You may find our recent post on Residential Tenant Move-in and Move-out process very useful!
