GTA Real Estate Market April 2024

GTA Real Estate Market April 2024 Summary

April 2024 Home Sales Decline Compared to April 2023

As per the TRREB April 2024 Market Watch, home sales experienced a downturn when compared to April 2023, a period that saw a brief resurgence in market activity. Despite the decline in sales, new listings saw a significant year-over-year increase, offering home buyers more choices and keeping the average selling price relatively stable. However, as you can see in the second chart below, there has been a steady increase in average home prices since the start of 2024.

The average GTA Home price in April 2024 was $1,156K vs. $1,153K in April 2023.

Sales and New Listings Statistics

There were 7,114 sales reported in April 2024, marking a 5% decrease compared to April 2023. Conversely, new listings surged by 47.2% over the same period.

Market Trends and Insights

TRREB has reported that listings increased significantly in April compared to both last year and the previous month. Many homeowners are anticipating a rise in demand for ownership housing as the spring season progresses. Although sales are expected to increase, many potential home buyers are likely waiting for the Bank of Canada to begin cutting its policy rate before making a purchase.

Future Expectations

The report further adds that buyers in the GTA resale market generally benefited from ample choice in April. Consequently, there was little movement in selling prices compared to last year. Looking ahead, the expectation is that lower borrowing costs will lead to tighter market conditions in the coming months, resulting in renewed price growth, particularly as we move into 2025.

Read the 2024 Q1 GTA Condo Market Report.

GTA Real Estate Market April 2024 Stats

Average Home Prices by City April 2024
Detached   Semi 
Detached 
Condo
Townhouse
Condo 
Apartment
Burlington $1,547K$902K$895K$627K
Milton$1,388K$1,102K$745K$606K
Oakville$2,127K$1,195K$833K$710K
Brampton $1,208K$956K$710K$536K
Mississauga$1,658K$1,070K$814K$627K
City of Toronto$1,822K$1,365K$904K$766K
GTA Monthly Statistics as per TRREB Reports
 Avg. PriceHome Sales
 20212022202320242021202220232024
Jan$966K$1,242K$1,036K$1,025K (Bottom)6,8875,5933,0834,187
Feb$1,044K$1,334K (Peak)$1,096K$1,110K10,9259,0284,7545,579
Mar$1,097K$1,298K$1,108K$1,121K15,62710,8646,8766,554
Apr$1,090K$1,250K$1,153K$1,156K13,6137,9417,4877,114
May$1,108K$1,210K$1,195K11,9027,2298,997
Jun$1,089K$1,145K$1,182K11,0526,4247,481
Jul$1,061K$1,073K$1,118K9,3384,8715,250
Aug$1,070K$1,079K$1,082K8,5505,5915,281
Sep$1,135K$1,086K$1,119K9,0105,0084,642
Oct$1,155K$1,087K$1,125K9,7434,9304,646
Nov$1,162K$1,079K$1,082K8,9794,5344,236
Dec$1,157K$1,051K$1,084K6,0133,1173,444
Annual$1,095K$1,190K$1,126K$1,112K121,63975,04765,93623,434

Year-Over-Year Summary (April Comparison)

GTA20242023%age change
Sales (All Home Types)7,1147,487-5.0%
New Listings16,94111,50947.2%
Active Listings18,08810,37374.4%
Average Price$1,156,167$1,152,5190.3%
Average LDOM191711.8%
Average PDOM282416.7%

Average Listing Days on Market (Avg. LDOM) refers to the average number of days sold listings were on the market. Average Property Days on Market (Avg. PDOM) refers to the average number of days a property was on the market before selling, irrespective of whether the property was listed more than once by the same combination of seller and brokerage during the original listing contract period.

5 Year GTA Sales & Avg Price Chart
YearSalesAvg Price
201987,747$819,153
202095,066$929,636
2021121,712$1,095,475
202275,047$1,190,749
202365,936$1,126,591
2024 (YTD)23,434$1,112,232

Mississauga Home Prices by Neighbourhood Q1 2024

NeighbourhoodAvg Price 2024 Q1
Applewood$892,487
Central Erin Mills$1,007,235
Churchill Meadows$1,126,589
City Centre$607,244
Clarkson$1,184,609
Cooksville$904,849
Creditview$885,818
East Credit$1,257,965
Erin Mills$1,129,163
Erindale$1,005,722
Fairview$925,906
Hurontario$833,268
Lakeview$1,181,396
Lisgar$1,116,558
Lorne Park$2,267,034
Malton$856,381
Meadowvale$927,724
Meadowvale Village$1,189,402
Mineola$1,837,318
Mississauga Valleys$750,286
Port Credit$1,336,925
Rathwood$947,184
Sheridan$1,971,393
Streetsville$1,092,059

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