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. Price | Home Sales | |||||||
| 2021 | 2022 | 2023 | 2024 | 2021 | 2022 | 2023 | 2024 | |
| Jan | $966K | $1,242K | $1,036K | $1,025K (Bottom) | 6,887 | 5,593 | 3,083 | 4,187 |
| Feb | $1,044K | $1,334K (Peak) | $1,096K | $1,110K | 10,925 | 9,028 | 4,754 | 5,579 |
| Mar | $1,097K | $1,298K | $1,108K | $1,121K | 15,627 | 10,864 | 6,876 | 6,554 |
| Apr | $1,090K | $1,250K | $1,153K | $1,156K | 13,613 | 7,941 | 7,487 | 7,114 |
| May | $1,108K | $1,210K | $1,195K | 11,902 | 7,229 | 8,997 | ||
| Jun | $1,089K | $1,145K | $1,182K | 11,052 | 6,424 | 7,481 | ||
| Jul | $1,061K | $1,073K | $1,118K | 9,338 | 4,871 | 5,250 | ||
| Aug | $1,070K | $1,079K | $1,082K | 8,550 | 5,591 | 5,281 | ||
| Sep | $1,135K | $1,086K | $1,119K | 9,010 | 5,008 | 4,642 | ||
| Oct | $1,155K | $1,087K | $1,125K | 9,743 | 4,930 | 4,646 | ||
| Nov | $1,162K | $1,079K | $1,082K | 8,979 | 4,534 | 4,236 | ||
| Dec | $1,157K | $1,051K | $1,084K | 6,013 | 3,117 | 3,444 | ||
| Annual | $1,095K | $1,190K | $1,126K | $1,112K | 121,639 | 75,047 | 65,936 | 23,434 |
Year-Over-Year Summary (April Comparison)
| GTA | 2024 | 2023 | %age change |
|---|---|---|---|
| Sales (All Home Types) | 7,114 | 7,487 | -5.0% |
| New Listings | 16,941 | 11,509 | 47.2% |
| Active Listings | 18,088 | 10,373 | 74.4% |
| Average Price | $1,156,167 | $1,152,519 | 0.3% |
| Average LDOM | 19 | 17 | 11.8% |
| Average PDOM | 28 | 24 | 16.7% |
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 | ||
|---|---|---|
| Year | Sales | Avg Price |
| 2019 | 87,747 | $819,153 |
| 2020 | 95,066 | $929,636 |
| 2021 | 121,712 | $1,095,475 |
| 2022 | 75,047 | $1,190,749 |
| 2023 | 65,936 | $1,126,591 |
| 2024 (YTD) | 23,434 | $1,112,232 |
Mississauga Home Prices by Neighbourhood Q1 2024
| Neighbourhood | Avg 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 |
Average Home Prices by neighbourhood for the different communities across the GTA
Ajax Average Home Prices Q1 2024
Oshawa Average Home Prices Q1 2024
Whitby Average Home Prices Q1 2024
Burlington Average Home Prices Q1 2024
Milton Average Home Prices Q1 2024
Oakville Average Home Prices Q1 2024
Hamilton Average Home Prices Q1 2024
Brampton Average Home Prices Q1 2024
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