GTA Real Estate Market January 2024

GTA Real Estate Market January 2024 Summary

GTA Real Estate Market Performance:

As per the January 2024 TRREB Market Watch Report, the housing market experienced a notable surge in home sales compared to the same period in 2023. This upswing coincided with certain homebuyers reaping the benefits of reduced borrowing expenses associated with fixed-rate mortgage products. Although there was a year-over-year increase in new listings, the growth rate was less pronounced compared to sales figures.

Consequently, the resulting tighter market conditions compared to the previous year may potentially indicate a resurgence in price appreciation as the spring market approaches.

Jennifer Pearce, President of TRREB, remarked, “We had a positive start to 2024. The Bank of Canada expects the rate of inflation to recede as we move through the year. This would support lower interest rates which would bolster home buyers’ confidence to move back into the market. First-time buyers currently facing high average rents would benefit from lower mortgage rates, making the move to homeownership more affordable.”

TRREB reported 4,223 sales through its MLS® System in January 2024, marking an increase of over one-third compared to January 2023. The average selling price experienced a 1% decrease year-over-year, amounting to $1,026,703.  Although new listings also saw a year-over-year uptick, the growth rate was approximately 6% lower. The stronger surge in sales relative to listings indicates tighter market conditions for buyers compared to the previous year. Furthermore, on a month-over-month seasonally adjusted basis, both sales and new listings experienced an increase. However, sales outpaced listings, leading to tightened market conditions relative to December 2023.

There is anticipation for further increases in home sales once the Bank of Canada initiates cuts to its policy rate, likely in the second half of 2024. With growing demand and limited listing supply, competition among buyers is expected to intensify, consequently exerting upward pressure on selling prices over the next two years.

From our on-the-ground experience, from mid to late January, we have been witnessing multiple offer scenarios with 15-20 offers becoming a norm on most good homes. All of this is pointing towards a potential sellers market making a comeback in 2024.

GTA Real Estate Market January 2024 Stats

Average Home Prices by City January 2024
Detached   Semi 
Detached 
Condo
Townhouse
Condo 
Apartment
Burlington $1,196,675$973,857$776,535$718,843
Milton$1,274,544$1,043,889$644,167$631,833
Oakville$2,004,573$1,113,750$806,358$716,695
Brampton $1,157,763$905,317$662,330$535,608
Mississauga$1,596,414$1,003,019$821,842$593,888
City of Toronto$1,570,520$1,199,531$842,382$709,419
GTA Monthly Statistics as per TRREB Reports
 Avg. PriceHome Sales
 20212022202320242021202220232024
Jan$966K$1,242K$1,036K (BOTTOM)$1,026K6,8875,5933,0834,223
Feb$1,044K$1,334K (PEAK)$1,096K10,9259,0284,754
Mar$1,097K$1,298K$1,108K15,62710,8646,876
Apr$1,090K$1,250K$1,153K13,6137,9417,501
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$1,026K121,63975,04765,9364,223

Year-Over-Year Summary (January Comparison)

GTA202420232022%age change over 2023
Sales (All Home Types)4,2233,0833,09037.0%
New Listings8,3127,8364,1616.1%
Active Listings10,0939,3008,6948.5%
Average Price$1,026,703$1,036,925$1,050,569-1.0%
Average LDOM37292727.6%
Average PDOM54414031.7%

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
20244,223$1,026,703

Looking to List Your Home For Sale in the Spring of 2024?

Here is a good read if you are planning to sell your home in Spring.

Are You a Buyer Looking for a Townhouse in Mississauga?

Browse through our latest listing of a 3 BR Condo Townhouse for sale in Mississauga. View the virtual tour of this gorgeous home.

If you are a newcomer or a renter thinking of buying a property, or are just curious, you may like to read about how the offer process works when buying a home in Mississauga and the GTA.

New Buyer & Seller Guide from the Real Estate Council of Ontario

Find out about TRESA – The Trust in Real Estate Services Act, and view the latest information guide from RECO.

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