GTA Real Estate Market June 2024

GTA Real Estate Market June 2024 Summary

June 2024 GTA Home Sales Decline Despite Rate Cut

As per the TRREB June 2024 Market Watch, the Greater Toronto Area (GTA) experienced a decline in home sales compared to the previous year, despite efforts to stimulate the market with a recent rate cut by the Bank of Canada.

Market Dynamics and Buyer Sentiment

Many prospective home buyers chose to postpone their home purchases despite the rate cut, contributing to a well-supplied market environment and a slight dip in average selling prices. This makes the current market a favourable time for first time home buyers to buy a home or a condo.

Sales and Listing Statistics

GTA REALTORS® reported 6,213 home sales through TRREB’s MLS® System in June 2024, marking a 16.4% decrease from the same period in 2023. New listings saw a year-over-year increase of 12.3%, totaling 17,964 entries into the MLS® System.

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Price Trends and Economic Impact

The MLS® Home Price Index Composite benchmark showed a 4.6% decrease year-over-year in June 2024. The average selling price of homes in the GTA was $1,162,167, down 1.6% from June 2023, although showing month-over-month increases when adjusted for seasonal variations.

Market Outlook and Policy Considerations

TRREB anticipates potential sales increases as borrowing costs decline, while emphasizing the importance of maintaining adequate housing supply amidst ongoing population growth. TRREB has underscored the need for sustained efforts in policy-making to support Ontario’s goal of adding 1.5 million homes by 2031.

GTA Real Estate Market June 2024 Stats

Average Home Prices by City June 2024
Detached   Semi 
Detached 
Condo
Townhouse
Condo 
Apartment
Burlington $1,557K$929K$825K$665K
Milton$1,382K$1,032K$735K$615K
Oakville$1,891K$1,157K$873K$781K
Brampton $1,181K$912K$693K$537K
Mississauga$1,551K$1,039K$803K$626K
City of Toronto$1,758K$1,282K$892K$657K
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$1,195K$1,165K11,9027,2298,9977,013
Jun$1,089K$1,145K$1,182K$1,162K11,0526,4247,4816,213
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$1,130K121,63975,04765,93636,586

Year-Over-Year Summary (June Comparison)

GTA20242023%age change
Sales (All Home Types)6,2137,429-16.4%
New Listings17,96415,99512.3%
Active Listings23,61314,10867.4%
Average Price$1,162,167$1,181,002-1.6%
Average LDOM201442.9%
Average PDOM302050.0%

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)36,586$1,130,744

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