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. 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 | $1,165K | 11,902 | 7,229 | 8,997 | 7,013 |
| Jun | $1,089K | $1,145K | $1,182K | $1,162K | 11,052 | 6,424 | 7,481 | 6,213 |
| 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 | $1,130K | 121,639 | 75,047 | 65,936 | 36,586 |
Year-Over-Year Summary (June Comparison)
| GTA | 2024 | 2023 | %age change |
|---|---|---|---|
| Sales (All Home Types) | 6,213 | 7,429 | -16.4% |
| New Listings | 17,964 | 15,995 | 12.3% |
| Active Listings | 23,613 | 14,108 | 67.4% |
| Average Price | $1,162,167 | $1,181,002 | -1.6% |
| Average LDOM | 20 | 14 | 42.9% |
| Average PDOM | 30 | 20 | 50.0% |
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 | ||
|---|---|---|
| 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) | 36,586 | $1,130,744 |
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