GTA Real Estate Market March 2024

GTA Real Estate Market March 2024 Summary

Lower Monthly Home Sales 

As per the March 2024 TRREB Market Watch Report, the number of homes sold across the GTA was less than in March 2023. In March 2024, there were 6,560 home sales, which is 4.5% less than March 2023. One reason for this could be that the holiday Good Friday happened in March this year, whereas it was in April last year. However, there was good news too, as new listings went up by 15% during the same period.

More Houses, More Buyers, Higher Prices

Even though there were more homes available this year, there was still a lot of competition among home buyers. This led to prices going up a bit compared to last year.

Price Trends and Predictions

The average selling price increasing by 1.3% to $1,121,615. TRREB expects prices to go up even more, especially in the spring and the latter half of the year.

Quarterly Performance (2024 Q1) and Outlook

The first quarter of the year ended with an increase in sales by 11.2% compared to last year. New listings also saw a significant annual increase of 18.3%. TRREB President Jennifer Pearce noted a gradual improvement in market conditions, with more buyers adjusting to higher interest rates.

The Importance of Housing Supply

TRREB has also stressed upon the need to focus on increasing the supply of homes to improve affordability. This includes exploring new ideas like home co-ownership models and building multiplexes to meet the demand for housing, especially in high-demand areas like the Greater Golden Horseshoe.

In summary, March 2024 showed some interesting trends in the housing market, with prices going up and demand remaining strong. Looking ahead, it’s crucial to address housing supply challenges to ensure everyone has access to affordable housing options.

GTA Real Estate Market March 2024 Stats

Average Home Prices by City March 2024
Detached   Semi 
Detached 
Condo
Townhouse
Condo 
Apartment
Burlington $1,480,647$912,889$813,996$659,699
Milton$1,330,251$1,033,586$716,389$662,389
Oakville$2,017,737$1,196,271$791,800$708,825
Brampton $1,199,856$959,535$736,510$574,118
Mississauga$1,566,563$1,056,840$839,179$615,529
City of Toronto1,708,437$1,300,403$859,817$729,392
GTA Monthly Statistics as per TRREB Reports
 Avg. PriceHome Sales
 20212022202320242021202220232024
Jan$966K$1,242K$1,036K$1,026K (Bottom)6,8875,5933,0834,223
Feb$1,044K$1,334K (Peak)$1,096K$1,108K10,9259,0284,7545,607
Mar$1,097K$1,298K$1,108K$1,121K15,62710,8646,8766,560
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$1,093K121,63975,04765,93616,347

Year-Over-Year Summary (March Comparison)

GTA20242023%age change
Sales (All Home Types)6,5606,868-4.5%
New Listings13,12011,39415.1%
Active Listings12,45910,12123.1%
Average Price$1,121,615$1,107,0181.3%
Average LDOM20195.3%
Average PDOM29277.4%

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
202416,347$1,093,003

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