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 Toronto | 1,708,437 | $1,300,403 | $859,817 | $729,392 |
| 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 | $1,026K (Bottom) | 6,887 | 5,593 | 3,083 | 4,223 |
| Feb | $1,044K | $1,334K (Peak) | $1,096K | $1,108K | 10,925 | 9,028 | 4,754 | 5,607 |
| Mar | $1,097K | $1,298K | $1,108K | $1,121K | 15,627 | 10,864 | 6,876 | 6,560 |
| Apr | $1,090K | $1,250K | $1,153K | 13,613 | 7,941 | 7,501 | ||
| 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 | $1,093K | 121,639 | 75,047 | 65,936 | 16,347 |
Year-Over-Year Summary (March Comparison)
| GTA | 2024 | 2023 | %age change |
|---|---|---|---|
| Sales (All Home Types) | 6,560 | 6,868 | -4.5% |
| New Listings | 13,120 | 11,394 | 15.1% |
| Active Listings | 12,459 | 10,121 | 23.1% |
| Average Price | $1,121,615 | $1,107,018 | 1.3% |
| Average LDOM | 20 | 19 | 5.3% |
| Average PDOM | 29 | 27 | 7.4% |
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 | ||
|---|---|---|
| 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 | 16,347 | $1,093,003 |
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