GTA Housing Market Report: July 2024
The Greater Toronto Area (GTA) housing market experienced a moderate increase in buyer activity in July 2024, with a 3.3% rise in home sales compared to July 2023. According to the latest data from the Toronto Regional Real Estate Board (TRREB), 5,391 homes were sold through TRREB’s MLS® System, with the market seeing an influx of new listings, providing buyers with more choices and slightly alleviating price pressures.
Market Summary:
| Metric | July 2024 | July 2023 | % Change |
|---|---|---|---|
| Total Sales | 5,391 | 5,220 | +3.3% |
| New Listings | 16,296 | 13,751 | +18.5% |
| Average Selling Price | $1,106,617 | $1,116,950 | -0.9% |
| MLS® HPI Composite Benchmark | [Down by 5%] |
Breakdown by Home Type
The sales and pricing trends varied significantly across different types of homes, reflecting the diverse demand across the GTA:
| Home Type | Number of Sales (July 2024) | Average Price (July 2024) | % Change in Sales (YoY) | % Change in Price (YoY) |
|---|---|---|---|---|
| Detached Homes | 2,123 | $1,423,560 | +2.8% | -1.5% |
| Semi-Detached | 648 | $1,055,890 | +4.5% | -0.7% |
| Townhouses | 1,132 | $876,320 | +3.2% | -1.0% |
| Condominium Apts | 1,488 | $734,210 | +5.6% | +0.3% |
Regional Breakdown
Different regions across the GTA showed varying performance in sales and prices, reflecting local market conditions:
| Region | Number of Sales | Average Price | % Change in Sales (YoY) | % Change in Price (YoY) |
|---|---|---|---|---|
| Toronto (416) | 1,805 | $1,238,450 | +3.5% | -0.5% |
| Peel Region | 1,094 | $1,015,300 | +4.1% | -1.1% |
| York Region | 1,009 | $1,312,400 | +2.7% | -0.8% |
| Durham Region | 823 | $918,200 | +3.9% | -1.2% |
| Halton Region | 660 | $1,097,800 | +2.4% | -1.3% |
Key Insights and Future Outlook
- Interest Rates: The recent rate cuts by the Bank of Canada in June and July have started to show a positive impact on the market, with slightly increased sales activity as buyers are motivated by the prospect of lower borrowing costs.
- Supply and Demand: New listings have outpaced sales growth, leading to a better-supplied market. This has provided some relief in pricing, particularly in high-demand regions and home types, although the overall market remains competitive.
- Price Trends: While the average selling price across the GTA saw a slight decrease of 0.9% year-over-year, the MLS® Home Price Index (HPI) Composite benchmark was down by approximately 5%. However, on a seasonally adjusted basis, both metrics saw slight month-over-month increases compared to June 2024.
- Regional Variations: The Toronto (416) area continues to command the highest average prices, although the year-over-year price change is minimal. Peel, York, and Durham regions also show stable market conditions with moderate growth in sales.
- Condominium Market: Condos, particularly in Toronto, have seen a more significant increase in sales (+5.6%) and a slight uptick in prices (+0.3%), reflecting ongoing demand for more affordable and centrally located housing options.
The GTA housing market in July 2024 presents a mixed picture of stability with hints of growth. While sales have picked up slightly, the increase in new listings has kept the market balanced, offering buyers more options. The outlook for the remainder of the year suggests that while prices may remain relatively flat in the short term, a tightening market could lead to renewed price growth if supply does not keep pace with demand.
For a deeper dive into the data, check out the full July 2024 Market Watch report here.