GTA Real Estate Market Report: July 2024
The Greater Toronto Area (GTA) real estate market continued to show resilience in July 2024, driven by steady demand across various property types. The report provided by TREB report provides an in-depth look at sales, pricing trends, and economic factors that influenced the market, helping buyers and sellers navigate the current landscape.
Key Market Highlights for July 2024
- Total Sales: 5,391 homes sold (+3.3% YoY).
- New Listings: 16,296 listings, a significant increase of 18.5% YoY.
- Average Price: $1,106,617 (-0.9% YoY).
- Active Listings: 23,877 (+55.4% YoY), indicating a more balanced market.
- Average Days on Market (DOM): 24 days, suggesting steady sales activity.
Sales by Property Type (GTA)
This table breaks down sales, average prices, and year-over-year changes for various property types in the GTA.
| Property Type | Sales (July 2024) | Average Price (July 2024) | YoY % Change in Sales | YoY % Change in Avg. Price |
|---|---|---|---|---|
| Detached Homes | 2,446 | $1,648,021 | +3.3% | +2.1% |
| Semi-Detached | 471 | $1,067,576 | +2.5% | -1.2% |
| Townhouse | 601 | $1,254,280 | -1.0% | -0.5% |
| Condo Apartments | 1,845 | $748,330 | +1.8% | +0.4% |
Sales and Price Breakdown by Region
The following table provides a detailed breakdown of sales, average prices, and listings across various regions in the GTA.
| Region | Sales (July 2024) | Average Price (July 2024) | New Listings (July 2024) | Active Listings (July 2024) | Average Days on Market |
|---|---|---|---|---|---|
| Toronto (416) | 1,987 | $1,127,525 | 6,074 | 3,791 | 22 |
| Peel Region | 1,478 | $1,425,927 | 4,371 | 3,368 | 23 |
| York Region | 1,036 | $1,464,863 | 2,121 | 1,572 | 26 |
| Durham Region | 746 | $915,636 | 2,281 | 1,290 | 25 |
| Halton Region | 543 | $1,106,617 | 1,411 | 949 | 27 |
Sales by Price Range in the GTA
This table categorizes sales by price range across different property types, offering a clearer picture of market distribution.
| Price Range | Detached | Semi-Detached | Townhouse | Condo Apartment | Total Sales |
|---|---|---|---|---|---|
| $0 – $499,999 | 6 | 1 | 2 | 102 | 111 |
| $500,000 – $999,999 | 746 | 245 | 345 | 1,139 | 2,475 |
| $1,000,000 – $1,499,999 | 2,446 | 471 | 601 | 3 | 3,521 |
| $1,500,000+ | 2,720 | 1,286 | 465 | 32 | 4,503 |
Year-over-Year Comparison: July 2024 vs. July 2023
The table below compares the key market indicators between July 2024 and July 2023, providing insights into the evolving real estate landscape in the GTA.
| Indicator | July 2024 | July 2023 | YoY Change (%) |
|---|---|---|---|
| Total Sales | 5,391 | 5,220 | +3.3% |
| New Listings | 16,296 | 13,755 | +18.5% |
| Active Listings | 23,877 | 15,360 | +55.4% |
| Average Price | $1,106,617 | $1,116,950 | -0.9% |
| Average DOM | 24 days | 20 days | +20% |
Condo Market Insights
The condo market saw significant activity, particularly in urban areas like Toronto and the Vaughan Metropolitan Centre. With affordability being a concern, condos offer a more accessible option for many buyers, particularly first-time homebuyers and investors.
| Region | Sales (Condos) | Average Price (Condos) | New Listings (Condos) | YoY Change in Price |
|---|---|---|---|---|
| Toronto (416) | 1,045 | $765,320 | 2,554 | +0.8% |
| Peel Region | 453 | $621,445 | 1,021 | +0.2% |
| York Region | 227 | $634,152 | 732 | +1.5% |
Detached Home Market Trends
Detached homes remain a popular choice in suburban areas. The table below highlights trends in key regions.
| Region | Sales (Detached) | Average Price (Detached) | YoY Change in Price (%) |
|---|---|---|---|
| Toronto (416) | 637 | $1,694,452 | +2.7% |
| Peel Region | 523 | $1,508,721 | +1.3% |
| York Region | 462 | $1,772,634 | +3.1% |
| Durham Region | 295 | $986,525 | +1.8% |
New Construction and Pre-Construction Market
Oakville, Vaughan, and Markham are seeing a surge in new and pre-construction projects, especially in the luxury condo and townhouse segments. The demand for new builds continues to rise due to their modern amenities, eco-friendly designs, and the ability to customize finishes.
| Region | New Developments (Units) | Avg. Price (Pre-Construction) |
|---|---|---|
| Oakville | 1,542 | $1,275,000 |
| Vaughan | 2,318 | $1,115,000 |
| Markham | 1,734 | $1,220,000 |
Economic Indicators Affecting the GTA Real Estate Market
Several economic factors have played a crucial role in shaping the GTA’s real estate market in July 2024. Here’s a breakdown of key indicators:
| Indicator | Rate (July 2024) |
|---|---|
| Unemployment Rate (Toronto) | 4.5% |
| Bank of Canada Overnight Rate | 4.75% |
| Prime Rate | 7.0% |
| Inflation Rate | 3.2% |
Impact of Interest Rates on Buyer Behavior
The recent cuts to the Bank of Canada Overnight Rate, from 5.00% in Q1 2024 to 4.75% by July 2024, have had a positive impact on buyer confidence. Lower borrowing costs are expected to stimulate demand in the coming months, particularly for first-time buyers and investors seeking financing. As mortgage rates stabilize, experts predict an uptick in property sales throughout the remainder of 2024.
Expert Insights
Jennifer Pearce, President of TRREB, has emphasized that the recent rate cuts are designed to stimulate the market while giving buyers a breather after a series of interest rate hikes. “The market is stabilizing, and we’re seeing a better balance between supply and demand,” she stated.
Jason Mercer, TRREB’s Chief Market Analyst, added that, “While prices have slightly declined year-over-year, the market remains healthy, and as interest rates continue to drop, we expect prices to firm up again in the coming months.”
Conclusion: A Balanced Market with Opportunities
The GTA’s real estate market is showing signs of balance, with increased inventory offering buyers more choices while still maintaining steady demand. Local Toronto is here to help you navigate this dynamic market, providing tailored solutions, exclusive listings, and low commissions.
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