Toronto Real Estate Market Overview for September 2024
The Toronto Regional Real Estate Board (TRREB) has released its September 2024 Market Watch report, and the numbers tell an interesting story. Despite challenges, the Greater Toronto Area (GTA) housing market continues to grow, with an 8.5% year-over-year increase in sales, but with a slight dip in the average selling price. The market conditions reflect an ongoing balancing act between affordability, interest rate cuts, and improved housing supply. Here’s a comprehensive look at the data from the TRREB report, including sales by home type, regional statistics, and historical trends.
Key Highlights for September 2024:
- Sales Growth: Sales in the GTA increased by 8.5% year-over-year, with 4,996 transactions recorded.
- Average Selling Price: The average price of homes across the GTA was $1,107,291, representing a slight 1% drop compared to September 2023.
- New Listings: New listings in the region rose by 10.5%, indicating that more sellers are entering the market as conditions improve.
- Regional Trends: Toronto and surrounding areas like Durham, Halton, and Peel continue to contribute to the overall market performance with varied price and sales movements.
Sales & Average Price by Major Home Type – September 2024
| Home Type | Sales | Average Price |
|---|---|---|
| Detached | 2,132 | $1,416,719 |
| Semi-Detached | 524 | $1,065,937 |
| Townhouse | 797 | $884,231 |
| Condo Apartments | 1,476 | $718,940 |
- Detached Homes: Detached home sales remained strong, with 2,132 sales and an average price of $1,416,719, reflecting a stable demand for spacious properties.
- Semi-Detached Homes: Semi-detached homes recorded 524 sales with an average price of $1,065,937. This home type offers a more affordable option for buyers looking for space in suburban areas.
- Townhouses: Townhouses saw 797 transactions at an average price of $884,231, continuing to be a popular choice for first-time homebuyers.
- Condo Apartments: The condo market remained robust, with 1,476 sales at an average price of $718,940, making it the most affordable property type in the GTA.
Summary of Existing Home Transactions by Area – September 2024
| Area | Sales | Average Price |
|---|---|---|
| Dufferin | 103 | $811,720 |
| Durham | 812 | $956,370 |
| Halton | 552 | $1,232,944 |
| Peel | 1,049 | $1,013,832 |
| Simcoe | 307 | $769,511 |
| Toronto | 2,498 | $1,054,498 |
| York | 905 | $1,303,648 |
- Toronto: With 2,498 sales and an average price of $1,054,498, Toronto continues to lead the market in both sales volume and stable pricing. Despite slight price declines, the demand for housing in the city remains high.
- Peel: With 1,049 sales at an average price of $1,013,832, Peel Region is thriving, fueled by affordability and accessibility for buyers who are looking for proximity to Toronto without the steep price tag.
- Durham: Durham’s average price of $956,370 and 812 sales make it a popular choice for buyers seeking more affordable housing options outside the core GTA.
- York: York Region’s average price stands at $1,303,648 with 905 sales, making it one of the most expensive areas in the GTA.
Historical Annual Statistics: A Look at Sales and Average Prices Over Time
Over the past decade, the GTA real estate market has witnessed significant fluctuations in both sales and average prices. The following data provides insight into how the market has evolved since 2011:
| Year | Sales | Average Price |
|---|---|---|
| 2011 | 75,045 | $464,989 |
| 2012 | 89,110 | $497,073 |
| 2013 | 85,488 | $522,951 |
| 2014 | 87,047 | $566,611 |
| 2015 | 92,776 | $622,116 |
| 2016 | 101,213 | $729,824 |
| 2017 | 113,040 | $822,510 |
| 2018 | 92,340 | $787,842 |
| 2019 | 87,747 | $819,153 |
| 2020 | 95,066 | $929,636 |
| 2021 | 121,712 | $1,190,742 |
| 2022 | 78,017 | $1,095,475 |
Key Observations:
- The average price of a home in the GTA has nearly tripled over the past 13 years, from $464,989 in 2011 to over $1.1 million in 2024.
- Sales activity reached its peak in 2021 with 121,712 transactions, fueled by historically low interest rates and strong demand during the pandemic.
- 2023 and 2024 have seen price stabilization, as interest rates rose and the market began to rebalance.
Monthly Market Stats – A Year in Review
The real estate market in 2024 has seen consistent activity month-over-month. The following are monthly statistics for home sales and average prices through September:
| Month | Sales | Average Price |
|---|---|---|
| January | 3,419 | $1,120,216 |
| February | 4,194 | $1,107,291 |
| March | 4,611 | $1,074,341 |
| April | 4,606 | $1,107,513 |
| May | 5,251 | $1,161,562 |
| June | 5,219 | $1,165,414 |
| July | 7,429 | $1,154,346 |
| August | 6,519 | $1,121,011 |
| September | 4,996 | $1,107,291 |
TRREB CEO’s Perspective:
John DiMichele, CEO of TRREB, weighed in on the current market trends: “The year 2024 has brought a stable yet dynamic real estate market to the Greater Toronto Area. With interest rates seeing gradual cuts, we are observing a healthier balance between supply and demand, allowing for a modest correction in prices. Buyers, particularly first-time homebuyers, are taking advantage of improved affordability in certain segments like townhouses and condos. We expect these conditions to persist into the next quarter, with potential for growth as economic conditions stabilize.”
FAQs about Toronto’s Real Estate Market in 2024
1. What is the average home price in Toronto in September 2024?
The average home price in the Greater Toronto Area (GTA) for September 2024 is $1,107,291, representing a slight 1% decline from the previous year.
2. Which home types are most affordable in 2024?
Condo apartments remain the most affordable home type in the GTA, with an average price of $718,940 in September 2024. Townhouses also provide a mid-range option for buyers, averaging $884,231.
3. What regions are seeing the most sales growth?
The city of Toronto leads in overall sales with 2,498 transactions. Peel and Durham regions are also seeing strong sales numbers due to affordability and proximity to Toronto.
4. What is driving the current market activity?
Interest rate cuts and changes to mortgage lending guidelines have created favorable conditions for buyers. Additionally, an increase in new listings has improved market supply, allowing for more balanced pricing.
5. How have average prices changed over the past decade?
Average prices have steadily increased over the last decade, from $464,989 in 2011 to over $1.1 million in 2024. This growth has been driven by strong demand, limited supply, and changing economic factors.
