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May 2024 GTA Real Estate Market Update

Summer is coming, the days are getting longer and homes sales in the GTA are buzzing and busy. May brought many new things, offering new possibilities and possible obstacles for home buyers, sellers and investors. If you are curious about the market in this highly desired area of the GTA, pay close attention because this update is for you.

Read on to find out the most important statistics, patters and shifts that made the GTA real estate market what it is in May. Make this your go-to source for news about the Toronto and GTA housing market and home sales information. We will provide you with information that will help you make decisions in this wild market.

Average Home Selling Price

In May, homes for sale in the GTA had an average selling price of $1,166 million. There is a decline of 2.5% from May 2023, showing a larger market adjustment over the past year. Although the year-over-year drop was high, there was a month-over-month increase from April to May. April was lower at $1.156 million.

A home for sale showing the average price at $1.166M

A Closer Look at Condos, Detached Homes, and More

A photo of the different categories of homes for sale with their average prices written down.

The market for homes for sale in the GTA is seeing some interesting changes in various types of properties. This makes things very exciting for both buyers and sellers. At the moment, the condo market has many options available to choose from. The number of active listings jumped to more than 8,183 units! This is great if you are looking to buy.

If you are looking in the GTA for a home, the market is full of opportunities right now. Prices are stable right now even though the amount of availability of condos is high. We are averaging at $730,000. That is just a small drop of 2% from last year.

Detached homes are also getting action with listings reaching 9,300 homes. It has not been this high since September 2019. Prices for these homes are holding steady at around $1.507 million which is down only 3% from last year.

Same goes for semi-detached and townhomes, with more for sale and prices slightly going up or staying about the same. Semi-detached homes are selling for around $1.173 million and townhomes are going for around $1.040.

With interest rates dropping, now would be the time to buy a home in Toronto or the GTA. This summer could be the perfect time to find that dream home you have always wanted.

whats going on with home sales in the GTA

Home sales in the Toronto and the GTA had a 1.4% decrease compared to April and a large drop of 22% compared to same time last year. The amount of homes that were sold in May is 7,013. The housing market saw a big jump of inventory reaching a 10 year high at the end of May with 21,000 active home listings. The amount of homes put up for sale was higher, but the number of homes sold and their prices did not increase significantly.

Home Sales to listings ratio

38% is the sales to listing ratio for homes for sale in the GTA.

The home sales-to-new-listings ratio in the GTA, for the month, dropped to 38%. This means that we are entering buyer’s market territory. This means that demand is growing more slowly than the amount of homes available. Buyer’s, you have a slight advantage!!

What are the mortgage rates at?

As we all know, the cost to borrow remains high but there are projected interest rate cuts coming in 2024 and 2025. We just saw a 0.25% cut in June so far. These cuts can bring some optimism to the market, possibly easing mortgage obstacles for future borrowers.

GTA Housing Market Sees Decade-High Inventory with Modest Price Growth and Lower Sales in May 2024

In May, the market for homes for sale in Toronto and the GTA was a busy one. With more than 21,000 homes available, this is the most that we have seen in 10 years!

  • Even with all these available new homes for sale, the number of homes sold was not significantly higher and the prices did not jump that much either.
  • The average price of a home was a touch higher at $1.165 million which is only 0.8% more than April 2024 but still lower by 2.5% last year.
  • Homes sold went down from April to May by 1.4% and when compared to last year, it was a large drop of 22%. 7,013 homes were sold in May.
  • The sales-to-listing ratio tells us how many homes are being sold compared to how many are listed. This was at 38%, showing that it’s starting to become a better market for buyers.
  • Even though it’s expensive to borrow money, there’s hope that things will look up. The Bank of Canada has cut interest rates by 0.25% in June 2024, and more cuts are expected in 2024 and 2025. This could make people more optimistic and make getting a mortgage easier in the future.

Wrap-Up: May 2024 Toronto and GTA Real Estate Market Update – Stay Informed and Connected!

Well that’s a wrap for our May 2024 real estate market update for Toronto and the GTA. Remember, the real estate market is always changing, so staying informed is important. While our updates provide a good overview, they might not cover your specific situation. If you have questions about the market in your neighborhood, feel free to reach out for a complimentary market evaluation or a casual, no-pressure chat. We’re here to support you on your real estate journey.

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