June 2024 Real Estate Market Update

Find Out What's Going on In the Real estate Market

It’s great to have you here for another look into the Greater Toronto Area’s real estate market! Today, we’re diving into the latest Toronto & GTA housing market statistics and trends that shaped the month of June. Whether you’re considering buying, selling, or simply interested in market news, join us as we explore what’s been happening in the GTA real estate scene. Let’s jump right in!

Average Price

Houses showing the average sale price in the GTA housing market statistics.

In June 2024, the average sale price in the GTA was $1,162,167. This is down 1.6% from June 2023 and just a tiny 0.3% dip from May 2024. For buyers, these Greater Toronto statistics  are great news in the housing market, as the slight decrease in prices makes it a perfect time to explore the market and potentially find some fantastic deals on homes. All that is needed is another drop in interest rates! In a perfect world, the prices will stay in a decline and so will the interest rates. Reality bites. 

Asset Classes

Let’s break down what’s happening across the Greater Toronto housing market and the different types of homes:

Different types of homes under a magnify glass. This is the summary of all the asset classes in the housing market.
Detached Homes

Firstly, we have detached homes. There were 2,988 detached home sales in the housing market for the month of June. This is 11.5% less than this time last year. Inventory of detached homes rose to a whopping 10,130, this is the highest inventory since September 2019. Additionally, the average price for detached home was $1,480,399 which has decreased 3% from last year.

Semi-detached homes

Moving along with our housing market statistics we have semi-detached homes. The average sale price in the Greater Toronto Area for semi-detached homes is $1,102,904, showing a 9.2% decrease from last year. Wow! That’s a significant decrease! Inventory increased by 45.7% to 1,118 homes, which are fantastic stats for buyers. And not so great seller stats are that the sales dropped by 11.6% to 599. With these noteworthy figures in mind, it’s an exciting time for buyers with such great inventory available!

townhouses

Let’s get excited about townhouses! The average sale price for townhouses in the GTA is $1,021,866, which is 6% lower than last year. Again, that’s fantastic news for buyers! Even better, listings have skyrocketed by an incredible 81.8% to 1,760, while sales have dropped by 14.6% to 567. These greater Toronto housing market statistics show promising opportunities for prospective buyers! You’ll have plenty to choose from while everyone waits for interest rates to drop. But once those rates fall, the market will heat up quickly, and the buyer’s market will shift back to a seller’s market.

condos

Finally, let’s dive into condos! There were an impressive 8,806 active condo listings, marking an 83% increase from last year—quite staggering! This surge in listings makes finding something closer to your dream home easier. Despite this rise, the average condo price only dipped slightly by 1.5% to $727,861. However, condo sales faced a significant setback, decreasing by 28%—the fourth consecutive month of decline. Despite these challenges, exploring the condo market now presents more choices at potentially better prices, offering hope to prospective buyers.

Writing on the chalkboard showing housing stats of inventory rising and sales declining.

So, to sum it up, we’re seeing more homes on the market, but sales are down overall. This is affecting prices in different ways across the various housing types in the Greater Toronto Area real estate scene.

Sales

Two people shaking hands and note pad with housing market stats for the month.

In June 2024, the Greater Toronto housing market saw 6,213 home sales, a significant drop from last month—down 11.4% and even more compared to last year, which was down 16.9%. 

By the end of June 2024, there were 23,613 homes listed for sale, the highest in 14 years! Back in June 2010, there were 23,923 listings. That’s a milestone for sure!

Sales To New Listings Ratio

The Greater Toronto housing market statistics for the month showed a sales-to-new-listings ratio of 35%. This is down from 38% last month, indicating it’s leaning towards a buyer’s market. It reflects a situation where more homes are being listed for sale compared to the number of buyers actively purchasing. I personally don’t think this will last too long. My belief is that once the interest rates drop 0.5% to 1%, this buyers market will be a thing of the past.

Mortgage Rates

Mortgage rates currently and the cut that was made in June for housing market stats.

The Bank of Canada cut interest rates by 0.25%, the first decrease in over four years. This sparked optimism that Toronto’s housing market could see price increases as more buyers show interest. However, surveys from the Toronto Real Estate Board show that a larger cut, around 1%, would be necessary to significantly stimulate buyers to get out there. Currently, mortgage rates are in the range of 4.5% to 6%. Will this rate cut be the spark that ignites a new wave of activity in Toronto’s housing market? Only time will tell.

Greater Toronto Area Housing Market Hits Decade-High Inventory: Sales and Prices Hold Steady

In May, the housing market statistics in the Greater Toronto Area (GTA) hit a ten-year high with over 21,000 homes up for grabs. Despite more homes hitting the market, sales and home prices didn’t pick up much steam.

  • The average home price crept up to $1,165,691, just 0.8% higher than April 2024 but down 2.5% compared to last year.
  • About 7,013 homes were sold, a slight 1.4% dip from April and a hefty 22% drop from last year.
  • The sales-to-new-listings ratio fell to 38%, pointing towards a market where buyers might have more options.
  • Even with high borrowing costs, potential interest rate cuts in 2024 and 2025, like the recent 0.25% drop by the Bank of Canada in June 2024, could get that market moving and make future mortgage worries disappear, well not totally.

With potential interest rate cuts on the horizon and a record-high inventory, the Greater Toronto Area housing market is setting up for an intriguing turnaround ahead.

Conclusion

That wraps up our June 2024 housing market statistics update for Toronto and the GTA. If you found this information helpful, subscribe to our YouTube Channel for more real estate updates and tips.

Team House2Home Youtube channel information to find out more about the Greater Toronto housing market.

Remember, the real estate market is always evolving, so staying informed is crucial. While our updates give a good overview, they may not address your specific needs. If you have questions about the market in your area, feel free to reach out for a complimentary market evaluation or a casual chat with no pressure. We’re here to assist you on your real estate journey.