Toronto & GTA Real Estate Market Update - October 2024

In October 2024, the Greater Toronto Area (GTA) real estate market experienced

notable changes, reflecting evolving buyer behaviours and economic conditions. The Toronto Regional Real Estate Board (TRREB) reported a significant year-over-year increase in home sales, with 6,658 transactions recorded—up 44.4% from the 4,611 sales in October 2023.

The average selling price across all property types edged up by 1.1%, reaching $1,135,215.

The sales activity increased across all property types. The market observed an increase in average price for detached and semi-detached properties while observing a slight decrease in price for townhouses and condo apartments.

*Regions Included – Halton, Peel, Toronto, York, Durham, Simcoe, Dufferin

Regional Real Estate Market Update - October'24

Oakville

The Oakville housing market shows strong demand across property types:

• Detached Homes

With 125 units sold, detached homes averaged $1,957,000 and sold at 97% of the list price, reflecting steady interest in Oakville real estate.

• Semi-Detached Homes

Semi-detached homes saw 7 sales, averaging $1,055,500 with a 103% sales-to-list price ratio, highlighting intense competition in the Oakville housing market.

• Freehold Townhouses

Freehold townhouses recorded 52 sales at an average price of $1,210,833, selling at 98% of the list price.

• Condo Apartments

Condo apartments had 35 sales, averaging $805,336 and selling at 96% of the list price, appealing to first-time buyers and investors.

	Sales Activity	Average Price	Avg. Sales Price / List Price
Detached	125	$1,957,000	97%
Semi-Detached	7	$1,055,500	103%
Freehold - Townhouse	52	$1,210,833	98%
Condo Apartment	35	$805, 336	96%

Mississauga

The Mississauga housing market showcases steady activity across all property types, highlighting its appeal to a range of buyers.

• Detached Homes

Detached homes in Mississauga real estate saw 213 units sold, with an average price of $1,610,524. These properties sold at 96% of their list price, reflecting steady but negotiable demand.

• Semi-Detached Homes

Semi-detached homes had 83 sales, achieving an average price of $1,008,686 with a 100% sales-to-list price ratio, signalling strong competition in the Mississauga housing market.

• Freehold Townhouses

Freehold townhouses recorded 28 sales, with an average price of $974,750 and a 100% sales-to-list price ratio, showing balanced demand and competitive pricing.

• Condo Apartments

Condo apartments remained popular, with 154 units sold at an average price of $588,672, selling at 97% of the list price, appealing to first-time buyers and investors.

	Sales Activity	Average Price	Avg. Sales Price / List Price
Detached	213	$1,610,524	96%
Semi-Detached	83	$1,008,686	100%
Freehold - Townhouse	28	$974,750	100%
Condo Apartment	154	$588,672	97%

Toronto

The Toronto housing market remains strong and competitive, indicating strong competition and buyer preferences across property types.

• Detached Homes

Detached homes in Toronto real estate led with 838 sales, achieving an average price of $1,778,855 and selling at 99% of the list price, reflecting strong demand with slight negotiation room.

• Semi-Detached Homes

Semi-detached homes recorded 263 sales, averaging $1,315,547 and selling at 103% of the list price, highlighting intense competition in this segment of the Toronto housing market.

• Freehold Townhouses

Freehold townhouses had 102 sales, commanding an average price of $1,248,037 and achieving an impressive 104% sales-to-list price ratio, showcasing significant buyer interest.

• Condo Apartments

Condo apartments were the most active, with 1,162 sales at an average price of $721,366, selling at 98% of the list price, making them an affordable and attractive option.

	Sales Activity	Average Price	Avg. Sales Price / List Price
Detached	838	$1,778,855	99%
Semi-Detached	263	$1,315,547	103%
Freehold - Townhouse	102	$1,248,037	104%
Condo Apartment	1,162	$721,366	98%

Residential Sales Activity*

The chart below illustrates average sales activity for 2024 in comparison to 2023. We see a general trend of increasing activity from January through the peak in spring (around April or May). Sales activity then declines through some summer months (July - September), with a slight resurgence in the fall (October), before tapering off towards the end of the year.

The 2024 sales activity line (dark purple) appears to follow a similar pattern to past years, but there is a notable dip in mid-year, suggesting a temporary slowdown, likely influenced by market or economic factors.

The October resurgence indicates renewed buyer interest, potentially influenced by factors like government policies or changes in interest rates.

*Regions included - Halton, Peel, Toronto, York, Durham, Simcoe, Dufferin