MARKET REPORT AUGUST
2024
What’s Really Going On in the GTA:
The Greater Toronto Area (GTA) real estate scene in July 2024 is a bit like a rollercoaster exciting, a little unpredictable, but ultimately worth the ride. Home sales are up compared to last year, which is great news, but the market is still a bit of a mixed bag depending on where you’re looking and what you’re after With recent rate cuts from the Bank of Canada, there’s a buzz in the air, but let’s dive into what that really means for you
Sales and Listings:
A Welcome Boost in Sales: We saw 5,391 homes sold in July 2024, a nice 3.3% bump from July 2023 This is likely thanks to the Bank of Canada giving everyone a bit of breathing room with those rate cuts It’s encouraging, but it’s not time to pop the champagne just yet We’re also seeing a lot more homes coming onto the market, with new listings up by 18.5% compared to last year. That’s more choice for buyers, which is always a good thing.
Inventory Up, Prices Steady: With more homes to choose from, buyers aren’t feeling as much pressure to jump on the first house they see That’s helped keep prices from skyrocketing The average selling price in the GTA was $1,106,617 in July, down just a smidge from last year.
What’s Happening with Prices:
Detached and Semi-Detached Homes: Detached homes in Toronto, especially in the Central areas, are still the hot ticket Prices in Central Toronto jumped by a whopping 18 4%, with the average home now going for about $2.5 million. Semi-detached homes are also flying off the shelves, especially in those trendy east-end neighborhoods like Riverdale and Leslieville, where homes are selling faster than you can say “open house.”
Condo Market: On the flip side, condos are feeling the pinch Prices and sales have dipped this year, with the average condo going for $718,698 across the GTA The market is flooded with listings, especially from investors looking to offload their units, so if you’re condo shopping, you might find a deal.
What’s the Vibe?
Interest Rates: The Elephant in the Room: Even though rates have come down a bit, they’re still high enough to make everyone pause and think twice. Fixed mortgage rates are still above 5%, and variable rates are creeping towards 6%. This “wait and see” attitude is keeping some buyers on the sidelines, but those who are ready to dive in are finding plenty of options.
Neighborhood Snapshots: Toronto’s real estate market is anything but one-size-fits-all. Central Toronto is holding strong with high demand and low inventory, which means prices there are staying high. But head out to the suburbs, and you’ll find more homes available and prices that aren’t as steep
Looking Ahead: So, what’s next? Well, the market could see a boost later this year if the Bank of Canada cuts rates again, as many are expecting. That could provide the momentum the market needs to pick up speed. But let’s be real it’s not going to be like the wild days of the pandemic boom. The name of the game now is smart moves and patience.
Bottom Line: The Toronto real estate market is like a finely tuned dance—sometimes fast, sometimes slow, but always in motion. Whether you’re buying or selling, now more than ever, it’s about making informed decisions. Teaming up with a pro who knows the market inside and out can make all the difference.
If you’re curious about what’s happening in your neighborhood or wondering what your next move should be, don’t hesitate to reach out. We’re here to help you navigate this everchanging market with confidence.
The Richards Group
ALL HOME TYPES - GTA NUMBER OF SALES
2024 2023
In July 2024, GTA REALTORS® reported 5,391 home sales, marking a 3 3% increase from the 5,220 sales reported in July 2023 This uptick is seen as a positive indicator, possibly reflecting the impact of the Bank of Canada's rate cuts in June and July. The increase in sales is accompanied by a significant rise in new listings, which grew by 18.5% year-over-year to 16,296 in July 2024.
