October 2024 - Best Month Since Spring
October 2024 Toronto Real Estate Market Report
Here’s a ‘highlights’ summary of the significant real estate milestones across the entire Toronto Real Estate Board territory and the City of Toronto specifically for OCTOBER 2024 as we are in the middle of the fall real estate market.
Across the entire TRREB Board, October sales (6,658) were +43% above last year and a big jump over the last four months
Active Listings (24,481) however were +25% above those in October 2023 and the highest number of listings for ANY October since 2008
The ratio of sales-to-listings improved slightly during the month to 27% in October although still a definitive indication of a buyer’s market
The October average sale price came in at $1,135,215– a +1% rise from the 2023 average one year ago
The GTA real estate market ‘velocity’ was steady at 27 days-on-market
Detached home sales in October 2024 with a purchase price over $2,000,000 were up by +50% (433 houses) while condo apartment sales over $2M were up by +243% (24 suites) compared to October 2023
The CONDO townhouse / highrise share of the overall market was steady at 33% during the month and all condo-type sales (2,164) rose by +34% year-over-year
In the City of Toronto only, detached house sales (838) increased by +43% from 2023 while the average detached sale price ($1,778,855) was up by +4% from a year ago
In October Toronto semi-detached sales (263) were up by +36% year-over-year while the average semi sale price ($1,315,547) was up by +3% compared to last year
Downtown condo active listing numbers showed a modest increase again… up +13% in C01 and by +14% in C08 from last year
October year-over-year downtown condo sales rose in C01 (+39%) and in C08 (+30%) compared to 2023
The downtown condo days-on-market average were steady at between 33 & 32 days in both C01 and C08… close to what we saw in September
The October ratio of sales-to-listings for high-rise condos downtown stayed in deep buyer market territory in both C01 (19%) and even worse in C08 (16%), but at least was an improvement over September
In the 905 districts, October saw average detached and condo apartment home prices decline by around -1% to -4% compared to 2023. Sales numbers were mixed (+48% houses / +36% condos) from one year ago
That recent half-point decrease in the BoC rate did give a kick-start to the October GTA real estate market with most of that showing up with improved detached and semi-detached home sales and modest average price increases.
Thomas Cook
Thomas@LivingInToronto.com
647-962-1650
August 2024 Toronto Real Estate Market Report