GTA Housing Market, October 2024

GTA Housing Market, October 2024

Based on the data provided from the Toronto Regional Real Estate Board’s (TRREB) Market Watch for October 2024, here is an analysis of the real estate market trends in the Greater Toronto Area (GTA):

Overall Market Activity

  • Total Sales: 6,681 properties were sold across all TRREB areas in October 2024.

  • Total Dollar Volume: The total dollar volume of all sales was $6,860,509,090.

  • Average Selling Price: The average price for all home types combined was $1,060,300, reflecting a 3.34% decrease compared to October 2023.

  • New Listings: There were 13,714 new listings, indicating a healthy inventory level.

  • Active Listings: 18,112 active listings were available at the end of the month.

  • Average Sale Price to List Price Ratio (SP/LP): Properties sold for 101% of their listing price on average.

  • Average Days on Market (LDOM): The average listing days on market was 34 days.

Sales and Average Price by Property Type

Detached Homes

  • Sales: 3,391

  • Average Price: $1,366,700

  • Year-over-Year Change: -2.53%

  • Market Insight: Detached homes saw a slight decrease in average price, suggesting a moderate cooling in this segment.

Semi-Detached Homes

  • Sales: 681

  • Average Price: $1,049,900

  • Year-over-Year Change: -2.23%

  • Market Insight: Semi-detached homes experienced a small price decline, indicating steady demand with slight market adjustments.

Townhouses (Att/Row)

  • Sales: 442

  • Average Price: $799,900

  • Year-over-Year Change: -3.88%

  • Market Insight: Townhouses faced a more noticeable price decrease, possibly due to increased supply or shifting buyer preferences.

Condo Townhouses

  • Sales: 1,177

  • Average Price: $650,000

  • Year-over-Year Change: -6.08%

  • Market Insight: The condo townhouse market showed a significant price drop, suggesting a potential oversupply or reduced demand in this category.

Condo Apartments

  • Sales: 4,789

  • Average Price: $694,038

  • Year-over-Year Change: -3.72%

  • Market Insight: Condo apartments experienced a moderate decrease in average price, reflecting ongoing adjustments in the urban housing market.

City of Toronto

  • Total Sales: 3,121

  • Average Price: $1,042,400

  • Year-over-Year Change: -2.71%

  • Market Insight: The City of Toronto saw a slight decrease in average prices, with strong activity in the condo market contributing to overall sales volume.

MLS® Home Price Index (HPI)

The MLS® HPI provides a more accurate measure of home price trends by accounting for differences in housing characteristics.

  • Composite Benchmark Price for All TRREB Areas: $1,060,300

  • Year-over-Year Change: -3.34%

By Home Type

  • Detached: $1,366,700 (-2.53%)

  • Semi-Detached: $1,049,900 (-2.23%)

  • Townhouse: $799,900 (-3.88%)

  • Condo Apartments: $650,000 (-6.08%)

Market Indicators

  • Sales-to-New-Listings Ratio (SNLR): Approximately 48.7%, suggesting a balanced market leaning slightly towards buyers.

  • Months of Inventory: Around 2.7 months, indicating a sufficient supply of homes relative to the current demand.

Analysis and Insights

  • Overall Trend: The GTA real estate market in October 2024 exhibited signs of stabilization with modest decreases in average prices across most home types and regions.

  • Buyer Behavior: Buyers appear to be exercising caution, potentially due to economic factors such as interest rates or market uncertainty.

  • Seller Considerations: Sellers may need to adjust pricing expectations and be prepared for properties to spend slightly more time on the market.

  • Condo Market: The condo segment, both townhouses and apartments, faced the most significant price adjustments, possibly influenced by changes in urban living preferences.

For Buyers

  • Opportunity: The current market conditions may provide opportunities to purchase properties at negotiated prices.

  • Due Diligence: Buyers should conduct thorough research and consider obtaining pre-approvals to strengthen their negotiating position.

For Sellers

  • Competitive Pricing: Pricing properties appropriately is crucial to attract buyers in a market with increased inventory.

  • Marketing Strategies: Enhanced marketing efforts and property staging can help differentiate listings.

The October 2024 data suggests a real estate market that is adjusting after a period of high activity and price growth. Both buyers and sellers should stay informed about market conditions and work closely with real estate professionals to navigate the evolving landscape.

Note: The information provided is based on the data extracted from the TRREB Market Watch report for October 2024. For more detailed statistics and historical data, please refer to the full report or visit the TRREB website.

More Stories

Auto Theft in Canada Fell 18% in 2025

Auto Theft in Canada Fell 18% in 2025

For the first time since the pandemic began, Canada's auto theft numbers have dropped below 2021 levels. According to the Équité Association's 2025 Auto Theft Trend Report, released in February 2026, Canadians reported 46,999 private passenger vehicles stolen last year, a 18% decrease from 57,359 in 2024. Ontario saw a 22% drop. Quebec fell 25%. Even Western Canada, which has historically struggled to keep pace with national trends, posted an 11% decline. Numbers that low haven't been seen since 2021, when 53,382 vehicles were stolen nationally. For context, at the peak of the theft crisis in 2023, that number hit 70,475. In two years, Canada has effectively reduced the annual count of vehicle thefts by 23,476.
Where to See Cherry Blossoms in Toronto

Where to See Cherry Blossoms in Toronto

The cherry blossom season in Toronto is short. Peak bloom usually occurs between late April and early May, and the full display lasts four to ten days, depending on the weather. Warm, calm days stretch it out. A windy rainstorm can strip the trees in 48 hours. Over the last six years, peak bloom at High Park has landed anywhere from April 20 to May 5, so the window shifts every spring. If you want to time a visit precisely, the High Park Nature Centre's Cherry Blossom Watch and Steven Joniak's Sakura in High Park site track the buds stage by stage.