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TORONTO CONDO MARKET REPORT

GTA REALTORS® Release June 2024 Stats

TORONTO, ONTARIO, July 4, 2024 – June 2024 home sales in the Greater Toronto Area (GTA) were lower compared to the same month last year, according to the Toronto Regional Real Estate Board (TRREB).Despite the Bank of Canada rate cut at the beginning of last month, many buyers kept their home purchase
decisions on hold. The market remained well-supplied, resulting in a slight dip in the average selling price compared to June 2023.

“The Bank of Canada’s rate cut last month provided some initial relief for homeowners and home buyers. However, the June sales result suggests that most home buyers will require multiple rate cuts before theymove off the sidelines. This follows Ipsos polling for TRREB , which suggested that cumulative rate cuts of
100 basis points or more are required to boost home sales by any significant amount,” said TRREB President Jennifer Pearce.

GTA REALTORS® reported 6,213 home sales through TRREB’s MLS® System in June 2024 – a 16.4 per cent decline compared to 7,429 sales reported in June 2023. New listings entered into the MLS® System amounted to 17,964 – up by 12.3 per cent year-over-year.
The MLS® Home Price Index Composite benchmark was down by 4.6 per cent on a year-over-year basis in June 2024. The average selling price of $1,162,167 was down by 1.6 per cent over the June 2023 result of$1,181,002. On a seasonally adjusted monthly basis, both the MLS® HPI Composite and the average selling
price were up compared to May 2024. “The GTA housing market is currently well-supplied. Recent home buyers have benefitted from substantial
choice and therefore negotiating power on price. Moving forward, as sales pick up alongside lower borrowing costs, elevated inventory levels will help mitigate against a quick run-up in selling prices,” said TRREB ChiefMarket Analyst Jason Mercer.

“Despite a temporary dip in home sales due to high interest rates, we know that strong population growth is driving long-term demand for ownership and rental housing. Ontario has set the goal of 1.5 million more homes on the ground by 2031. This is only possible if all levels of government ensure actionable solutionswith sustained effort, including continuing to remove red tape, avoiding financial barriers to home construction, and minimizing housing taxes and development charges,” said TRREB CEO John DiMichele

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TRREB Releases 2023 Q4 Condo Market Statistics

TORONTO, ONTARIO, January 31, 2024:

Fourth quarter 2023 condominium apartment sales in the Greater Toronto Area (GTA) remained low historically, as the demand for ownership housing continued to be hampered by affordability concerns brought about by high borrowing costs. Buyers who were active in the market benefitted from a substantial amount of choice. This meant that average selling prices were slightly lower than the fourth quarter of 2022.

“The condominium apartment market, like other segments of the homeownership market, experienced a pull-back in activity since the Bank of Canada started hiking interest rates in early 2022. However, looking forward, borrowing costs are expected to trend lower this year and next. This will improve the affordability picture for many first-time buyers, so the condo market is poised for improvement in 2024,” said TRREB President Jennifer Pearce.

Total condominium apartment sales amounted to 3,446 in Q4 2023 – down by 3.4 per cent on a year-over-year basis. New condominium apartment listings were up by more than 29 per cent over the same period. This divergence between condominium apartment sales and listings also meant that market conditions became more balanced.

The average condominium apartment selling price in the GTA was $702,142 in Q4 2023 – down by 1.1 per cent compared to $710,124 in Q4 2022. In the City of Toronto, which accounted for more than two-thirds of total condominium apartment sales, the average selling price was $720,456. This result was down by 2.4 per cent compared to Q3 2022.

“Condominium apartment prices remained relatively flat over the past year. Buyers had plenty of negotiating power given the level of supply in the marketplace. As we move through 2024, demand for condominium apartments should pick up. Expected decreases in borrowing costs coupled with high average rents could prompt more households to purchase a home over the next year. Condominium apartments are a key entry point into the ownership market,” said TRREB Chief Market Analyst Jason Mercer.

For full report click here> Market Report