August Toronto Real Estate Market Stats: 4.5 Months of Inventory + A Clear Buyers Market

September has arrived, ushering in the end of summer as families settle back into routine and the Toronto real estate market takes a seasonal breather. For many, back-to-school also means back to real estate, as we enter the historically busy fall market. With buyers and sellers refocusing after summer vacations, this time of year often brings renewed activity and fresh opportunities in the housing market. August traditionally marks a slower period for home sales, and this year followed suit. Home sales in the Greater Toronto Area (GTA) were down year-over-year, while the market remains well-supplied with approximately 4.5 months of inventory—a clear sign we’re now in a buyer’s market.

The recent rate cut by the Bank of Canada on September 4th is expected to improve affordability and ignite fresh interest among buyers. With borrowing costs top-of-mind, many are closely monitoring how lower mortgage rates will impact their monthly payments. As rates continue to trend downward into 2025, we anticipate a boost in buying activity, especially in the condo market.

Toronto Real Estate Market Overview: Key Insights

In August 2024, 4,975 home sales were reported, a 5.3% decrease compared to last year. Yet despite a 46% surge in inventory, prices remained resilient, with the average selling price down only 0.7%, settling at $1,074,425. This stability is driven by the enduring demand for Toronto living and the benefits of lower interest rates.

Jason Mercer, TRREB’s Chief Market Analyst, says that:,

As borrowing costs continue to decline over the next 18 months, homebuyers are set to benefit not only from lower mortgage rates but also from moderate price growth. Even though demand is expected to pick up, especially by 2025, the ample supply will likely keep price increases in check for the foreseeable future.

GTA Real Estate Insights

The GTA overall saw a 5.3% drop in sales year-over-year, with 4,975 homes sold throughout the month of August. Interestingly, inventory surged 46.2%, bringing the number of active listings to 22,653. Despite this jump in supply, prices held steady, with the average sale price dipping only 0.8% to $1,074,425. Buyers currently benefit from 4.55 months of inventory, signaling a shift toward a balanced market, giving them more room to negotiate.

Toronto Real Estate Market Stats

Toronto proper followed a similar trend, with home sales down 9.1% compared to August 2023. There were 1,718 homes sold, while the number of active listings climbed by 45.5% to 8,625. Despite this, the average price for homes increased by 2.3%, bringing it to $1,029,069, reflecting the city’s continued demand. On the condo front, sales took a hit, falling 15.1%, but the average price dipped only slightly to $681,835. With 5.02 months of inventory now available, buyers have significantly more choices and opportunities to find the right fit for their needs.

Mississauga Real Estate Market Stats

Mississauga saw a 7.7% decline in sales, with 466 homes sold during the month. However, inventory rose sharply, up 45.3% to 2,015 active listings. This has kept prices stable, with only a 1.2% decrease from last year, bringing the average price to $1,044,543. The condo market in Mississauga also saw a slowdown, with sales dropping 13.5% and the average price landing at $606,523. Mississauga now offers 4.32 months of inventory, making it an excellent time for buyers to explore their options.

Oakville Real Estate Market Stats

Oakville’s luxury market remained relatively steady, with a 1.1% decrease in sales as 181 homes changed hands. The number of active listings surged 53.2% to 956 properties, but prices dipped by 4.2%, bringing the average sale price to $1,430,334. Condo sales in Oakville remained flat, with 41 condos sold, but prices held firm at $813,338. Oakville has now shifted into a buyer’s market, with 5.28 months of inventory, providing a significant advantage for those looking to purchase in this upscale area.

Durham Real Estate Market Stats

Durham Region saw a 8.6% decrease in sales, with 709 homes sold in August 2024. Meanwhile, inventory surged by 55.7%, bringing active listings to 2,201. The average home price dipped by 2.5% compared to last year, now sitting at $907,997. The condo market was also slightly down, with 41 condo sales (a 8.9% decrease) and an average price of $542,838 (down 7.4%). Overall, Durham has 3.1 months of inventory, offering a balanced market with good options for buyers looking to take advantage of the increased listings.

York Region Real Estate Market Stats

York Region saw a 2.8% decline in sales, with 895 homes sold in August. Inventory, however, surged by 52.3%, bringing the total number of active listings to 4,232. The average price for homes dipped by 3.1% to $1,297,868, offering buyers a bit of relief in pricing. Interestingly, the condo market performed relatively well, with sales increasing by 7.1%, even though prices slightly decreased to $697,862. York Region now has 4.73 months of inventory, offering a wide range of choices for prospective buyers.

Brampton Real Estate Market Stats

Brampton’s real estate market had a 3.5% decrease in sales, with 410 homes sold in August. Despite fewer sales, the number of active listings rose 28.5% to 1,823, creating more options for potential buyers. Prices did experience a bit of a dip, with the average home price falling 2.9% to $984,544. The condo market in Brampton, however, faced a significant challenge, as sales plummeted by 56.8%, although the average condo price remained relatively stable at $541,063. With 4.45 months of inventory, Brampton offers buyers more flexibility and negotiating power.

What This Means for Buyers and Sellers?

With inventory rising across the board and prices staying stable, the GTA and its surrounding regions are presenting exciting opportunities for buyers this fall. Whether you're looking for a condo in downtown Toronto or a spacious family home in Mississauga or Oakville, there’s more choice on the market than we’ve seen in recent months. While sellers may need to adjust their expectations slightly due to rising inventory, the demand for homes in the GTA remains strong, keeping prices relatively steady.

I’m here to help you navigate the numbers, make sense of the trends, and find the best path forward for your unique situation. Let’s connect and talk about how we can turn today’s market into your advantage. Reach out today, and let’s make your real estate goals a reality! Let's chat!