June Toronto Real Estate Market Stats: Inventory Up 67%, # of Sales Cool

Welcome to another sizzling edition of our GTA Real Estate Market Update, where we break down the latest trends and stats. As the sun reaches its peak this June, so does the buzz around Toronto’s dynamic real estate scene. I’m Vanessa Copeland from the vibrant SO&Co team, ready to guide you through the highs and lows of this month's market.

Toronto Real Estate Market Overview: Key Insights

With available listings up a staggering 67% compared to last year, the average home price has held steady, dipping only slightly by 1.6% to $1,162,167. However, sales have cooled, dropping 16%, suggesting that buyers are still cautious even after the Bank of Canada’s recent quarter-point rate cut. This month’s data tells an intriguing story. Buyers seem to be waiting for more enticing conditions, leading to a well-stocked market. Last month’s rate cut wasn’t enough to fully motivate buyers to return to the market. June's transaction data indicates that stronger rate cuts are needed to spur more purchasing decisions.

Jason Mercer, TRREB’s Chief Market Analyst, notes:

"The GTA housing market is currently well-supplied, and recent homebuyers have benefitted from substantial choice along with negotiating power on price. As sales pick up throughout the balance of the year, alongside lower borrowing costs, increased inventory levels will help mitigate against any run-up on selling prices."

Even though inventory has doubled since June 2023, we have yet to see the price decreases many had hoped for. The GTA housing market remains resilient, and as interest rates continue to fall, we expect more buyers to enter the market.

Average Home Price in the GTA By Month

Let’s take a look at some of the regional stats across the GTA, Toronto, Mississauga, Oakville, Durham Region, York Region and Brampton.

GTA Real Estate Insights

June 2024 brought some interesting shifts in the Greater Toronto Area (GTA) housing market. The average sale price for all home types dipped slightly by 1.6% to $1,162,167 compared to this time last year. Meanwhile, the number of sales took a notable hit, dropping by 16.4%. Condos followed a similar trend, with prices down by 1.6% to $727,861 and sales plummeting by 28.4%, resulting in just 1,520 condo sales.

On the bright side, inventory is expanding, providing more options for eager buyers. We now have 3.80 months' worth of homes available, meaning if no new listings appeared, it would take that long to sell everything on the market. This increased supply is giving buyers more negotiating power, though it also means homes are taking a bit longer to sell, averaging 22 days on the market.

As the GTA housing market continues to evolve, it’s clear that resilience and demand remain strong. With rates expected to decrease further, we anticipate more buyers will soon be entering the scene, ready to take advantage of these shifting dynamics.

Toronto Real Estate Market Stats

June 2024 painted a mixed picture for Toronto’s real estate market. The average sale price for all home types saw a modest increase of 1.9%, reaching $1,173,781 compared to the same time last year. However, the number of sales took a significant dip, falling by 21.1%.

The condo market faced its own set of challenges, with prices dropping by 8.3% to $706,105. Condo sales experienced a steep decline of 29.4%, with just 1,014 units sold in June.

On the inventory front, Toronto now boasts 4.3 months' worth of homes available for sale. This means that if no new homes were listed, it would take 4.3 months to sell all the current inventory. This abundance of options is great for buyers, but it also means that listings are staying on the market a bit longer, averaging 23 days before being sold.

Despite these fluctuations, Toronto’s housing market continues to demonstrate resilience. As more buyers prepare to dive in, encouraged by favourable conditions and evolving market dynamics, we expect to see an exciting second half of the year.

Mississauga Real Estate Market Stats

June 2024 brought subtle shifts to Mississauga’s housing market. The average sale price for all home types edged down by just 0.8%, settling at $1,103,727 compared to the same time last year. However, the number of sales saw a more significant drop, falling by 23.7%.

The condo market in Mississauga also faced some headwinds, with prices decreasing by 1.6% to $626,081. Condo sales were down by 28.6%, with only 135 units changing hands in June.

Mississauga’s inventory is growing, now offering 3.70 months' worth of homes for sale. This means that if no new listings were added, it would take 3.70 months to sell all the current homes on the market. With more options available, buyers have a bit more time to make their decisions, though it’s also causing listings to stay on the market a bit longer, averaging 23 days before being sold.

Despite these changes, Mississauga’s real estate market remains resilient. As conditions continue to evolve, we anticipate an intriguing second half of the year, with more buyers ready to take advantage of the shifting landscape.

Oakville Real Estate Market Stats

June 2024 saw a notable shift in Oakville’s housing market. The average sale price for all home types dropped by 5.5%, settling at $1,482,150 compared to last year. The number of sales also declined, down by 17.4%.

Condos in Oakville experienced a slight price decrease of 1.3%, bringing the average to $781,438. However, the number of condo sales saw a significant drop of 46.3%, with only 29 units sold in June.

Inventory levels in Oakville are rising, now offering 4.35 months' worth of homes for sale. This means that if no new listings were added, it would take 4.35 months to sell all the current properties. Consequently, homes are taking a bit longer to sell, with an average of 23 days on the market.

Despite these changes, Oakville’s real estate market remains strong and resilient. As we move forward, the evolving conditions present opportunities for buyers to explore and take advantage of the available inventory, setting the stage for an exciting second half of the year.

Durham Real Estate Market Stats

June 2024 brought some changes to the Durham Region’s housing market. The average sale price for all home types decreased by 4.3%, bringing it to $956,418 compared to last year. The number of sales also dipped slightly, down by 2.3%.

Condo prices in the Durham Region saw a larger decline, dropping by 5.1% to $578,306. The number of condo sales fell by 18.6%, with only 48 units sold in June.

Inventory levels in the Durham Region are currently at 2.49 months' worth of homes for sale. This means that if no new listings were added, it would take just under two and a half months to sell all the existing properties. As a result, homes are selling fairly quickly, with an average of 17 days on the market.

Despite these adjustments, the Durham Region’s real estate market remains vibrant and competitive. As the market continues to evolve, buyers have an excellent opportunity to explore the available inventory and make informed decisions, setting the stage for an active and promising second half of the year.

York Region Real Estate Market Stats

June 2024 brought modest changes to the York Region’s housing market. The average sale price for all home types dipped slightly by 0.4%, settling at $1,385,139 compared to last year. Meanwhile, the number of sales experienced a more substantial drop, down by 16.9%.

Condo prices in the York Region decreased by 1.8%, bringing the average to $706,105. The number of condo sales also declined significantly, down by 23.4% with 193 units sold in June.

Currently, York Region’s inventory levels stand at 3.93 months' worth of homes for sale. This means that if no new listings were added, it would take just under four months to sell all the current properties. Consequently, homes are taking an average of 23 days to sell.

Despite these shifts, the York Region’s real estate market remains robust and appealing. As we move forward, buyers have an excellent opportunity to explore the available inventory and make strategic decisions, setting the stage for an exciting and dynamic second half of the year.

Brampton Real Estate Market Stats

June 2024 brought some significant changes to Brampton’s housing market. The average sale price for all home types fell by 9.3%, bringing it down to $1,009,802 compared to last year. Additionally, the number of sales decreased by 19%.

Condo prices in Brampton saw an even steeper decline, dropping by 11.9% to $537,820. The number of condo sales also took a hit, down by 18.9%, with only 30 units sold.

Brampton's inventory levels have grown, now offering 3.53 months' worth of homes for sale. This means that if no new listings were added, it would take just over three and a half months to sell all the existing properties. As a result, homes are moving a bit faster, taking an average of 21 days to sell.

Despite these adjustments, Brampton’s real estate market continues to offer opportunities. With an evolving market landscape, buyers have a great chance to explore the available inventory and make strategic decisions, setting the stage for an active and promising second half of the year.

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