March Toronto Real Estate Market Stats: Prices Still Down From This Time Last Year

Hello, real estate enthusiasts! We’re delighted to welcome you back for a fresh update on the Toronto Real Estate Market, brought to you with passion by the team at SO&Co. As we wave goodbye to the first quarter of 2024 and welcome the blossoming season of Spring, it's crucial for us to stay ahead of the curve in the ever-evolving property market. This ensures we can provide our valued clients with the insights needed to make smart real estate decisions. Join us as we analyze the March 2024 statistics and predict what the market might hold for April.

Toronto Real Estate Market Overview

The latest figures from March 2024, provided by the Toronto Regional Real Estate Board, show a slight decrease in sales transactions by 4.5% compared to March of last year. This trend can largely be attributed to the overlap of public holidays such as Good Friday and Easter with March Break this year. However, despite an increase in property listings, we've seen a slight rise in the average home price across the Greater Toronto Area by 1.3%, reaching $1,121,615. This average price covers all types of homes, including condos, townhomes, and detached houses.

While March saw a dip in sales, looking at the first quarter in its entirety, there's been a significant 10.8% increase in transactions compared to the first quarter of the previous year. This rise in activity has not led to a significant change in the average sale price, which remains comparable to last year’s figures, due in part to current interest rates.

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

Expect to see a growth in prices as we move deeper into spring particularly in the second half of the year. This will likely occur as the number of sales starts to catch up with the listings. The anticipation of lower borrowing costs in the coming months should also stimulate a stronger demand for home ownership.

As political conversations grow more heated, so does the discussion around housing inventory and the costs associated with buying a home. With Canada's population growing, the issue of housing supply is becoming more apparent. It's essential to understand the crucial role that new home purchases today play in ensuring a sufficient supply in the future. With a potential shortage on the horizon, now is an opportune time to buy, as developers offer attractive prices and incentives to entice buyers and investors. Given the expected decrease in future home availability, we predict that prices will continue to rise.

Average Home Price in the GTA By Month 2023/2024

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

In March 2024, the real estate market in the Greater Toronto Area (GTA) displayed subtle yet significant shifts, with the average sale price for all home types rising by 1.3% to $1,121,615, juxtaposed against a 4.5% decrease in sales volume. The condo market saw a slight price adjustment, decreasing by 0.5% to $700,046, and a more noticeable 13.2% drop in sales, with 1,842 units changing hands. The tightening inventory underscores the competitive nature of the market, with only 1.9 months' worth of properties available. This suggests that, should no further listings come on the market, the existing stock would be fully absorbed in just under two months. Furthermore, properties in the GTA are currently being snapped up in an average of 20 days, indicating a robust market pace. For those navigating this dynamic real estate environment, our expert guidance can help you seize the right opportunities, whether you're looking to buy or sell. Let's connect and discuss how we can make the market work for you.

Toronto Real Estate Market Stats

Toronto's real estate scene presented an intriguing blend of trends, with the average sale price for all home types climbing by 3.1% to $1,087,017, despite a notable 8.4% dip in the volume of sales compared to the previous year. The condo market experienced a slight contraction, with prices edging down by 0.5% to $729,392 and sales decreasing by 15.9%, totalling 1,186 transactions. With a current inventory equating to 2.42 months of homes available for sale in Toronto, the market dynamics suggest that, without additional listings, the existing inventory would be entirely sold out in the same timeframe. Furthermore, properties are finding new owners within an average span of 28 days, highlighting a market that, despite fluctuations, continues to demonstrate robust activity and engagement among buyers and sellers alike.

Mississauga Real Estate Market Stats

In March 2024, the Mississauga real estate market observed a modest increase in the average sale price for all home types, rising by 1.9% to $1,056,300, despite a slight 1.2% decline in the number of sales from the previous year. The condo segment saw a minimal growth of 0.1% in prices to $615,529, although the volume of condo transactions fell by 15%, with 170 sales recorded. With the current housing inventory in Mississauga standing at 1.81 months, it indicates that, should no new properties enter the market, the existing stock would be completely absorbed in this period. Furthermore, homes in Mississauga are currently taking an average of 26 days to sell, reflecting a steady market pace that, despite slight sales volume dips, remains relatively quick and efficient in connecting sellers with buyers.

Oakville Real Estate Market Stats

In March 2024, Oakville's real estate market witnessed a 5.4% decrease in the average sale price for all home types to $1,486,047, alongside a 4.3% reduction in the number of sales compared to the previous year. The condo segment saw a more pronounced price drop of 12.6% to $708,825, yet interestingly, the number of condo sales rose by 16.3% with 57 units sold. The housing inventory in Oakville stood at 1.76 months, suggesting that at the current rate, without new listings, the market would exhaust its inventory in the same timeframe. Homes in Oakville are currently selling within an average of 27 days, indicating a resilient market that continues to attract buyers despite the overall dip in prices, showcasing Oakville’s enduring appeal and the dynamic nature of its real estate landscape.

Durham Real Estate Market Stats

In March 2024, the Durham Region's real estate market experienced a slight increase in the average sale price of all home types by 1.1% to $936,166, even as the number of sales saw a marginal decrease of 0.6% from the previous year. The condo market, however, faced a 3.2% decline in prices to $542,126, yet the number of condo transactions grew by 3.9% with 79 sales. With an inventory standing at just 1.07 months, the Durham Region is poised at a brisk pace, indicating that the existing stock could be depleted in a little over a month if no new properties were listed. Moreover, with homes in the region selling in an impressively quick average of 21 days, the data points to a market that remains active and appealing to buyers, underscoring the Durham Region’s vibrant real estate environment despite slight fluctuations in sales and condo prices.

York Region Real Estate Market Stats

In March 2024, the real estate market in York Region displayed a slight decrease in the average sale price for all home types, dipping by 0.7% to $1,334,655, contrasted by a marginal increase of 0.2% in the number of sales compared to the previous year. The condo market witnessed a significant price reduction of 17% to $579,148, yet the volume of condo sales remained steady with 239 transactions. The region's housing inventory stood at 1.8 months, indicating that, without new listings, the available properties would likely be sold within this timeframe. Homes in the York Region are selling within an average of 26 days, showcasing a market that, despite price adjustments, particularly in the condo segment, continues to exhibit robust activity and resilience, maintaining a steady pace in transactions and interest from buyers.

Brampton Real Estate Market Stats

In March 2024, Brampton's real estate market subtly shifted with the average sale price of all home types decreasing slightly by 0.2% to $1,028,297, while the sales volume saw a more significant decline of 15.6% from the previous year. Contrasting this, condo prices experienced a growth of 1.6% to $574,188, even though the number of condo sales dramatically decreased by 37%, totalling just 34 transactions. With the current housing inventory in Brampton calculated at 1.68 months, the market dynamics suggest that, in the absence of new listings, all existing homes could potentially be sold in this period. Properties are currently taking an average of 22 days to be sold, indicating a relatively swift turnover that underscores the enduring appeal of Brampton's real estate despite the variances in sales activity and condo market performance.

Thinking of Making A Move?

In the ever-evolving Toronto real estate landscape, our commitment lies in empowering you with comprehensive insights, ensuring you make decisions about buying or selling property with clarity and confidence. Contemplating a change in this vibrant market? Reach out to our experienced Toronto real estate experts. Let's start a meaningful dialogue tailored to your unique needs and aspirations. Dive into your real estate journey with us today — your dream home or successful sale awaits! Let's chat!