Market Report - July 2024

MARKET REPORT AUGUST 2024

MARKET REPORT: AUGUST

What’s Really Going On in the GTA: The Greater Toronto Area (GTA) real estate scene in July 2024 is a bit like a rollercoaster— exciting, a little unpredictable, but ultimately worth the ride. Home sales are up compared to last year, which is great news, but the market is still a bit of a mixed bag depending on where you’re looking and what you’re after. With recent rate cuts from the Bank of Canada, there’s a buzz in the air, but let’s dive into what that really means for you.

Sales and Listings: A Welcome Boost in Sales: We saw 5,391 homes sold in July 2024, a nice 3.3% bump from July 2023. This is likely thanks to the Bank of Canada giving everyone a bit of breathing room with those rate cuts. It’s encouraging, but it’s not time to pop the champagne just yet.

We’re also seeing a lot more homes coming onto the market, with new listings up by 18.5% compared to last year. That’s more choice for buyers, which is always a good thing.

Inventory Up, Prices Steady: With more homes to choose from, buyers aren’t feeling as much pressure to jump on the first house they see. That’s helped keep prices from skyrocketing. The average selling price in the GTA was $1,106,617 in July, down just a smidge from last year.

What’s Happening with Prices: Detached and Semi-Detached Homes: Detached homes in Toronto, especially in the Central areas, are still the hot ticket. Prices in Central Toronto jumped by a whopping 18.4%, with the average home now going for about $2.5 million. Semi-detached homes are also flying off the shelves, especially in those trendy east-end neighborhoods like Riverdale and Leslieville, where homes are selling faster than you can say “open house.”

Condo Market: On the flip side, condos are feeling the pinch. Prices and sales have dipped this year, with the average condo going for $718,698 across the GTA. The market is flooded with listings, especially from investors looking to offload their units, so if you’re condo shopping, you might find a deal.

WWW.THERICHARDSGROUP.CA

MARKET REPORT: AUGUST

What’s the Vibe?

Interest Rates: The Elephant in the Room: Even though rates have come down a bit, they’re still high enough to make everyone pause and think twice. Fixed mortgage rates are still above 5%, and variable rates are creeping towards 6%. This “wait and see” attitude is keeping some buyers on the sidelines, but those who are ready to dive in are finding plenty of options.

Neighborhood Snapshots: Toronto’s real estate market is anything but one-size-fits-all.

Central Toronto is holding strong with high demand and low inventory, which means prices there are staying high. But head out to the suburbs, and you’ll find more homes available and prices that aren’t as steep.

Looking Ahead: So, what’s next? Well, the market could see a boost later this year if the Bank of Canada cuts rates again, as many are expecting. That could provide the momentum the market needs to pick up speed. But let’s be real—it’s not going to be like the wild days of the pandemic boom. The name of the game now is smart moves and patience.

Bottom Line: The Toronto real estate market is like a finely tuned dance—sometimes fast, sometimes slow, but always in motion. Whether you’re buying or selling, now more than ever, it’s about making informed decisions. Teaming up with a pro who knows the market inside and out can make all the difference.

If you’re curious about what’s happening in your neighborhood or wondering what your next move should be, don’t hesitate to reach out. We’re here to help you navigate this everchanging market with confidence.

The Richards Group

WWW.THERICHARDSGROUP.CA

MARKET REPORT: AUGUST

MONTHLY RECAP SALES ALL HOME TYPES - GTA NUMBER OF SALES

2024

2023

6,213

5,391

10000

8000

7,114 5,607

6000

7,013

6,560

4,223

4000

2000

0

Jan

Feb

March

April

May

June

July

Aug

Sept

Oct

Nov

Dec

JULY # of Sales

5,391

% Change M.O.M

+2.7%

% Change Y.O.Y

+3.3%

YTD Sales

41,933

WWW.THERICHARDSGROUP.CA

In July 2024, GTA REALTORS® reported 5,391 home sales, marking a 3.3% increase from the 5,220 sales reported in July 2023. This uptick is seen as a positive indicator, possibly reflecting the impact of the Bank of Canada's rate cuts in June and July. The increase in sales is accompanied by a significant rise in new listings, which grew by 18.5% year-over-year to 16,296 in July 2024.

MARKET REPORT: AUGUST

MONTHLY RECAP PRICE ALL HOME TYPES - GTA AVERAGE PRICE

2024

2023

1200000 $1,106,617

1000000

800000

600000

400000

200000

0

Jan

Feb

March

April

JULY Average Price

$1,106,617

% Change M.O.M

-0.9%

% Change Y.O.Y

-0.9%

WWW.THERICHARDSGROUP.CA

May

June

July

Aug

Sept

Oct

Nov

Dec

In the Greater Toronto Area (GTA), the average home price sits around $1.1 million, reflecting a slight dip from last year.

Detached homes in Central Toronto are certainly making waves, with prices soaring 18.4% over the past year. Semidetached homes are also in high demand, frequently selling quickly and above asking price, particularly in Toronto’s eastern neighborhoods. Meanwhile, the condo market is experiencing a slowdown, with both prices and sales falling as a result of increased inventory and a surge of investor units. Currently, average condo prices stand at $718,698 in the GTA and $748,330 in Toronto.

MARKET REPORT: AUGUST

MONTHLY RECAP LISTINGS & INVENTORY ALL HOME TYPES - GTA NEW LISTINGS

2024

2023

JULY

20000

16,296 15000

10000

New Listings

16,296

% Change Y.O.Y

+18.5%

5000

0

Jan

Feb

March

April

May

June

July

Aug

Sept

Oct

Nov

Dec

ALL HOME TYPES - GTA ACTIVE INVENTORY 2024

2023

JULY

25000

23,877 20000

15000

Active Listings

23,877

% Change Y.O.Y

+55.4%

10000

5000

0

Jan

Feb

March

April

May

June

July

Aug

Sept

Oct

Nov

Dec

Despite the rise in new listings, the market remains well-supplied, offering buyers more options.

This has slightly alleviated the pressure on selling prices, with the MLS® Home Price Index Composite benchmark down by approximately 5% year-over-year. The average selling price in July 2024 was $1,106,617 down 0.9% from July 2023.

WWW.THERICHARDSGROUP.CA

MARKET REPORT: AUGUST

REGIONAL RECAP 416 & EAST END ALL HOME TYPES - 416 JULY

#of Sales

Home Type

Average Price

Sales

Y.O.Y

Average Price

Y.O.Y

Detached

601

16%

$1,648.021

0.5%

Semi-Detached

171

1.8%

Townhome

204

16.6%

Condo

994

-1.3%

$1,254,280 $970,661 $748.330

-0.4% -0.9% -0.5%

The 416 real estate market is lively, especially in Central Toronto where demand keeps prices strong. Detached homes are seeing a surge in sales, up 16% year-over-year with prices steady at $1.65M. While townhomes are also popular. Condos are experiencing a bit of a slowdown. It’s a mixed bag—some areas are heating up, while others are cooling off.

ALL HOME TYPES - EAST END* JULY

#of Sales

Home Type

Detached Semi-Detached Townhome Condo

Average Price

Sales

Y.O.Y

Average Price

Y.O.Y

24 32 9 29

118% -15.8% 12.5% 52.6%

$1,644,173 $1,314,333

10.6% -2.6% -5.3% -14.6%

$955,416 $808,441

In the east end of Toronto, the real estate market is diverse. Detached home sales have surged, while semi-detached homes and townhomes have seen a drop in sales and prices. Condos have seen increased sales but lower prices. Overall, the market shows strong demand in certain areas but more price adjustments elsewhere. *Based on TRREB E01 and E02 data combined.

Page 4 - 7 stats based on TRREB 2023 & 2024 WWW.THERICHARDSGROUP.CA

We’re here to guide you Strategic design, complete project management, intelligent marketing, massive netorking, and skilled negotiation by the #1 Real Estate Team in East Toronto.**

RE/MAX Hallmark Richards Group Realty Ltd. 1945 Queen St. East, Toronto, ON M4L 1H7

info@therichardsgroup.ca 416.699.0303

Not intended to solicit buyers or sellers currently under contract with a brokerage. Not intended to solicit properties currently for sale. **Based on redatum stats for number of transactions for 2023 E01 & E02 combined

WWW.THERICHARDSGROUP.CA

MARKET REPORT: AUGUST

GET IN TOUCH