Toronto Housing Market Data - March 2024

Toronto Housing Market Trends

Recent Update on Toronto’s Real Estate Market - March 2024

In January 2024, Toronto experienced an increase in home sales compared to January 2023, largely attributed to lower borrowing costs for fixed-rate mortgage products, boosting homebuyer activity. New listings also rose year-over-year,though at a slower rate than sales, suggesting a tightening market which may lead to price growth into the spring.

TRREB President Jennifer Pearce highlighted the positive outlook, with expectations of declining inflation and lower interest rates encouraging more buyers, especially first-timers affected by high rents, to consider homeownership. Sales in January 2024 saw a significant jump over the previous year, with the market conditions tightening as sales growth outpaced new listings.

TRREB Chief Market Analyst Jason Mercer anticipates further sales increases and competitive market conditions into 2024, driven by anticipated cuts in the Bank of Canada's policy rate, potentially leading to higher selling prices. Despite a slight year-over-year decrease in the MLS® Home Price Index Composite and average selling price in January 2024, the overall marketoutlook remains optimistic. However, there are calls for policy considerations at various governmentlevels to address market challenges and support first-time homebuyers.

Average Home Prices in Toronto

What is the average price of a home in Toronto? We’ve taken some data from the recent years to give you an idea of what is happening to real estate values in Toronto.

Average home price in Toronto (all property types)

2024 Year to Date202320222021

Home Price Growth in Toronto (Yearly Average)

This table shows the percentage change in average home prices in the Greater Toronto Area from beginning of the year until today over the previous years' average.

YTD Since 2023Since 2022 AverageSince 2021 Average
↓ -4.8%↓ -10.2%↑ 8.3%

Average Sale Price per Month

Average Sales per Month

Toronto Home Prices by Property Type

How fast are homes selling in Toronto?

In Toronto, it takes about 47 days to sell a home based on the average of last 3 months. The time it takes to sell a home also varies by month.

Average time it takes to sell a home in Toronto (2024)

All HomesDetachedSemi-DetachedTownhomeCondo
25 days22 days20 days19 days28 days

Is it a Buyer’s or Seller’s Market in Toronto?

As of January 2024, we are in a balanced market for Toronto real estate. Using the ratio of home sales over active listings, we can analyze where the real estate market is going. It is considered to be a seller’s market when the ratio of home sales to active listings is 60% or higher and a buyer’s market when the ratio is 40% or below. A balanced market occurs when the ratio of home sales to active listings is in between 40% and 60%.

Sales-to-Active Listings Ratio

What does Toronto’s real estate market mean for first-time homebuyers?

Buying a home in Toronto remains difficult for first-time homebuyers. An average first-time buyer household earns $84,000 per year which means that they can qualify for a mortgage amount of approximately $336,000. Here’s a chart on what a first-time homebuyer would need to save for a down payment for different property types (based on average home prices):

Purchase price of your home Minimum amount of down payment
$500,000 or less5% of the purchase price
$500,000 to $999,9995% of the first $500,000 of the purchase price 10% for the portion of the purchase price above $500,000
$1 million or more20% of the purchase price
Property TypeAverage PriceMinimum Down Payment Required10% Down Payment20% Down Payment (required for uninsured mortgages)
Semi-Detached$1,087,471- - $217,494.20

How Does Toronto Compare To The Rest Of the Greater Toronto Area

Most Expensive
Fastest Selling

based on
Days on Market

#CityAverage Home PriceDays on Market
4York Region$1,210,70553
5Richmond Hill$1,201,27048
6Halton Region$1,143,51856
10Peel Region$1,024,92655
11Toronto Central$1,010,51460
14City Of Toronto$959,91555
15Toronto West$922,28855
16Toronto East$895,36546
17Durham Region$894,82548
18Simcoe County$888,31974
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