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Toronto Housing Market Report

By Patrick Ross · Reviewed By Jacob Norris · Last Updated December 4, 2024
Toronto home prices in the GTA

Toronto housing market overview | November

  • The average home price in Toronto was $1,106,050 — a 2.21% year-over-year increase.
  • The median home price in Toronto was $945,000 — a 1.84% year-over-year increase.
  • The average detached home price increased 3.49% year-over-year to $1,452,518
  • The semi-detached home price increased 1.55% year-over-year to $1,077,254
  • The condo townhouse home price increased 1.01% year-over-year to $994,251
  • The average condo apartment home price decreased -2.94% year-over-year to $689,599

Table of contents

Average home price trends

The average home price across all property types in Toronto was $1,106,050. Home prices have increased 2.21% year-over-year compared to the average home price of $1,082,179 the prior year. The average home price across all property types saw a -2.57% month-over-month decreased from the average home price of $1,135,215 the prior month. Here is how the average home price has changed across property types.

Read More: Toronto (GTA) Home Prices

Property Type Average M/M Y/Y
Detached $1,452,518 -0.71% +3.49%
Semi-Detached $1,077,254 -2.81% +1.55%
Condo Townhouse $994,251 -1.31% +1.01%
Condo Apartment $689,599 -0.64% -2.94%

Important Market Metrics

Sales

Toronto home sales history

Total sales in Toronto were 5875 which is a 38.69% increase from 4236 sales the prior year. Here is how the sales are broken down by property type:

  • Detached: 2669 — a 41.89% Y/Y increase
  • Semi-Detached: 502 — a 24.26% Y/Y increase
  • Condo Townhouse: 582 — a 60.33% Y/Y increase
  • Condo Apartment: 1640 — a 35.31% Y/Y increase

Inventory

The housing inventory this month is 3.3 months which is up from 3.3 months of inventory the prior month and 2.4 months the prior year. Housing inventory this month is much higher than the historical 5-year average which is 0 months of inventory.

Listings

Toronto had total new listings of 11592 which is a 9.93% Y/Y increase and -24.37% M/M decrease.

Sales-to-new-Listings Ratio

The sales-to-new listing ratio is an important metric as it helps us to understand the balance of supply and demand in the housing market which helps determine who has the majority of negotiating power in the housing market. The sales-to-new-listings ratio (SNLR) in Toronto was 41% in August 2024. The SNLR indicates a buyers market market with a SNLR ratio that falling below 40%.

Home prices in Toronto

Toronto historical home prices

All property types

The highest historical average home price in Toronto was $0. The highest historical median home price was $0.

Stat August 2024 Y/Y Change
Average Price $1,106,050 +2.21%
Median Price $945,000 +1.84%
Sales 5875 +38.69%
New Listings 11592 +9.93%
Active Listings 21818 +30.19%

Single-family detached home prices in Toronto

Stat August 2024 Y/Y Change
Average Price $1,452,518 +3.49%
Median Price $1,250,000 +2.04%
Sales 2669 +41.89%
New Listings 4871 +11.98%
Active Listings 9107 +33.26%

Semi-detached home prices in Toronto

Stat August 2024 Y/Y Change
Average Price $1,077,254 +1.55%
Median Price $980,000 +0.51%
Sales 502 +24.26%
New Listings 797 +9.03%
Active Listings 1110 +37.89%

Condo townhouse prices in Toronto

Stat August 2024 Y/Y Change
Average Price $994,251 +1.01%
Median Price $945,000 +0.53%
Sales 582 +60.33%
New Listings 1045 +18.35%
Active Listings 1542 +36.34%

Condo apartment prices in Toronto

Stat August 2024 Y/Y Change
Average Price $689,599 -2.94%
Median Price $615,000 -1.76%
Sales 1640 +35.31%
New Listings 3918 +6.87%
Active Listings 8209 +24.78%

Toronto housing starts forecast

It is predicted that Toronto will experience an overall decrease in housing starts in 2024 through 2025 as forecasted by the CMHC. This projected decrease in housing starts is expected to be driven by high financing and construction costs — which will impact the development of condo and purpose-built rentals in Toronto. It is expected that single-detached, semi-detached and row homes will see a modest increase in housing starts from 2024 through to 2026.

Total housing starts in Toronto are forecasted to be 32,000 on the low end and 39,000 on the high end in 2024 — which is a significant decline compared to the 47,428 total housing starts in 2023. Toronto housing starts are then expected to decline further in 2025 with 27,000 housing starts forecasted on the low end and 35,000 on the high end. Housing starts in Toronto are forecasted to increase in 2026 — with total amounts on the high end forecasted to be lower than actuals in 2023 or 2022.

Read more: Home starts in Canada

Toronto housing market outlook

With the trend of borrowing costs lowering in the near future, it is expected that both home prices and mortgage payments will be lower. Jason Mercer from TREEB says that 'home buyers will initially benefit from both lower monthly mortgage payments and lower home price' in response to the trend of decreasing borrowing costs. As demand picks up in the housing market, it will take time for the backlog of inventory to decrease.

An emphasis on new affordable construction will be important to help lower the cost of housing. If home prices continue to increase, people will move which will impact the Canadian economy.

While home prices in Toronto saw a decline in 2023 to an MLS average of $1,127,426 home prices are forecasted to rebound in 2024 with a forecasted MLS average of $1,135,000 on the low end and $1,205,000 on the high end. Further home price growth is expected to push home prices higher in 2025 and 2026.

Other housing market reports across the greater Toronto area:

Toronto

Halton Region

Peel Region

York Region

Durham Region

Dufferin County

Simcoe County

source: TREB