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housing market overview
- The average home price in was $1,035,184 — a -0.64% year-over-year decrease.
- The median home price in was $989,000 — a -0.1% year-over-year decrease.
- The average detached home price decreased -1.84% year-over-year to $1,189,228
- The semi-detached home price decreased 0% year-over-year to $932,168
- The condo townhouse home price decreased -2.56% year-over-year to $675,355
- The average condo apartment home price decreased -3.78% year-over-year to $521,162
Table of contents
- Average Home Price Trends
- Important Market Metrics
- Historical Home Prices
- Home Price by Property Type
Average home price trends
The average home price across all property types in was $1,035,184. Home prices have decreased -0.64% year-over-year compared to the average home price of $1,041,829 the prior year. The average home price across all property types saw a 5.14% month-over-month increased from the average home price of $984,544 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 | $1,189,228 | +4.57% | -1.84% |
| Semi-Detached | $932,168 | +3.89% | 0% |
| Condo Townhouse | $675,355 | +3.38% | -2.56% |
| Condo Apartment | $521,162 | -3.68% | -3.78% |
Important Market Metrics
Sales
Total sales in were 392 which is a 3.98% increase from 377 sales the prior year. Here is how the sales are broken down by property type:
- Detached: 229 — a 7.51% Y/Y increase
- Semi-Detached: 57 — a -17.39% Y/Y decrease
- Condo Townhouse: 29 — a 38.1% Y/Y increase
- Condo Apartment: 21 — a -22.22% Y/Y decrease
Inventory
The housing inventory this month is 3.3 months which is up from 3.2 months of inventory the prior month and 2.1 months the prior year. Housing inventory this month is much higher than the historical 5-year average which is 0 months of inventory.
Listings
had total new listings of 1415 which is a 13.65% Y/Y increase and 13.38% M/M increase.
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 was 37% in August 2024. The SNLR indicates a buyers market market with a SNLR ratio that falling below 40%.
Home prices in
All property types
The highest historical average home price in was $1,315,000. The highest historical median home price was $3.
| Stat | August 2024 | Y/Y Change |
|---|---|---|
| Average Price | $1,035,184 | -0.64% |
| Median Price | $989,000 | -0.1% |
| Sales | 392 | +3.98% |
| New Listings | 1415 | +13.65% |
| Active Listings | 1947 | +30.85% |
Single-family detached home prices in
| Stat | August 2024 | Y/Y Change |
|---|---|---|
| Average Price | $1,189,228 | -1.84% |
| Median Price | $1,150,000 | +0% |
| Sales | 229 | +7.51% |
| New Listings | 800 | +15.61% |
| Active Listings | 1085 | +30.57% |
Semi-detached home prices in
| Stat | August 2024 | Y/Y Change |
|---|---|---|
| Average Price | $932,168 | 0% |
| Median Price | $950,000 | -0.11% |
| Sales | 57 | -17.39% |
| New Listings | 160 | -17.1% |
| Active Listings | 207 | +1.97% |
Condo townhouse prices in
| Stat | August 2024 | Y/Y Change |
|---|---|---|
| Average Price | $675,355 | -2.56% |
| Median Price | $646,000 | -7.05% |
| Sales | 29 | +38.1% |
| New Listings | 109 | +25.29% |
| Active Listings | 175 | +41.13% |
Condo apartment prices in
| Stat | August 2024 | Y/Y Change |
|---|---|---|
| Average Price | $521,162 | -3.78% |
| Median Price | $533,000 | +2.5% |
| Sales | 21 | -22.22% |
| New Listings | 110 | +37.5% |
| Active Listings | 196 | +61.98% |
See other home prices around the GTA:
- Missisauga housing market report
- Hamilton housing market report
- Markham housing market report
- Ontario housing market report
- Toronto housing market report
- Waterloo housing market report
source: TBREB; CREA