Toronto Housing Market Report October 2024

Greater Toronto Area Housing Market Summary | October 2024

• The average home price in Toronto was $1,135,215 — a 0.82% year-over-year increase.
• The median home price in Toronto was $960,000 — a 0.05% year-over-year increase.
• The average detached home price increased 0.88% year-over-year to $1,462,838
• The semi-detached home price increased 0.51% year-over-year to $1,108,376
• The condo townhouse home price decreased -0.69% year-over-year to $785,827
• The average condo apartment home price decreased -2.08% year-over-year to $694,038

Sections to this report

• Average Home Price by Home Type
• Average Home Price by Area
• Important Market Metrics
• Inventory & Sales
• Historical Home Prices
• All property types
• Home Price Forecast

Toronto (GTA) average home prices by house type

The average home price across all property types in Toronto was $1,135,215. Home prices have increased 0.82% year-over-year compared to the average home price of $1,125,928 the prior year. The average home price across all property types saw a 2.52% month-over-month increased from the average home price of $1,107,291 the prior month. Here is how the average home price has changed across property types.

Toronto (GTA) average home price by region

Toronto 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 40.3% in August 2024. The SNLR indicates a slight balanced market market with a SNLR ratio falling between 40%-60%.

Note: A Sales-to-new-listing ratio between 40%-60% is said to be a balanced market. When the SNLR is above 60% it is said to be a sellers market and below 40% indicates a buyers market.

Toronto Sales / Inventory

Total sales in Toronto were 6658 which is a 43.31% increase from 4646 sales the prior year. Here is how the sales are broken down by property type:

• Detached: 3139 — a 45.53% Y/Y increase
• Semi-Detached: 612 — a 42.99% Y/Y increase
• Condo Townhouse: 442 — a 36.42% Y/Y increase
• Condo Apartment: 1722 — a 32.87% Y/Y increase

The housing inventory this month is 3.3 months which is up from 3.4 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.

Historical average home prices in Toronto

All property types

The highest historical average home price in was $1,205,000. The highest historical median home price was $1,334,544.

Single-family detached home prices in Toronto

Semi-detached home prices in Toronto

Condo townhouse prices in Toronto

Condo apartment prices in Toronto

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.

Canada Housing Markets

See the housing markets in Canada broken down at a national, provincial and city level with the following reports

• Canada housing market report
• Calgary housing market report
• Edmonton housing market report
• Hamilton housing market report
• Markham housing market report
• Ontario housing market report
• Ottawa housing market report
• Toronto housing market report
• Vancouver housing market report
• Waterloo housing market report

source: TREB; CMHC