HomeGTA Housing Market: May 2024 Price Breakdown
Detached homes had an average price of $1,506,675 with a total of 3,238 sales in May 2024. Semi-Detached homes had an average selling price of $1,173,819 and the lowest total out of the majory home types with 616 sold. A total of 1,149 townhouses were sold with an average selling price of $947,158. Second being detached home sales were condos with 1,942 sales in May 2024 with an average selling price of $730,815.
This Toronto market report shows the average and median home prices as of May 2024 in the greater Toronto are (GTA) broken down by census metropolitian area (CMA). The most expensive area is King with an average home price of $2,179,952. The least expensive area is Orangeville wtih an average home price of $813,021.
The GTA average home price was $1,165,691 which is a 3.5% year-over-year decrease from $1,195,409 in May 2023. This is the average between all property types, including detached, semi-detached, freehold townhouses and condo apartments. A total of 7,013 home sales were reported in May 2024 this is a 21.7% decline from 8,960 sales reported the prior year.
| CMA | Average | Median |
|---|---|---|
| King | $1,970,569 | $1,812,500 |
| Caledon | $1,002,608 | $1,195,000 |
| Richmond Hill | $1,507,973 | $1,330,000 |
| Oakville | $1,046,179 | $1,460,000 |
| Whitchurch-Stouffville | $1,394,189 | $1,180,000 |
| Markham | $1,292,683 | $1,265,000 |
| Aurora | $1,443,822 | $1,255,000 |
| East Gwillimbury | $1,290,349 | $1,150,000 |
| Vaughan | $1,507,973 | $1,272,000 |
| Bradford West Gwillimbury | $1,133,122 | $1,050,000 |
| Uxbridge | $1,044,101 | $1,277,500 |
| Newmarket | $1,173,306 | $1,265,000 |
| Toronto | $1,193,202 | $948,000 |
| Haltonhills | $1,068,644 | $962,500 |
| Milton | $1,046,179 | $992,500 |
| Mississauga | $1,096,142 | $995,000 |
| Pickering | $1,019,367 | $945,000 |
| Brampton | $1,002,608 | $963,250 |
| Ajax | $1,002,821 | $950,000 |
| New Tecumseth | $891,093 | $831,500 |
| Orangeville | $813,021 | $782,500 |
| Georgina | $980,293 | $881,250 |
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Home purchases in Toronto are subject to land transfer tax to be paid by the buyer when the transaction closes. Toronto has special rules as they also require land transfer tax (ltt) to be paid at both the provincial and municipal level. What does this mean for someone looking to purchase a home in Toronto? If you are looking to purchase at the average home price of 1,193,202 for May 2024 you can expect to pay $40,678.08 in ltt upon closing. However, there is a rebate that is available for first-time homebuyers. This reduces land transfer tax to $32,203.08 when the rebate is applied at both the provincial and municipal level.
Toronto Land Tranfer Tax Example
This would be the land transfer tax calculation for a $1,193,202 home purchased in Toronto, Ontario. Since the home purchased is below $2,000,000 the tax rates used are the same at both the provincial and municipal levels. Total Provincial + Municipal land transfer tax would be $15,864.04 + $15,864.04 = $40,678.08 without a rebate. For first time homebuyers the total provincial + municipal rebate would be $8,475 to bring land transfer tax to $32,203.08 to be paid upon closing.
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First $55,000
$55,000 home value
x 0.50% tax rate
= $275 land transfer tax
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More than $55,000 up to $250,000
$195,000 home value
x 1.00% marginal tax rate
= $1,950 land transfer tax
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More than $250,000 up to $400,000
$150,000 home value
x 1.50% marginal tax rate
= $2,250 land transfer tax
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More than $400,000 up to $2,000,000
$350,000 home value
x 2.00% marginal tax rate
= $15,864.04 land transfer tax
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All tiers
$275 + $1,950 + $2,250 + $15,864.04
= $15,864.04 total Toronto land transfer tax
If you want to see how much land transfer tax you can expect to pay on a home purchase, you can use our land transfer tax (ltt) calculator to estimate total land transfer tax.
source: TREB