Greater Toronto Area

The Greater Toronto Area (GTA) housing market experienced a significant shift in May 2024, with active home listings soaring to a decade high of 21,760 by the end of the month. This increase in inventory is attributed to a surge in new listings, even as sales and home price growth remain subdued.

In May 2024, the GTA's benchmark home price dropped by 0.9% month-over-month to $1,117,400, representing a 3.5% decrease from May 2023. The average home price in the GTA was $1,165,691 in May 2024, marking a slight 0.8% rise from April 2024's average of $1,156,167. However, on an annual basis, the average home price has declined by 2.5%. The median home price, which is often seen as a clearer indicator of market trends, stood at $992,000 in May 2024. This represents a 1.1% month-over-month increase, though it is down 4.2% year-over-year.

The market dynamics in May 2024 were characterized by a notable decrease in home sales. There was a 1.4% decline in sales compared to the previous month, and a much steeper 22% drop year-over-year, culminating in 7,013 homes sold. The sales-to-new-listings ratio (SNLR) for May 2024 dipped to 38%, signaling a transition into buyer's market territory. This ratio indicates that the demand for homes is growing at a slower pace than the supply, slightly shifting the balance in favor of buyers.

This significant change in market dynamics reflects a cooling period in the GTA housing market, with increased inventory and adjusted pricing trends. Buyers are now seeing more options and potentially better negotiating power, as the market adjusts to the new levels of supply and demand.