Greater Toronto Area

In June 2024, the Greater Toronto Area (GTA) real estate market saw a significant surge in home listings, leading to the highest inventory levels in 14 years. Despite the Bank of Canada's recent rate cut, sellers remain optimistic, expecting increased demand from potential buyers. However, the benchmark home price in the GTA experienced a 0.6% monthly decline, settling at $1,110,600, which is a 4.6% drop compared to June 2023. The average home price in the GTA stood at $1,162,167 in June 2024, reflecting a modest 0.3% decrease from May 2024's figure of $1,165,691 and an annual decline of 1.7%.

Furthermore, the median home price—a crucial market indicator—was $990,000 in June 2024, showing a slight 0.2% decrease from the previous month. Year-over-year, the median home price in the GTA decreased by 2.0%. The Toronto Regional Real Estate Board reported a notable increase in listings, with 23,613 homes listed for sale by the end of June 2024, marking a substantial 67% rise from the same period last year. This surge represents the highest number of active listings since June 2010, when there were 23,923 active listings. Additionally, June 2024 saw 17,964 new listings, indicating a significant 13.2% increase from the same period in the previous year.