Greater Toronto Area
Aug 2024 update
GTA
9/2/20242 min read
The Greater Toronto Area (GTA) housing market witnessed a notable decline in home prices in July 2024, as sales struggled to keep pace with the influx of new listings. The benchmark home price fell by 1.2% month-over-month, settling at $1,097,300. This marks a significant 5.0% year-over-year drop from July 2023.
Price Trends
In July 2024, the average home price in the GTA was $1,106,617, reflecting a 4.8% decrease from June 2024's figure of $1,162,167. Year-over-year, this represents a 1.1% decline. The median home price also experienced a downturn, standing at $950,000. This is a 4.0% drop from the previous month and a 2.5% decrease from the prior year.
Increased Listings
The Toronto Regional Real Estate Board (TRREB) reported a substantial increase in active listings. By the end of July 2024, there were 23,877 homes listed for sale, a 55% jump from the previous year, marking the highest number of active listings since June 2010. Additionally, 16,296 new listings were introduced in July 2024, up 18.8% compared to the same period last year.
Sales Activity
Sales activity in July 2024 saw a decline, with total homes sold numbering 5,391. This represents a 13.2% decrease from the previous month. However, on a year-over-year basis, sales were up by 2.7%. The sales-to-new-listings ratio (SNLR) dropped to 33%, indicating a shift towards a buyer's market as demand lagged behind supply. This trend was consistent in the City of Toronto as well.
Market Implications
The current dynamics of the GTA housing market suggest a significant shift. With an increasing number of listings and falling prices, buyers have more options and potentially more leverage in negotiations. Sellers, on the other hand, may need to adjust their expectations and pricing strategies to align with the current market conditions.
As the market continues to evolve, it will be crucial for both buyers and sellers to stay informed and adapt to these changes. The coming months will reveal whether this trend will persist and how it will shape the GTA housing market in the long term.
Stay tuned for more updates and in-depth analysis of the GTA housing market trends.
