The Resale Real Estate Statistics for the Month of December 2024 are in, and here are the Key Facts - 3,359 sales reported through Toronto Real Estate Board’s MLS (down 1%
Your Monthly GTA Real Estate Market Update - December 2024
Dated: December 6 2024
Views: 52
The Resale Real Estate Statistics for the Month of October 2024 are in, and here are the Key Facts
- 6,658 sales reported through Toronto Real Estate Board’s MLS (up 44.4% from October 2023).
- Average selling price of all home types was up 1.1% year over year.
- 3.68 months of standing inventory.
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Here are additional year-over-year statistics based on area and type of home that will shed more light on the overall market conditions.
Toronto Statistics - Year over Year Median price change
Yr/Yr Change | Monthly Change | |
| Detached | 6.4% | 0.7% |
| Semi Det | 10.0% | -0.9% |
| Townhouse | -4.6% | -12.6% |
| Condo Towns | -8.5% | -9.0% |
| Condo Apartment | -1.9% | 0.0% |
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Mississauga Statistics – Year over Year Median Price change
Yr/Yr Change | Monthly Change | |
| Detached | 1.5% | 2.3% |
| Semi Det | -3.8% | -2.8% |
| Townhouse | 3.3% | 0.3% |
| Condo Towns | 2.8% | -1.5% |
| Condo Apartment | -1.3% | 4.9% |
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Brampton Statistics - Year over Year Median Price change
Yr/Yr Change | Monthly Change | |
| Detached | 1.2% | 0.5% |
| Semi Det | -3.3% | 3.0% |
| Townhouse | -1.4% | -3.8% |
| Condo Towns | -3.6% | 0.7% |
| Condo Apartment | -7.5% | -3.0% |
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Milton Statistics - Year over Year Median Price change
Yr/Yr Change | Monthly Change | |
| Detached | 8.5% | 3.2% |
| Semi Det | 8.4% | 1.3% |
| Townhouse | 0.6% | 2.8% |
| Condo Towns | 4.8% | 0.3% |
| Condo Apartment | 9.5% | 1.6% |
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Oakville Statistics - Year over Year Median Price change
Yr/Yr Change | Monthly Change | |
| Detached | 5.8% | 5.8% |
| Semi Det | -0.2% | -1.8% |
| Townhouse | -4.7% | 1.8% |
| Condo Towns | -2.4% | -6.0% |
| Condo Apartment | -19.0% | 4.9% |
Vaughan Statistics – Year over Year Median Price Change
Yr/Yr Change | Monthly Change | |
| Detached | -4.0% | 0.3% |
| Semi Det | 7.6% | 8.7% |
| Townhouse | 1.5% | 2.6% |
| Condo Towns | -13.2% | -2.6% |
| Condo Apartment | -2.2% | -6.4% |
Durham Statistics – Year over Year Median Price Change
Yr/Yr Change % | Monthly Change | |
| Detached | 3.8% | 2.1% |
| Semi Det | 13.4% | 11.8% |
| Townhouse | 4.5% | 1.2% |
| Condo Towns | 2.1% | 1.2% |
| Condo Apartment | 1.9% | 0.5% |
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Burlington Statistics – Year over Year Median Price Change
Yr/Yr Change | Monthly Change | |
| Detached | 6.2% | 8.4% |
| Semi Det | 14.2% | 5.0% |
| Townhouse | 3.9% | -2.2% |
| Condo Towns | 2.5% | -3.8% |
| Condo Apartment | -9.6% | -17.6% |
The GTA market's sales volume was up by 44.4% compared to October 2023; on a monthly basis, sales were up 33.3% as well. The inventory level also dropped significantly to 3.68 months at the end of October 2024 due to an increase in sales.
The median sale price for all home types was $960,000, unchanged from last year and up 1.05% compared to last month. On average, homes are selling for 99% of the asking price within 27 days.
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Chief Market Analyst for the Toronto Regional Real Estate Board, Jason Mercer, reported that market conditions did tighten in October but there is still a lot of inventory, over 24,400 of available homes of all types, and therefore providing choice for home buyers. This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed, selling price growth will accelerate, most likely as we move through the spring of 2025.
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The condominium market also saw a rebound in October with sales up 33% across the GTA compared to October 2023. Prices, however, still softened slightly, down 2% respectively. With the completion of many new construction units over the next couple of years, prices are expected to stay relatively flat for the time being.
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If you are a first-time Buyer or investor, this might be an excellent time to take advantage of the sluggish market conditions and buy a home. Bank of Canada has lowered their lending rate by 125 basis points so far, and a 25 to 50 basis point cut is a certainty on Dec 4, which will eventually lead to lower fixed-term mortgage rates, likely influencing the buying decision for real estate and leading to a further uptick in activity.
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If you need to sell, the key in the present market is to price effectively and strategically market the property. The right advice on pricing strategy, staging, and presentation plays a key role in successfully selling your property.
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Please feel free to contact me if you would like me to provide you with detailed market statistics for your area or property.
Gary Singh
Gary has been providing real estate services to his clients since 2001. With over 80% of his business coming through referrals & repeat customers, its obvious that his commitment to his clie....
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