June 2024 Real Estate Market Update

After more than two years of elevated borrowing costs, interest rates finally dropped in June, but it has not yet translated into increased sales.

Many buyers kept their home purchase decisions on hold, resulting in sales falling in the Greater Toronto Area (GTA) to 6,213 — a 16.4% decline compared to June of last year.

At the same time, inventory swelled, with 17,964 properties hitting the market, up 12.3% year-over-year.

Active listings rose 67.4% over the same time period to 23,613 — a 14-year high.

Months of inventory at the end of June was nearly 4 months.

With the GTA housing market well-supplied, homebuyers have benefitted from substantial choice and negotiating power on price.

The average home now sells for $1,162,167.

Examining individual asset classes across the GTA, the condo sector had the highest number of active listings at 8,806, accounting for nearly half of all properties on the market. Even with an 83% yearly inventory increase, the average condo price only decreased by 1.5% to $727,861. However, sales totalled 1,520, marking a 28% decline and the fourth consecutive month of decreasing sales totals.

The detached market totalled 2,988 sales during the month, down 11.5% from June 2023. Inventory surged to 10,130, the highest total since September 2019. Detached properties sold for an average of $1,480,399, a 3% yearly decline.

The townhouse and semi-detached sectors experienced steeper yearly declines. The average sale price for a semi-detached home in the GTA is now $1,102,904, a fall of 9.2% year-over-year. The average townhouse sold for $1,021,866, marking a 6% yearly decline. Both asset classes saw yearly increases in inventory with diminishing sales totals. The semi-detached inventory finished the month at 1,118, a 45.7% yearly increase, with sales of 599, an 11.6% decrease. Townhome listings totalled 1,760, an 81.8% yearly increase, with sales of 567, a 14.6% decline.

The June sales results suggest most homebuyers will require multiple rate cuts before they move off the sidelines. This follows Ipsos polling for the Toronto Regional Real Estate Board, which suggested that cumulative rate cuts of 100 basis points or more are required to boost home sales by any significant amount.

Looking forward, as sales pick up alongside lower borrowing costs, elevated inventory levels will help mitigate against a quick run up in selling prices.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in Q2 2024, essentially the spring market. If you would like to know how the real estate market performed in your neighbourhood, contact Clare Tattersall at 647-625-3282 or clare@realtorontowest.com.

Alderwood
Average Home Price: $1,388,590
Number of Homes Sold: 34
Average Days on Market: 18

In the community of Alderwood, 34 homes sold in Q2 2024, representing a decrease of 8 homes or 19% from the same period last year. The average selling price for homes fell by 0.4% to $1,388,590 in Q2 2024, from $1,394,691 a year earlier. Average days on market increased to 18 days from 14 days year-over-year.

Average home prices for Alderwood for Q2 2024 are available here.

Islington-City Centre West
Average Home Price: $1,606,541
Number of Homes Sold: 37
Average Days on Market: 15

In the community of Islington-City Centre West, 37 homes sold in Q2 2024, representing a decrease of 24 homes or 39.3% from the same period last year. The average selling price for homes fell by 16.1% to $1,606,541 in Q2 2024, from $1,914,514 a year earlier. Average days on market remained constant at 15 days.

Overall Average Condo Price: $636,583
Total Number of Condos Sold: 150
Average Days on Market: 25

In the community of Islington-City Centre West, 150 condominium apartments sold in Q2 2024, representing a decrease of 8 units or 5.1% from the same period last year. The overall average selling price fell by 4.2% to $636,583 in Q2 2024, from $664,488 a year earlier.

The average selling price for a one-bedroom, one-bathroom condominium apartment fell by 4.1% to $521,663 in Q2 2024, from $544,025 in Q2 2023. Average days on market increased to 19 days from 16 days over the same time period.

The average selling price for a two-bedroom, two-bathroom condominium apartment fell by 4.3% to $705,165 in Q2 2024, from $736,650 in Q2 2023. Average days on market increased to 29 days from 18 days over the same time period.

Average home prices for Islington-City Centre West for Q2 2024 are available here.

Long Branch
Average Home Price: $1,314,163
Number of Homes Sold: 17
Average Days on Market: 18

In the community of Long Branch, 17 homes sold in Q2 2024, representing a decrease of 21 homes or 55.1% from the same period last year. The average selling price for homes fell by 4% to $1,314,163 in Q2 2024, from $1,368,974 a year earlier. Average days on market increased to 18 days from 16 days year-over-year.

Average home prices for Long Branch for Q2 2024 are available here.

Mimico
Average Home Price: $1,187,374
Number of Homes Sold: 40
Average Days on Market: 12

In the community of Mimico, 40 homes sold in Q2 2024, representing a decrease of 7 homes or 14.9% from the same period last year. The average selling price for homes fell by 17.3% to $1,187,374 in Q2 2024, from $1,436,134 a year earlier. Average days on market decreased to 12 days from 17 days year-over-year.

Overall Average Condo Price: $781,860
Total Number of Condos Sold: 142
Average Days on Market: 28

In the community of Mimico, 142 condominium apartments sold in Q2 2024, representing a decrease of 62 units or 30.4% from the same period last year. The overall average selling price rose by 1.5% to $781,860 in Q2 2024, from $770,267 a year earlier.

The average selling price for a one-bedroom, one-bathroom condominium apartment fell by 7.2% to $566,866 in Q2 2024, from $610,833 in Q2 2023. Average days on market increased to 32 days from 11 days year-over-year.

The average selling price for a two-bedroom, two-bathroom condominium apartment rose by 1.7% to $860,653 in Q2 2024, from $846,572 in Q2 2023. Average days on market increased to 28 days from 20 days over the same time period.

Average home prices for Mimico for Q2 2024 are available here.

New Toronto
Average Home Price: $1,425,861
Number of Homes Sold: 20
Average Days on Market: 10

In the community of New Toronto, 20 homes sold in Q2 2024, representing a decrease of 1 home or 4.8% from the same period last year. The average selling price for homes rose by 8.3% to $1,425,861 in Q2 2024, from $1,317,071 a year earlier. Average days on market decreased to 10 days from 15 days year-over-year.

Average home prices for New Toronto for Q2 2024 are available here.

Stonegate-Queensway
Average Home Price: $1,894,909
Number of Homes Sold: 54
Average Days on Market: 10

In the community of Stonegate-Queensway, 54 homes sold in Q2 2024, representing a decrease of 6 homes or 10% from the same period last year. The average selling price for homes rose by 4.8% to $1,894,909 in Q4 2024, from $1,807,951 a year earlier. Average days on market decreased to 10 days from 15 days over the same time period.

Average home prices for Stonegate-Queensway for Q2 2024 are available here.

Overall average condo price includes all condo apartment configurations. One-bedroom condos include one bathroom only. Two-bedroom condos include two bathrooms only.