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March 2024 Real Estate Market Update

March 2024 Real Estate Market Update

The Greater Toronto Area (GTA) saw increases in sale prices, inventory levels and buyer activity in March.

The average price of a home is now $1,121,615, a gain of 1.2% from the same month last year. Toronto proper experienced a greater increase, with the average price up 3.1% to $1,087,017, from $1,054,563 in March 2023.

Active listings in the GTA climbed by 23% year-over-year. Buyer activity, while not as strong as last March, increased over February, with sales rising by 16% month-over-month. Sales were down by 4.5% compared to March 2023, due in part to the statutory holiday Good Friday falling in March versus April last year.

Months of inventory at the end of March was just shy of two months, indicating the market is constricting due to an increase in absorption and new listings lagging. While new listings were up by 15% year-over-year, they were down by 3% compared to February.

Delving into specific asset classes in the GTA, the detached segment emerged as the top performer for March, with monthly property values climbing by $22,785 or 1.6%, culminating in an average sale price of $1,466,397. Despite a 10.5% monthly uptick in inventory, it was swiftly absorbed by a 15.9% surge in sales. Impressively, the semi-detached segment witnessed a 25% monthly sales increase, resulting in an average sale price of $1,121,645, marking 3.1% yearly growth.

Meanwhile, the townhouse and condo segments experienced more tempered monthly gains. Townhomes boasted an average selling price of $1,039,124, while condos saw average sale prices reach $700,046, representing monthly increases of $5,113 and $4,701, respectively. Notably, both saw more inventory come to market, evidenced by a 15% monthly uptick in townhouse inventory and a 12.8% rise in condo listings. Sales figures in both segments saw 16% growth, underscoring sustained demand.

The picture for the 416-area is relatively similar, with the detach segment seeing the greatest increase in prices month-over-month, up 3.1% to $1,708,437 from $1,657,026. The townhouse segment was just behind, seeing a 3% gain. The condo segment in Toronto proper almost mirrored that of the GTA, as it saw prices rise by only $2,784 from February. Where the two markets differed is the semi-detached segment, where prices dropped 1.5% or nearly $20,000.

Looking at the first quarter of 2024, there has been a gradual improvement in market conditions. More buyers have adjusted to the higher interest rate environment. At the same time, homeowners may be anticipating an improvement in market conditions in spring, which helps explain the marked increase in new listings so far this year. Assuming lower borrowing costs in the near future, sales will increase further, new listings will be absorbed and tighter market conditions will push selling prices higher.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in March. If you live in or are interested in obtaining real estate data on another neighbourhood, contact Clare Tattersall at 647-625-3282 or clare@realtorontowest.com.

Alderwood
Average Home Price: $1,626,119
Number of Homes Sold: 7
Average Days on Market: 9

In the community of Alderwood, 7 homes sold in March 2024, representing a decrease of 2 homes from the same month last year. The average selling price for homes rose by 29% to $1,626,119 in March 2024, from $1,260,210 a year earlier. This significant year-over-year percentage change may be attributed to, at least in part, sales of larger, higher-end homes in March 2024. Two-storey detached homes (3) and bungalows (3) combined comprised almost all sales. Average days on market decreased to 9 days from 20 days year-over-year.

Average home prices for Alderwood for Q1 of 2024 are available here.

Islington-City Centre West
Average Home Price: $1,481,959
Number of Homes Sold: 19
Average Days on Market: 10

In the community of Islington-City Centre West, 19 homes sold in March 2024, representing a decrease of 8 homes from the same month last year. The average selling price for homes fell by 7.3% to $1,481,959 in March 2024, from $1,599,091 a year earlier. Bungalows (10) accounted for more than half of all sales, followed by two-storey detached homes (5). Average days on market decreased to 10 days from 18 days year-over-year.

Overall Average Condo Price: $618,328
Total Number of Condos Sold: 46
Average Days on Market: 28

In the community of Islington-City Centre West, 46 condominium apartments sold in March 2024, representing a decrease of 8 units from the same month last year. The overall average selling price fell by 1.2% to $618,328 in March 2024, from $625,759 a year earlier.

The average selling price for a one-bedroom, one-bathroom condominium apartment fell by 2.5% to $509,000 in March 2024, from $521,909 in March 2023. Average days on market increased to 26 days from 22 days over the same time period.

The average selling price for a two-bedroom, two-bathroom condominium apartment also fell by 2.5% to $686,318 in March 2024, from $704,154 in March 2023. Average days on market increased to 29 days from 25 days over the same time period.

Average home prices for Islington-City Centre West for Q1 of 2024 are available here.

Long Branch
Average Home Price: $1,355,214
Number of Homes Sold: 7
Average Days on Market: 18

In the community of Long Branch, 7 homes sold in March 2024, representing no change from the same month last year. The average selling price for homes fell by 4.6% to $1,355,214 in March 2024, from $1,420,000 a year earlier. Two-storey detached homes (4) comprised more than half of all sales. Average days on market decreased to 18 days from 27 days year-over-year.

Average home prices for Long Branch for Q1 of 2024 are available here.

Mimico
Average Home Price: $1,314,750
Number of Homes Sold: 16
Average Days on Market: 10

In the community of Mimico, 16 homes sold in March 2024, representing an increase of 3 homes from the same month last year. The average selling price for homes fell by 5.8% to $1,314,750 in March 2024, from $1,390,657 a year earlier. Two-storey detached homes (4) and bungalows (4) combined accounted for half of all sales. Average days on market decreased to 10 days from 38 days year-over-year.

Overall Average Condo Price: $760,519
Total Number of Condos Sold: 62
Average Days on Market: 19

In the community of Mimico, 62 condominium apartments sold in March 2024, representing a decrease of 12 units from the same month last year. The overall average selling price rose by 0.4% to $760,519 in March 2024, from $757,281 a year earlier.

The average selling price for a one-bedroom, one-bathroom condominium apartment fell by 0.3% to $569,753 in March 2024, from $571,250 in March 2024. Average days on market decreased to 18 days from 21 days year-over-year.

The average selling price for a two-bedroom, two-bathroom condominium apartment rose by 2.9% to $883,411 in March 2024, from $858,267 in March 2023. Average days on market increased to 25 days from 23 days over the same time period.

Average home prices for Mimico for Q1 of 2024 are available here.

New Toronto
Average Home Price: $1,167,627
Number of Homes Sold: 7
Average Days on Market: 37

In the community of New Toronto, 7 homes sold in March 2024, representing no change from the same month last year. The average selling price for homes rose by 5.2% to $1,167,627 in February 2024, from $1,109,714 a year earlier. Bungalows (3) and two-storey detached homes (2) combined comprised nearly three-quarters of all sales. Average days on market increased to 37 days from 20 days year-over-year.

Average home prices for New Toronto for Q1 of 2024 are available here.

Stonegate-Queensway
Average Home Price: $1,715,794
Number of Homes Sold: 17
Average Days on Market: 10

In the community of Stonegate-Queensway, 17 homes sold in March 2024, representing a decrease of 2 homes from the same month last year. The average selling price for homes fell by 2.8% to $1,715,794 in March 2024, from $1,765,658 a year earlier. Two-storey detached homes (8) and bungalows (4) combined accounted for nearly three-quarters of all sales. Average days on market decreased to 10 days from 17 days over the same time period.

Average home prices for Stonegate-Queensway for Q1 of 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.