By The Numbers 

The Toronto Real Estate Boards statistics year over year for the month of September 

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5,996

TREB Sales September 2024 


4,606

TREB Sales 

September 2023

$1,107,291

TREB Average Price September 2024 


$1,118,215

TREB Average Price September 2023

September Numbers 2024

  • Number of Sales 2024
    4,996 | 8.5% 
  • Number of Sales 2023
    4,606
  • Number of New Listing 2024
    18,089 | 10.5% 
  • Number of New Listings 2023
    16,377
  • Number of Active Listing 2024
    25,612 | 35.5% 
  • Number of Active Listings 2023
    18,906
  • Average Price 2024
    $1,107,291 | -1.0% 
  • Average Price 2023
    $1,118,215
  • Average Days on the Market (DOM) 2024
    27 | 35% 
  • Average Days on the Market (DOM) 2023
    20

TREB Market Summary

Greater Toronto Area (GTA) home sales increased year-over-year in September. Buyers were starting to take advantage of more affordable market conditions brought about by interest rate cuts and lower home prices. 

“As buyers take advantage of changes to mortgage lending guidelines and borrowing costs trend lower, home sales will steadily increase in relation to population growth. With every rate cut, a growing number of GTA households will afford a long-term investment in home ownership, including first-time buyers,” said Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.

 GTA REALTORS® reported 4,996 home sales through TRREB’s MLS® System in September 2024 – up by 8.5 percent compared to 4,606 sales reported in September 2023. New listings entered into the MLS® System amounted to 18,089 – up by an even greater 10.5 percent year-over-year. On a seasonally adjusted basis, September sales increased on a monthly basis compared to August, along with new listings. 

The MLS® Home Price Index Composite benchmark was down by 4.6 percent year-over-year in September 2024. The average selling price, at $1,107,291 was down by a lesser one percent compared to the September 2023 average of $1,118,215. On a seasonally adjusted basis, the average selling price edged up slightly compared to August. 

“The annual improvement in September home sales was more than matched by the increase in new listings over the same period. This resulted in a better-supplied market and increased negotiating power for buyers re-entering the market. The ability to negotiate on price, led to moderate year-over-year price declines, particularly in the more affordable condo apartment and townhouse segments, which are popular with first-time buyers,” said TRREB Chief Market Analyst Jason Mercer. 

“We are pleased with the positive changes to mortgage lending guidelines announced over the past month. The ability for existing mortgage holders to shop around for the best rate without facing the stress test will result in more affordable renewals. Longer amortization periods and the ability to insure mortgages for purchases over $1 million dollars will give home buyers more options as the GTA housing market recovers. TRREB has long been calling for these changes to give buyers more flexibility as they navigate their home-buying journey,” said TRREB CEO John DiMichele

Breaking Down The Numbers

Sales Numbers, average price  percentage changes over the same time last year.

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Detached

$1,423,056 |-1.1%

2,354 | 10.5% 

Townhouse 

$904,200 |-4.0%

840 | 14.3%



Semi Det. 

$1,090,749 |-0.4%

446 | 12.6%


Condo Apt.

$682,543 |-3.6%

1,312 | 0.8%

Number of Sales

Year-Over-Year Percent Change

  • 416 - Detached
    599 | 10.1%
  • 905 - Detached
    1,755 | 10.7%
  • 416 - Semi Detached
    180 | 13.2%
  • 905 - Semi Detached
    266 | 12.2%
  • 416 - Townhouse
    158 | -8.7%
  • 905 - Townhouse
    682 | 21.4%
  • 416 - Condos
    864 | 2.2%
  • 905 - Condos
    448 | -2.0%

Average Price

Year-Over-Year Percent Change

  • 416 - Detached
    $1,685,755 | -2.4% 
  • 905 - Detached
    $1,333,394 | -0.5% 
  • 416 - Semi Detached
    $1,299,324 | 1.3% 
  • 905 - Semi Detached
    $949,609 | -2.0%
  • 416 - Townhouse
    $978,343 | -1.7% 
  • 905 - Townhouse
    $887,023 | -4.1%
  • 416 - Condo
    $707,917 | -3.5%
  • 905 - Condo
    $633,606 | -4.1%

Economic Indicators

  • Real GDP Growth | Q2 - 2024
    Up | 2.1%
  • Toronto Employment Growth | August 2024
    Up | 1.5%
  • Inflation Rate (Yr/Yr CPI Growth) | August 2024
    Down | -2.0%
  • Toronto Unemployment Rate | August 2024
    Up | 8.0%
  • Bank of Canada Overnight Rate | September 2024
    Down | -4.3%
  • Prime Rate | September 2024
    Down | -6.5%
  • Mortgage Rates September 2024 (1yr/3Yr|5Yr)
    -7.24% | -6.49%
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