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By The Numbers 

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

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6,560

TREB Sales

March 2024 


6,868

TREB Sales 

March 2024

$1,121,615

TREB Average Price 

March 2024

$1,107,018

TREB Average Price March 2024

March Numbers 2024

  • Number of Sales 2024
    6,560 
  • Number of Sales 2023
    6,868
  • Number of New Listing 2024
    13,120 
  • Number of New Listings 2023
    11,394 
  • Number of Active Listing 2024
    12,459
  • Number of Active Listings 2023
    10,121
  • Average Price 2024
    $1,121,615
  • Average Price 2023
    $1,107,018
  • Average Days on the Market (DOM) 2024
    29 Days
  • Average Days on the Market (DOM) 2023
    27 Days

TREB Market Summary

March 2024 home sales reported through TRREB’s MLS® System were lower than the March 2023 result, due in part to the statutory holiday Good Friday falling in March this year versus April last year. Despite a better-supplied market compared to last year, there was enough competition between buyers to see a moderate increase in the average March home price compared to last year’s level. 

Greater Toronto Area (GTA) REALTORS® reported 6,560 sales through TRREB’s MLS® System in March 2024 – down by 4.5 percent compared to March 2023. New listings were up by 15 percent over the same period. On a seasonally adjusted monthly basis, sales were down by 1.1 percent. New listings were down by three percent compared to February. 

The first quarter ended with sales up by 11.2 percent year-over-year. New listings were up by a greater annual rate of 18.3 percent. 

“We have seen a gradual improvement in market conditions over the past quarter. More buyers have adjusted to the higher interest rate environment. At the same time, homeowners may be anticipating an improvement in market conditions in the spring, which helps explain the marked increase in new listings so far this year. Assuming we benefit from 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,” said TRREB President Jennifer Pearce. 

The MLS® Home Price Index (HPI) Composite benchmark was up by 0.3 percent year-over-year. The average selling price was up by 1.3 percent to $1,121,615. On a seasonally-adjusted month-over-month basis, the MLS® HPI Composite was up by 0.2 percent and the average selling price was up by 0.7 percent compared to February. 

“The average selling price edged up in comparison to last year as we moved through the first quarter of 2024. Price growth is expected to accelerate during the spring and even more so in the second half of the year, as sales growth catches up with listings growth and sellers’ market conditions start to emerge in many neighbourhoods. Lower borrowing costs in the months ahead will help fuel increased demand for ownership housing,” said TRREB Chief Market Analyst Jason Mercer. 

“As demand for ownership and rental housing increases, supply will continue to be top of mind. Governments at all levels must maintain their focus on pursuing innovative solutions to increase the amount and mix of housing supply to improve affordability. This includes removing roadblocks to non-traditional arrangements, such as co-ownership models to benefit home buyers, including first-time buyers and seniors. Encouraging gentle density, including multiplexes, is critical to helping high-demand areas such as the Greater Golden Horseshoe to meet housing supply targets,” 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

$1,466,397 | 0.0%

2,893 | -3.0%

Townhouse

$940,127 | 0.5%

1,178 | 1.1%

Semi Det. 

$1,121,645 | +3.1%

579 | 4.3%

Condo Apt.

$700,046 | -0.5%

1,842| -12.8%

Number of Sales

Year-Over-Year Percent Change

  • 416 - Detached
    647 | -2.1%
  • 905 - Detached
    2,246 | -3.3%
  • 416 - Semi Detached
    222 | 10.4%
  • 905 - Semi Detached
    357 | 0.8%
  • 416 - Townhouse
    236 | 2.6%
  • 905 - Townhouse
    942 | 0.7%
  • 416 - Condos
    1,186 | -15.5%
  • 905 - Condos
    656 | -7.5%

Average Price

Year-Over-Year Percent Change

  • 416 - Detached
    $1,708,437 | 0.4%
  • 905 - Detached
    $1,396,674 | -0.1% 
  • 416 - Semi Detached
    $1,300,403 | 3.0% 
  • 905 - Semi Detached
    $1,010,485 | 2.3% 
  • 416 - Townhouse
    $999,77 | 2.7%
  • 905 - Townhouse
    $925,185 | -0.1%
  • 416 - Condo
    $729,392 | -0.5%
  • 905 - Condo
    $646,989 | 0.3% 

Economic Indicators

  • Real GDP Growth | Q4 - 2024
    Up | 1.0%
  • Toronto Employment Growth | Feb. 2024
    Up | 1.7%.
  • Inflation Rate (Yr/Yr CPI Growth) | Feb. 2024
    Down | 2.8%
  • Toronto Unemployment Rate | Feb. 2024
    Up | 7.1%
  • Bank of Canada Overnight Rate | March 2024
    Up | 5.0%
  • Prime Rate | March 2024
    Up | 7.2%
  • Mortgage Rates March 2024 (1yr/3Yr|5Yr) 
    7.84% | 6.99% | 6.84% 
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