Toronto Real Estate Market – October 2024

Real Estate Market Report | Toronto | October 2024

Prices Cool as Supply Outpaces Demand

Home buyers continue to purchase in Toronto. Many sellers seem to be sitting back to see what is happening to interest rates, however, the homes on the market are moving. 

We help provide home buyers and sellers with the data they need to be successful. When you have access to accurate and relevant data, you can be more confident in setting the price of your home and selling it or buying at the right price. 

With many important factors to consider (what kind of home you have, what community etc.), it’s important to look specifically at what the housing market is doing in your neighbourhood.  

Bōde sellers are more successful and actually make more money, on average, than the rest of the market. We are also here to make sure you have the information you need to make the decisions that are right for YOU!

So what's happening in the Toronto real estate market as of October 2024?

Let’s start with a Macroeconomics view 

To understand what’s happening in the real estate market you have to look at supply and demand.

The best proxies for supply and demand are:

Supply

New supply: New Listings (i.e. the number of homes recently listed for sale)

Total supply: Inventory (i.e. the total number of homes listed for sale)

Demand

Sales (i.e. the number of homes recently sold)

 

Supply & Demand

Months of Supply (i.e. the number of months it would take to sell all current inventory at the current rate of sale)

 

These metrics are the best indicators of the health of the real estate market. Let’s look at what they show us.

Overall Toronto Market

Toronto’s housing market in October 2024 remains frail, with softening demand ironically continuing to push prices upward. Total sales fell to below 2,000, a 26% drop from the last five Septembers. In spite of the weakening demand, average price increased by 7.3% year-over-year to $1.11 million. Inventory continues to climb at just over five months of supply, creating attractive conditions for buyers across all segments. As a result, buyers are facing fewer bidding wars and more choices.

Toronto's Detached Homes

The detached home market saw approximately 500 units sold, with the average price rising by 5.2% year-over-year to $1.69 million. With inventory high and demand softening, competition is limited, particularly in suburban areas, but still giving an opportunity for quick sales and moderately rising prices.

Toronto's Condominiums

Condominiums remain a key entry point for many buyers, but with fewer than 1,000 units sold – buyers are taking their time. Prices have fallen to $708,000. Despite significantly better inventory levels and just under seven months of supply, demand continues to cool, driving moderate price decreases in this more affordable segment.

Toronto's Semi-detached & townhouse homes

Attached homes (townhouses and semi-detached) saw just under 300 sales in October, with prices slightly increasing to an average of $1.2M for Semi’s & flattening at $833,000 for townhouses . Demand for attached homes continues to slow, driven by buyers opting to try and find more space at a lower price point. Inventory is abundant, setting record highs against the last 5 Septembers.

It’s critical to understand the dynamics in your local property market

 

To understand your local property market you need to look at your local data. Head over to Bōde’s new and improved Market Data dashboard, the only place where you can see all the data yourself, including being able to filter on community, property type, and price range to see exactly what’s happening where you live.


You can also see the sold price of any home that has sold in the last 2 years using Bode’s Sold Data page.


If you’re thinking about selling, take a look at how Bōde helps sellers sell for 1.3% higher prices while paying 50% less commission.

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With your free Bōde account, you don’t need an agent – you are completely in charge of your home sale or purchase and get to keep more of the money you invested in your home!

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