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Toronto and West GTA Real Estate Market Update – May 2024

Jun 27, 2024 | Market News

𝐍𝐄𝐖𝐒𝐅𝐋𝐀𝐒𝐇! Here are the real estate market stats you need to know for May 2024 vs. 2023 home sales in Toronto, Mississauga, Oakville, Burlington 📢

Sales volume and the average selling price for May were at a decline across the Toronto Regional Real Estate Board as compared to year over year, due to last spring’s short-lived pick up in market activity. Further details on this in my commentary below.

𝗛𝗲𝗿𝗲 𝗮𝗿𝗲 𝗼𝘂𝗿 𝗻𝗼𝘁𝗮𝗯𝗹𝗲 𝘁𝗮𝗸𝗲 𝗮𝘄𝗮𝘆’𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗠𝗮𝘆 𝗿𝗲𝗮𝗹 𝗲𝘀𝘁𝗮𝘁𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝗮𝗰𝘁𝗶𝘃𝗶𝘁𝘆 𝗮𝗻𝗱 𝗵𝗼𝘄 𝗶𝘁 𝗰𝗼𝗺𝗽𝗮𝗿𝗲𝘀 𝗺𝗼𝗻𝘁𝗵 𝗼𝘃𝗲𝗿 𝗺𝗼𝗻𝘁𝗵 𝘄𝗶𝘁𝗵 𝗔𝗽𝗿𝗶𝗹 𝟮𝟬𝟮𝟰:

◼️ Toronto detached home values flat month over month, however with a 4.5% decrease from last year – contributed by the uptick in activity in May 2023. All other home categories in Toronto flat month over month.

◼️ Interesting activity in Mississauga for detached homes as the average price was up almost $100,000 from March to April, and back down $100,000 for May with the average price just over $1.5m. This could be contributed to a greater amount of supply within the past month equating to more buying power. All other home categories in Mississauga were flat month over month. A considerable decrease however, year over year for semi detached homes and freehold townhouses, down 9.5% and almost 13% respectively.

◼️ Oakville detached home values had been trending upwards over the past 2-3 months, however May’s figures brought the average price down by almost $130,000 over the month prior. This may be contributed by fewer homes sold in May in the higher price point category due to affordability as Oakville remains one of the most expensive areas to live in the GTA, and Canada. All other home categories were flat month over month. Big drop in the average home price year/year for condo townhouses, down almost 14%.

◼️ Burlington is the only area in our report that either held with the average price flat or with an increase month over month.  Detached home values were flat to April, and up over last year – again, the anomaly compared to other areas. Semi detached home values up $100,000 month over month, freehold townhouses up approximately $80,000. Condo towns and apartments flat, the latter down 11.5% over last year.

𝗪𝗮𝗻𝘁 𝘁𝗼 𝗸𝗻𝗼𝘄 𝘄𝗵𝗮𝘁’𝘀 𝗵𝗮𝗽𝗽𝗲𝗻𝗶𝗻𝗴 𝗶𝗻 𝘆𝗼𝘂𝗿 𝗻𝗲𝗶𝗴𝗵𝗯𝗼𝘂𝗿𝗵𝗼𝗼𝗱? Obtain a personalized market analysis by booking a complimentary Buyer or Seller consultation with us via the form below.