Average price — Mean sale price across all transactions. Sensitive to the mix of homes that sold.
$1,026,703
MoM −$57,989 −5.3% down $57,989, 5.3% versus December 2023 YoY −1.2% down 1.2% versus January 2023
Source: TRREB MarketWatch, January 2024
Greater Toronto Area · TRREB MarketWatch
GTA Real Estate Market Report
January 2024
In January 2024 the average selling price across the Greater Toronto Area fell 5.3% to $1,026,703 versus December 2023, and sales jumped 22.6% to 4,223, though a quieter January after the December holidays is the seasonal norm.
Headline indicators
All TRREB areas · all home types
Median price — The midpoint sale price. Less affected by a few very high or low sales than the average.
$890,000
MoM −$18,750 −2.1% down $18,750, 2.1% versus December 2023 YoY −1.1% down 1.1% versus January 2023
MLS® HPI benchmark — Quality-adjusted price for a typical home. The cleanest like-for-like price signal.
$1,065,800
MoM −$1,400 −0.1% down $1,400, 0.1% versus December 2023 YoY −0.4% down 0.4% versus January 2023
Sales — Firm transactions reported through the MLS® System during the month.
4,223
MoM +779 +22.6% up 779, 22.6% versus December 2023 YoY +36.2% up 36.2% versus January 2023
Dollar volume — Total value of all sales in the month.
$4.34B
MoM +$600,085,235 +16.1% up $600,085,235, 16.1% versus December 2023 YoY +34.7% up 34.7% versus January 2023
New listings — Properties newly listed during the month.
8,312
MoM +4,426 +113.9% up 4,426, 113.9% versus December 2023 YoY +8.1% up 8.1% versus January 2023
Active listings — Listings available at month end.
10,093
MoM −277 −2.7% down 277, 2.7% versus December 2023 YoY +8.5% up 8.5% versus January 2023
Avg. LDOM — Average days on market for the current listing. Not reported before 2020.
37
MoM +5 days +15.6% up 5 days, 15.6% versus December 2023 YoY +27.6% up 27.6% versus January 2023
Avg. PDOM — Average days on market across the property’s consecutive listings. Not reported before 2020.
54
MoM +5 days +10.2% up 5 days, 10.2% versus December 2023 YoY +31.7% up 31.7% versus January 2023
Avg. SP/LP — Average sale price as a share of list price. Above 100% means competing offers were common.
98%
MoM +1.0 pp +1.0% up 1.0 pp, 1.0% versus December 2023 YoY no change no change versus January 2023
SNLR — Sales-to-new-listings ratio, computed here from this month’s counts. Below 40% favours buyers, above 60% favours sellers.
50.8%
MoM −37.8 pp −42.7% down 37.8 pp, 42.7% versus December 2023 YoY +26.0% up 26.0% versus January 2023
Months of inventory — Active listings divided by monthly sales — how long the current stock would take to sell. Computed here, not TRREB’s trend figure.
2.4
MoM −1 −20.6% down 1, 20.6% versus December 2023 YoY −20.3% down 20.3% versus January 2023
The month in 60 seconds
- Across all TRREB areas, new listings jumped 113.9% to 8,312 versus December 2023.
- Across all TRREB areas, sales jumped 22.6% to 4,223 versus December 2023.
- Across all TRREB areas, the average selling price fell 5.3% to $1,026,703 versus December 2023.
- Across all TRREB areas, active listings edged down 2.7% to 10,093 versus December 2023.
- Across all TRREB areas, the median selling price edged down 2.1% to $890,000 versus December 2023.
Generated from the figures above. Ordered by size of month-over-month move.
Economy
Indicators published with this edition
Real GDP growth
-1.1%
Q3 2023
Toronto employment growth
3%
December 2023
Toronto unemployment rate
6.7%
December 2023
Inflation (CPI, year-over-year)
3.4%
December 2023
Bank of Canada overnight rate
5%
January 2024
Prime rate
7.2%
January 2024
1-year mortgage rate
7.84%
January 2024
3-year mortgage rate
7.04%
January 2024
5-year mortgage rate
6.89%
January 2024
By home type
All TRREB areas
| Home type | Sales | MoM | Average price | MoM | YoY |
|---|---|---|---|---|---|
| Detached | 1,745 | +224 +14.7% up 224, 14.7% versus December 2023 | $1,350,828 | −$67,495 −4.8% down $67,495, 4.8% versus December 2023 | +0.7% up 0.7% |
| Semi-detached | 343 | +19 +5.9% up 19, 5.9% versus December 2023 | $1,038,303 | +$10,871 +1.1% up $10,871, 1.1% versus December 2023 | +1.8% up 1.8% |
| Att/row/townhouse | 442 | +73 +19.8% up 73, 19.8% versus December 2023 | $963,504 | −$32,658 −3.3% down $32,658, 3.3% versus December 2023 | −1.3% down 1.3% |
| Condo townhouse | 323 | +69 +27.2% up 69, 27.2% versus December 2023 | $792,834 | +$2,113 +0.3% up $2,113, 0.3% versus December 2023 | +2.1% up 2.1% |
| Condo apartment | 1,335 | +391 +41.4% up 391, 41.4% versus December 2023 | $681,979 | −$546 −0.1% down $546, 0.1% versus December 2023 | −0.8% down 0.8% |
| Link | 22 | +2 +10.0% up 2, 10.0% versus December 2023 | $1,045,036 | −$31,305 −2.9% down $31,305, 2.9% versus December 2023 | +8.0% up 8.0% |
| Co-op apartment | 4 | −5 −55.6% down 5, 55.6% versus December 2023 | $419,125 | −$657,542 −61.1% down $657,542, 61.1% versus December 2023 | −21.5% down 21.5% |
| Detached condo | 5 | +4 +400.0% up 4, 400.0% versus December 2023 | $651,000 | +$2,000 +0.3% up $2,000, 0.3% versus December 2023 | −30.7% down 30.7% |
| Co-ownership apartment | 4 | +2 +100.0% up 2, 100.0% versus December 2023 | $528,250 | +$65,250 +14.1% up $65,250, 14.1% versus December 2023 | +34.3% up 34.3% |
Average price by home type
13 months to January 2024
| Month | Detached | Semi-detached | Att/row/townhouse | Condo townhouse | Condo apartment |
|---|---|---|---|---|---|
| Jan '23 | 1341848 | 1019668 | 976500 | 776698 | 687696 |
| Feb '23 | 1439735 | 1069266 | 1050342 | 785448 | 705472 |
| Mar '23 | 1468651 | 1087924 | 1036571 | 813036 | 703566 |
| Apr '23 | 1489258 | 1135599 | 1093560 | 868997 | 724118 |
| May '23 | 1556566 | 1198185 | 1117696 | 868318 | 748483 |
| Jun '23 | 1530997 | 1214872 | 1087967 | 851497 | 739395 |
| Jul '23 | 1427257 | 1101876 | 1032117 | 873859 | 735171 |
| Aug '23 | 1416366 | 1067980 | 1022680 | 837863 | 705572 |
| Sep '23 | 1440786 | 1094074 | 1043076 | 810495 | 707065 |
| Oct '23 | 1450112 | 1102721 | 1042124 | 791299 | 708780 |
| Nov '23 | 1403500 | 1060829 | 984357 | 778402 | 710501 |
| Dec '23 | 1418323 | 1027432 | 996162 | 790721 | 682525 |
| Jan '24 | 1350828 | 1038303 | 963504 | 792834 | 681979 |
Movers this month
Ranked across 53 of the 55 required areas · minimum 10 sales to qualify
Average price, month-over-month
Top 5
- Toronto C07 +21.4% up 21.4%
- Toronto C13 +15.3% up 15.3%
- Uxbridge +12.0% up 12.0%
- Toronto C06 +11.3% up 11.3%
- Toronto W01 +10.9% up 10.9%
Bottom 5
- Caledon −34.5% down 34.5%
- King −34.2% down 34.2%
- Toronto C02 −33.2% down 33.2%
- Toronto C14 −22.4% down 22.4%
- Toronto W07 −19.5% down 19.5%
Sales, month-over-month
Top 5
- Brock +140.0% up 140.0%
- Georgina +123.8% up 123.8%
- Toronto E09 +96.0% up 96.0%
- Uxbridge +87.5% up 87.5%
- Toronto C08 +69.5% up 69.5%
Bottom 5
- Toronto C03 −34.5% down 34.5%
- Toronto C02 −28.6% down 28.6%
- Toronto E02 −24.0% down 24.0%
- Aurora −19.1% down 19.1%
- Toronto E03 −18.8% down 18.8%
Areas below the sales threshold are excluded — with a handful of sales, a couple of transactions can invent a swing that is not a market move.
Market balance
Sales-to-new-listings and months of inventory, computed from this month’s counts
All TRREB areas
SNLR
50.8%
prior month 88.6%
Months of inventory
2.4
All TRREB areas reads differently on the two balance measures — balanced conditions at 50.8% sales-to-new-listings, but a seller's market at 2.4 months of inventory. They measure different things, so the split is worth noting.
City of Toronto (416)
SNLR
42.6%
prior month 83.5%
Months of inventory
3.1
City of Toronto (416) reads differently on the two balance measures — balanced conditions at 42.6% sales-to-new-listings, but a seller's market at 3.1 months of inventory. They measure different things, so the split is worth noting.
905 total
SNLR
56.6%
prior month 91.9%
Months of inventory
2.0
905 total reads differently on the two balance measures — balanced conditions at 56.6% sales-to-new-listings, but a seller's market at 2.0 months of inventory. They measure different things, so the split is worth noting.
These are computed here from the month’s raw counts. TRREB also publishes its own trend-smoothed SNLR and months-of-inventory figures, which are shown separately on the area pages and are not the same measure.
Where I work
Downtown TorontoMidtownScarboroughYork RegionDurham Region
Downtown
$799,479
- Sales
- 352
- SNLR
- 37.7%
- MOI
- 4.0
Aggregated across 2 districts · View →
Midtown
$1,419,772
- Sales
- 150
- SNLR
- 35.0%
- MOI
- 3.7
Aggregated across 6 districts · View →
Scarborough
$843,116
- Sales
- 298
- SNLR
- 60.0%
- MOI
- 1.8
Aggregated across 8 districts · View →
York Region
$1,210,705
- Sales
- 775
- SNLR
- 52.9%
- MOI
- 2.3
Region total · View →
Durham Region
$894,825
- Sales
- 539
- SNLR
- 65.1%
- MOI
- 1.4
Region total · View →
Average price for a multi-district group is weighted by dollar volume, not an average of averages — that would give a district with three sales the same weight as one with three hundred.