Average price — Mean sale price across all transactions. Sensitive to the mix of homes that sold.
$1,074,425
MoM −$32,192 −2.9% down $32,192, 2.9% versus July 2024 YoY −0.7% down 0.7% versus August 2023
Source: TRREB MarketWatch, August 2024
Greater Toronto Area · TRREB MarketWatch
GTA Real Estate Market Report
August 2024
In August 2024 the average selling price across the Greater Toronto Area edged down 2.9% to $1,074,425 versus July 2024, and sales fell 7.7% to 4,975, though a summer slowdown 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.
$925,000
MoM −$25,000 −2.6% down $25,000, 2.6% versus July 2024 YoY −0.9% down 0.9% versus August 2023
MLS® HPI benchmark — Quality-adjusted price for a typical home. The cleanest like-for-like price signal.
$1,082,200
MoM −$15,100 −1.4% down $15,100, 1.4% versus July 2024 YoY −4.6% down 4.6% versus August 2023
Sales — Firm transactions reported through the MLS® System during the month.
4,975
MoM −416 −7.7% down 416, 7.7% versus July 2024 YoY −6.0% down 6.0% versus August 2023
Dollar volume — Total value of all sales in the month.
$5.35B
MoM −$620,510,977 −10.4% down $620,510,977, 10.4% versus July 2024 YoY −6.7% down 6.7% versus August 2023
New listings — Properties newly listed during the month.
12,547
MoM −3,749 −23.0% down 3,749, 23.0% versus July 2024 YoY +2.0% up 2.0% versus August 2023
Active listings — Listings available at month end.
22,653
MoM −1,224 −5.1% down 1,224, 5.1% versus July 2024 YoY +46.2% up 46.2% versus August 2023
Avg. LDOM — Average days on market for the current listing. Not reported before 2020.
28
MoM +4 days +16.7% up 4 days, 16.7% versus July 2024 YoY +40.0% up 40.0% versus August 2023
Avg. PDOM — Average days on market across the property’s consecutive listings. Not reported before 2020.
44
MoM +8 days +22.2% up 8 days, 22.2% versus July 2024 YoY +57.1% up 57.1% versus August 2023
Avg. SP/LP — Average sale price as a share of list price. Above 100% means competing offers were common.
99%
MoM no change no change versus July 2024 YoY −1.0% down 1.0% versus August 2023
SNLR — Sales-to-new-listings ratio, computed here from this month’s counts. Below 40% favours buyers, above 60% favours sellers.
39.6%
MoM +6.6 pp +19.9% up 6.6 pp, 19.9% versus July 2024 YoY −7.9% down 7.9% versus August 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.
4.5
MoM +0 +2.8% up 0, 2.8% versus July 2024 YoY +55.5% up 55.5% versus August 2023
The month in 60 seconds
- Across all TRREB areas, new listings dropped 23.0% to 12,547 versus July 2024.
- Across all TRREB areas, sales fell 7.7% to 4,975 versus July 2024.
- Across all TRREB areas, active listings fell 5.1% to 22,653 versus July 2024.
- Across all TRREB areas, the average selling price edged down 2.9% to $1,074,425 versus July 2024.
- Across all TRREB areas, the median selling price edged down 2.6% to $925,000 versus July 2024.
Generated from the figures above. Ordered by size of month-over-month move.
Economy
Indicators published with this edition
Real GDP growth
2.1%
Q2 2024
Toronto employment growth
1.4%
July 2024
Toronto unemployment rate
7.7%
July 2024
Inflation (CPI, year-over-year)
2.5%
July 2024
Bank of Canada overnight rate
4.5%
August 2024
Prime rate
6.7%
August 2024
1-year mortgage rate
7.64%
August 2024
3-year mortgage rate
6.75%
August 2024
5-year mortgage rate
6.59%
August 2024
By home type
All TRREB areas
| Home type | Sales | MoM | Average price | MoM | YoY |
|---|---|---|---|---|---|
| Detached | 2,218 | −228 −9.3% down 228, 9.3% versus July 2024 | $1,414,070 | −$11,857 −0.8% down $11,857, 0.8% versus July 2024 | −0.2% down 0.2% |
| Semi-detached | 427 | −44 −9.3% down 44, 9.3% versus July 2024 | $1,026,435 | −$41,141 −3.9% down $41,141, 3.9% versus July 2024 | −3.9% down 3.9% |
| Att/row/townhouse | 496 | −8 −1.6% down 8, 1.6% versus July 2024 | $991,307 | −$27,424 −2.7% down $27,424, 2.7% versus July 2024 | −3.1% down 3.1% |
| Condo townhouse | 376 | −59 −13.6% down 59, 13.6% versus July 2024 | $760,750 | −$34,011 −4.3% down $34,011, 4.3% versus July 2024 | −9.2% down 9.2% |
| Condo apartment | 1,417 | −65 −4.4% down 65, 4.4% versus July 2024 | $674,706 | −$43,992 −6.1% down $43,992, 6.1% versus July 2024 | −4.4% down 4.4% |
| Link | 31 | −6 −16.2% down 6, 16.2% versus July 2024 | $982,592 | −$58,624 −5.6% down $58,624, 5.6% versus July 2024 | −1.7% down 1.7% |
| Co-op apartment | 7 | +1 +16.7% up 1, 16.7% versus July 2024 | $616,500 | −$197,983 −24.3% down $197,983, 24.3% versus July 2024 | +13.5% up 13.5% |
| Detached condo | 2 | −2 −50.0% down 2, 50.0% versus July 2024 | $772,500 | −$422,250 −35.3% down $422,250, 35.3% versus July 2024 | −29.4% down 29.4% |
| Co-ownership apartment | 1 | −5 −83.3% down 5, 83.3% versus July 2024 | $459,000 | +$14,667 +3.3% up $14,667, 3.3% versus July 2024 | −33.2% down 33.2% |
Average price by home type
13 months to August 2024
| Month | Detached | Semi-detached | Att/row/townhouse | Condo townhouse | Condo apartment |
|---|---|---|---|---|---|
| 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 |
| Feb '24 | 1443612 | 1123896 | 1034011 | 814412 | 695345 |
| Mar '24 | 1466397 | 1121645 | 1039124 | 821146 | 700046 |
| Apr '24 | 1516070 | 1139929 | 1044986 | 841266 | 728067 |
| May '24 | 1506675 | 1173819 | 1040141 | 836642 | 730815 |
| Jun '24 | 1480399 | 1102904 | 1021866 | 826268 | 727861 |
| Jul '24 | 1425927 | 1067576 | 1018731 | 794761 | 718698 |
| Aug '24 | 1414070 | 1026435 | 991307 | 760750 | 674706 |
Movers this month
Ranked across 55 of the 55 required areas · minimum 10 sales to qualify
Average price, month-over-month
Top 5
- Toronto C06 +23.6% up 23.6%
- Toronto C09 +21.4% up 21.4%
- Toronto C10 +20.6% up 20.6%
- Whitchurch-Stouffville +20.2% up 20.2%
- Toronto E03 +15.2% up 15.2%
Bottom 5
- Toronto C11 −21.3% down 21.3%
- Caledon −20.1% down 20.1%
- Toronto C14 −18.8% down 18.8%
- Toronto E06 −16.0% down 16.0%
- Toronto W01 −15.2% down 15.2%
Sales, month-over-month
Top 5
- Toronto W09 +47.6% up 47.6%
- Toronto W05 +11.7% up 11.7%
- Pickering +10.4% up 10.4%
- Toronto C08 +9.8% up 9.8%
- Brampton +5.1% up 5.1%
Bottom 5
- Toronto C06 −50.0% down 50.0%
- Uxbridge −37.5% down 37.5%
- Toronto C09 −35.3% down 35.3%
- Toronto E01 −33.3% down 33.3%
- Toronto C11 −32.1% down 32.1%
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
39.6%
prior month 33.1%
Months of inventory
4.5
All TRREB areas reads differently on the two balance measures — a buyer's market at 39.6% sales-to-new-listings, but balanced conditions at 4.5 months of inventory. They measure different things, so the split is worth noting.
City of Toronto (416)
SNLR
41.1%
prior month 32.7%
Months of inventory
5.0
City of Toronto (416) sits in balanced conditions: 41.1% of new listings sold and 5.0 months of inventory on hand.
905 total
SNLR
38.9%
prior month 33.3%
Months of inventory
4.3
905 total reads differently on the two balance measures — a buyer's market at 38.9% sales-to-new-listings, but balanced conditions at 4.3 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
$755,252
- Sales
- 359
- SNLR
- 35.2%
- MOI
- 6.9
Aggregated across 2 districts · View →
Midtown
$1,577,865
- Sales
- 186
- SNLR
- 45.3%
- MOI
- 5.4
Aggregated across 6 districts · View →
Scarborough
$878,147
- Sales
- 329
- SNLR
- 47.5%
- MOI
- 3.5
Aggregated across 8 districts · View →
York Region
$1,297,868
- Sales
- 895
- SNLR
- 38.5%
- MOI
- 4.7
Region total · View →
Durham Region
$907,997
- Sales
- 709
- SNLR
- 44.2%
- MOI
- 3.1
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.