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May 2024 GTA Real Estate Market Update: Key Highlights
Dated: June 18 2024
Views: 320
The Toronto Regional Real Estate Board has released the latest market stats for May 2024, providing valuable insights into the current trends and dynamics of the GTA real estate market. Here’s a quick summary of the key statistics and notable changes:
Average Selling Price
- $1,165,691
- This is a 2.5% decrease compared to May 2023, where the average selling price was $1,195,409.
- Breakdown by property type:
- Detached: $1,506,675
- Semi-Detached: $1,173,819
- Townhouse: $947,158
- Condo: $730,815
Home Sales
- 7,013 units sold
- This represents a 21.7% decrease compared to May 2023 (8,960 units sold).
- Sales by property type:
- Detached: 3,238
- Semi-Detached: 616
- Townhouse: 1,149
- Condo: 1,942
New Listings
- 18,612 new listings
- This is a 21.1% increase compared to May 2023 (15,363 new listings).
Sales-to-New-Listings Ratio
- 38% for May 2024
- This is a decrease from the 58% ratio in May 2023.
- Calculated as:
- May 2024: (7,013 sales / 18,612 new listings) x 100 = 38%
- May 2023: (8,960 sales / 15,363 new listings) x 100 = 58%
Trends and Insights
- Price Adjustments: Despite the decrease in average selling prices, the market remains active with a significant number of transactions.
- Increased Inventory: The rise in new listings provides more options for buyers, potentially easing some of the competitive pressure in the market.
- Shifting Ratios: The lower sales-to-new-listings ratio indicates a cooling market, with more properties available relative to the number of sales.
As we navigate through 2024, these trends suggest a more balanced market, offering opportunities for both buyers and sellers. For a deeper dive into the stats and what they mean for you, visit our market update page.
Gagan Gill
I’m Gagan Gill, a Realtor® with Royal Canadian Realty, helping first-time home buyers, move-up families, and sellers make confident real estate decisions across the Greater Toronto Area&mdas....
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Toronto Real Estate Board (TRREB); All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested
