The housing market in the Greater Toronto Area (GTA) in July 2024 is showing signs of revival and adjustment. After a period of stagnation, home sales have increased by 3.3%, reaching 5,391 transactions compared to 5,220 last July.
This resurgence is accompanied by an 18.5% rise in new listings from the previous year, giving potential buyers more options. However, the increase in supply has led to a slight decline in the average selling price, reflecting the complex interplay between supply, demand, and market dynamics.
In the condominium sector, there is an increase in rental demand but new listings are outpacing it, resulting in more choices and slightly lower rents for tenants.
Significantly more listings helped boost supply and drop prices
The rebound in GTA home sales in July 2024 suggests a market that is gradually recovering. The increase in sales is matched by a significant rise in new listings, with 16,293 in July, representing an 18.5% increase compared to the same time last year.
The improved market supply means that prospective buyers have a wider range of choices available to them.
Despite the increase in sales and new listings, the average selling price in the GTA decreased by 5.0% year-over-year in July 2024. At $1,106,617, it marked a 0.9% decrease from the $1,116,950 recorded in July 2023. This drop in prices can be attributed to the increased inventory, which has eased demand pressure on the housing market.
Condominium sales and rentals
The GTA’s condominium market had mixed results. Condominium rentals saw a significant increase in Q2 2024 compared to Q2 2023. However, the number of new condominium rental listings rose even more dramatically, leading to more choices and slightly lower average rents for tenants.
Despite a substantial increase in condominium rentals, condominium sales dropped in Q2 2024. However, the number of new listings surged, and the average selling price of condominium apartments also saw a slight drop.
Toronto reported a 0.5% decrease in its average selling price, while Durham had one of the lowest condominium sales and average prices in Q2 2024.
The GTA’s housing market in mid-2024 reflects a market in transition, with rising transactions and falling prices indicating a balance between growing supply and moderated demand. The condominium sector shows a similar trend, with a rise in rentals, declining sales, and an increase in new listings.
Source link
This article was complied by AI and NOT reviewed by human. More information can be found in our Terms and Conditions.
