17 Oct Real Estate Market September 2024
Your September 2024 real estate market update is here! Covering Toronto, Oakville, Burlington, Hamilton and the surrounding areas.
Highlights of the real estate market from TREBB and RAHB
Greater Toronto Area (GTA) home sales increased year-over-year in September. Buyers were starting to take advantage of more affordable market conditions brought about by interest rate cuts and lower home prices. “As buyers take advantage of changes to mortgage lending guidelines and borrowing costs trend lower, home sales will steadily increase in relation to population growth. With every rate cut, a growing number of GTA households will afford a long-term investment in home ownership, including first-time buyers,” said Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.
GTA REALTORS® reported 4,996 home sales through TRREB’s MLS® System in September 2024 – up by 8.5% compared to 4,606 sales reported in September 2023. New listings entered into the MLS® System amounted to 18,089 – up by an even greater 10.5% year-over-year. On a seasonally adjusted basis, September sales increased on a monthly basis compared to August, along with new listings.
The MLS® Home Price Index Composite benchmark was down by 4.6% year-over-year in September 2024. The average selling price, at $1,107,291 was down by a lesser 1% compared to the September 2023 average of $1,118,215. On a seasonally adjusted basis, the average selling price edged up slightly compared to August.
“The annual improvement in September home sales was more than matched by the increase in new listings over the same period. This resulted in a better-supplied market and increased negotiating power for buyers re-entering the market. The ability to negotiate on price, led to moderate year-over-year price declines, particularly in the more affordable condo apartment and townhouse segments, which are popular with first time buyers,” said TRREB Chief Market Analyst Jason Mercer.
Over in the Hamilton-Burlington area: “Following several months of easing sales, September reported a shift in activity as sales rose over last year’s levels. Sales improved across all of the reporting areas within the region and were driven mainly by gains for detached and row homes. Despite the increase in sales, levels remained below long-term trends for the month and did not offset the pullback reported earlier in the year. Year-to-date sales are 4% lower than last year and nearly 28% below long-term trends.
“Further rate cuts, recent price declines and improving supply choice helped bring more buyers back to the market this month. While this is not a drastic change in the market, it does point to a potential shift in trends. Buyer optimism is returning and will likely increase as interest rates continue to decrease,” says Nicolas von Bredow, Cornerstone spokesperson for the Hamilton-Burlington market area.
Rising sales were met with further gains in new listings and inventory levels, causing the months of supply to remain relatively high at five months. The persistent buyer market conditions witnessed over the past several months continued to weigh on home prices.
In September, the unadjusted benchmark price was $831,500, down over last month and over 2% lower than levels reported in the previous year. Prices have been trending down over the past four months and have offset the gains reported earlier this year, leaving the average year-to-date benchmark price 1% below 2023 levels. So far this year, benchmark prices have eased across all property types, but the most significant adjustment has occurred for apartment-style homes.
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All the latest home prices and statistics by property type and city below!
Burlington
Average Sale Price: $1,159,810 compared to $1,178,429 last month
Average Days on Market: 34 days
Detached: $1,550,894 (vs August 2024 $1,534,410)
Semi: $977,688 (vs August 2024 $963,000)
Town/Row: $901,870 (vs August 2024 $1,045,832)
Condo Townhouse: $824,909 (vs August 2024 $826,175)
Apartment: $674,835 (vs August 2024 $742,102)
Hamilton
Average Sale Price: $816,579 compared to $794,404 last month
Average Days on Market: 40.2 days
Detached: $911,410 (vs August 2024 $877,161)
Semi: $678,917 (vs August 2024 $673,657)
Town/Row: $666,675 (vs August 2024 $683,011)
Apartment: $489,711 (vs August 2024 $481,244)
Oakville
Average Sale Price: $1,585,452 compared to $1,430,334 last month
Average Days on Market: 29 days
Detached: $2,193,729 (vs August 2024 $1,953,377)
Semi: $1,076,667 (vs August 2024 $1,076,667)
Freehold Townhouse: $1,146,384 (vs August 2024 $1,268,100)
Condo Townhouse: $765,207 (vs August 2024 $842,178)
Condo Apartment: $684,072 (vs August 2024 $813,338)
Mississauga
Average Sale Price: $1,048,914 compared to $1,044,543 last month
Overall Average Days on Market: 27 days
Detached: $1,461,044 (vs August 2024 $1,553,878)
Semi: $980,808 (vs August 2024 $1,004,502)
Freehold Townhouse: $1,014,942 (vs August 2024 $1,002,571)
Condo Townhouse: $786,042 (vs August 2024 $773,610)
Condo Apartment: $612,937 (vs August 2024 $606,523)
Toronto West
Average Sale Price: $1,037,669 compared to $965,840 last month
Average Days on Market: 28 days
Detached: $1,439,884 (vs August 2024 $1,476,602)
Semi: $1,074,363 (vs August 2024 $1,018,938)
Freehold Townhouse: $1,140,732 (vs August 2024 $1,048,300)
Condo Townhouse: $792,932 (vs August 2024 $766,370)
Condo Apartment: $630,529 (vs August 2024 $623,691)
Milton
Average Sale Price: $1,021,471 compared to $1,064,460 last month
Average Days on Market: 28 days
Detached: $1,258,935 (vs August 2024 $1,314,356)
Semi: $982,643 (vs August 2024 $1,010,176)
Freehold Townhouse: $904,489 (vs August 2024 $891,181)
Condo Townhouse: $714,780 (vs August 2024 $730,875)
Condo Apartment: $636,960 (vs August 2024 $617,038)
Sources for Real Estate Market Update for September 2024 : Toronto Regional Real Estate Board and REALTORS® Association of Hamilton-Burlington