Average price — Mean sale price across all transactions. Sensitive to the mix of homes that sold.
$1,165,691
MoM +$9,524 +0.8% up $9,524, 0.8% versus April 2024 YoY −2.5% down 2.5% versus May 2023
Source: TRREB MarketWatch, May 2024
Greater Toronto Area · TRREB MarketWatch
GTA Real Estate Market Report
May 2024
In May 2024 the average selling price across the Greater Toronto Area held steady at $1,165,691 versus April 2024, and sales edged down 1.4% to 7,013.
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.
$992,000
MoM +$10,500 +1.1% up $10,500, 1.1% versus April 2024 YoY −4.2% down 4.2% versus May 2023
MLS® HPI benchmark — Quality-adjusted price for a typical home. The cleanest like-for-like price signal.
$1,117,400
MoM −$10,700 −0.9% down $10,700, 0.9% versus April 2024 YoY −3.5% down 3.5% versus May 2023
Sales — Firm transactions reported through the MLS® System during the month.
7,013
MoM −101 −1.4% down 101, 1.4% versus April 2024 YoY −22.2% down 22.2% versus May 2023
Dollar volume — Total value of all sales in the month.
$8.17B
MoM −$49,977,821 −0.6% down $49,977,821, 0.6% versus April 2024 YoY −24.2% down 24.2% versus May 2023
New listings — Properties newly listed during the month.
18,612
MoM +1,671 +9.9% up 1,671, 9.9% versus April 2024 YoY +22.5% up 22.5% versus May 2023
Active listings — Listings available at month end.
21,760
MoM +3,672 +20.3% up 3,672, 20.3% versus April 2024 YoY +83.4% up 83.4% versus May 2023
Avg. LDOM — Average days on market for the current listing. Not reported before 2020.
19
MoM no change no change versus April 2024 YoY +35.7% up 35.7% versus May 2023
Avg. PDOM — Average days on market across the property’s consecutive listings. Not reported before 2020.
28
MoM no change no change versus April 2024 YoY +40.0% up 40.0% versus May 2023
Avg. SP/LP — Average sale price as a share of list price. Above 100% means competing offers were common.
102%
MoM no change no change versus April 2024 YoY −2.9% down 2.9% versus May 2023
SNLR — Sales-to-new-listings ratio, computed here from this month’s counts. Below 40% favours buyers, above 60% favours sellers.
37.7%
MoM −4.3 pp −10.3% down 4.3 pp, 10.3% versus April 2024 YoY −36.5% down 36.5% versus May 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.
3.1
MoM +1 +22.0% up 1, 22.0% versus April 2024 YoY +135.6% up 135.6% versus May 2023
The month in 60 seconds
- Across all TRREB areas, active listings jumped 20.3% to 21,760 versus April 2024.
- Across all TRREB areas, new listings jumped 9.9% to 18,612 versus April 2024.
- Across all TRREB areas, sales edged down 1.4% to 7,013 versus April 2024.
- Across all TRREB areas, the median selling price edged up 1.1% to $992,000 versus April 2024.
- Across all TRREB areas, the average selling price held steady at $1,165,691 versus April 2024.
Generated from the figures above. Ordered by size of month-over-month move.
Economy
Indicators published with this edition
Real GDP growth
1%
Q4 2023
Toronto employment growth
1.1%
April 2024
Toronto unemployment rate
7.7%
April 2024
Inflation (CPI, year-over-year)
2.7%
April 2024
Bank of Canada overnight rate
5%
May 2024
Prime rate
7.2%
May 2024
1-year mortgage rate
7.84%
May 2024
3-year mortgage rate
6.99%
May 2024
5-year mortgage rate
6.84%
May 2024
By home type
All TRREB areas
| Home type | Sales | MoM | Average price | MoM | YoY |
|---|---|---|---|---|---|
| Detached | 3,238 | +63 +2.0% up 63, 2.0% versus April 2024 | $1,506,675 | −$9,395 −0.6% down $9,395, 0.6% versus April 2024 | −3.2% down 3.2% |
| Semi-detached | 616 | −4 −0.6% down 4, 0.6% versus April 2024 | $1,173,819 | +$33,890 +3.0% up $33,890, 3.0% versus April 2024 | −2.0% down 2.0% |
| Att/row/townhouse | 624 | −31 −4.7% down 31, 4.7% versus April 2024 | $1,040,141 | −$4,845 −0.5% down $4,845, 0.5% versus April 2024 | −6.9% down 6.9% |
| Condo townhouse | 525 | −49 −8.5% down 49, 8.5% versus April 2024 | $836,642 | −$4,624 −0.5% down $4,624, 0.5% versus April 2024 | −3.6% down 3.6% |
| Condo apartment | 1,942 | −71 −3.5% down 71, 3.5% versus April 2024 | $730,815 | +$2,748 +0.4% up $2,748, 0.4% versus April 2024 | −2.4% down 2.4% |
| Link | 42 | −11 −20.8% down 11, 20.8% versus April 2024 | $1,077,183 | +$7,109 +0.7% up $7,109, 0.7% versus April 2024 | +0.2% up 0.2% |
| Co-op apartment | 14 | +5 +55.6% up 5, 55.6% versus April 2024 | $774,707 | +$368,429 +90.7% up $368,429, 90.7% versus April 2024 | +43.3% up 43.3% |
| Detached condo | 7 | no change no change versus April 2024 | $1,009,500 | −$73,357 −6.8% down $73,357, 6.8% versus April 2024 | −23.9% down 23.9% |
| Co-ownership apartment | 5 | −3 −37.5% down 3, 37.5% versus April 2024 | $524,558 | +$50,870 +10.7% up $50,870, 10.7% versus April 2024 | +11.8% up 11.8% |
Average price by home type
13 months to May 2024
| Month | Detached | Semi-detached | Att/row/townhouse | Condo townhouse | Condo apartment |
|---|---|---|---|---|---|
| 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 |
| 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 |
Movers this month
Ranked across 55 of the 55 required areas · minimum 10 sales to qualify
Average price, month-over-month
Top 5
- Toronto E07 +24.3% up 24.3%
- Toronto C13 +16.9% up 16.9%
- Toronto E06 +14.5% up 14.5%
- King +13.3% up 13.3%
- Uxbridge +12.0% up 12.0%
Bottom 5
- Toronto C09 −18.4% down 18.4%
- Toronto W07 −17.2% down 17.2%
- Toronto C06 −17.1% down 17.1%
- Toronto W09 −9.3% down 9.3%
- Caledon −9.2% down 9.2%
Sales, month-over-month
Top 5
- Toronto E01 +58.3% up 58.3%
- Toronto C09 +52.0% up 52.0%
- Toronto W01 +51.2% up 51.2%
- Toronto W07 +38.9% up 38.9%
- Georgina +37.9% up 37.9%
Bottom 5
- Toronto C11 −29.1% down 29.1%
- Brock −25.0% down 25.0%
- Toronto E09 −22.9% down 22.9%
- Toronto E10 −21.9% down 21.9%
- Toronto W04 −21.5% down 21.5%
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
37.7%
prior month 42.0%
Months of inventory
3.1
All TRREB areas reads differently on the two balance measures — a buyer's market at 37.7% 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.
City of Toronto (416)
SNLR
36.7%
prior month 38.8%
Months of inventory
3.3
City of Toronto (416) reads differently on the two balance measures — a buyer's market at 36.7% sales-to-new-listings, but a seller's market at 3.3 months of inventory. They measure different things, so the split is worth noting.
905 total
SNLR
38.3%
prior month 44.1%
Months of inventory
3.0
905 total reads differently on the two balance measures — a buyer's market at 38.3% sales-to-new-listings, but a seller's market at 3.0 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
$894,136
- Sales
- 508
- SNLR
- 27.3%
- MOI
- 5.4
Aggregated across 2 districts · View →
Midtown
$1,840,318
- Sales
- 412
- SNLR
- 40.8%
- MOI
- 2.9
Aggregated across 6 districts · View →
Scarborough
$969,040
- Sales
- 411
- SNLR
- 41.3%
- MOI
- 2.5
Aggregated across 8 districts · View →
York Region
$1,340,032
- Sales
- 1,198
- SNLR
- 37.7%
- MOI
- 3.3
Region total · View →
Durham Region
$954,942
- Sales
- 907
- SNLR
- 43.6%
- MOI
- 2.1
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.