Welcome back to our monthly real estate market update, where we examine the latest developments across the Greater Toronto Area (GTA) and Durham Region. August 2024 presented a slight dip in sales activity compared to last year, while new listings saw a modest rise. Let’s break down the key insights for both the GTA and Durham Region.
GTA Market Insights:
Sales Activity: In August 2024, GTA home sales reached 4,975, marking a 5.3% decrease compared to 5,251 sales in August 2023. Despite this drop, seasonally adjusted figures showed a slight increase in sales compared to July. Meanwhile, new listings edged up by 1.5%, with 12,547 new properties entering the market. This increase in listings provided buyers with more choices, but the inventory remains well-matched to demand, keeping price drops moderate.
Home Prices: The average selling price for a home in the GTA was $1,074,425 in August, down 0.8% year-over-year. On a seasonally adjusted basis, however, prices dipped slightly compared to July. The MLS® Home Price Index (HPI) Composite benchmark also fell by 4.6% compared to last year, largely due to shifts in the market toward more detached home sales, which have helped stabilize the average selling price.
Market Outlook: As the Bank of Canada’s recent rate cuts take effect, we expect affordability to improve, especially for first-time buyers using variable-rate mortgages. TRREB anticipates increased buying activity in the coming months, particularly within the condo market, as mortgage rates continue to decline.
Durham Region Insights:
Durham Region remains a robust area of activity, offering buyers a wide range of options outside the GTA core. Here’s a breakdown of key metrics for August 2024:
- Average Sale Price: $907,997
- Average Days on Market (DOM): 23 days
- Sales: 709 homes sold
- New Listings: 1,605 new listings
While the average sale price in Durham saw a slight decrease from earlier months, the region continues to be a desirable location for those seeking more value compared to the GTA core.
Durham Region Breakdown by Area:
- Oshawa:
- Average Sale Price: $780,900
- Sales: 164
- New Listings: 448
- Whitby:
- Average Sale Price: $966,783
- Sales: 152
- New Listings: 286
- Ajax:
- Average Sale Price: $939,714
- Sales: 101
- New Listings: 209
- Pickering:
- Average Sale Price: $981,212
- Sales: 117
- New Listings: 242
- Clarington:
- Average Sale Price: $836,354
- Sales: 122
- New Listings: 302
Whitby continues to lead in terms of average sale price, while Oshawa and Clarington offer more affordable options for buyers, maintaining their appeal in the region.
Looking Ahead: Market Predictions for the GTA and Durham Region
As borrowing costs trend downward, we expect a renewed surge in buyer interest, particularly among first-time homebuyers. Prices may remain stable in the short term, but as inventory is gradually absorbed, we could see price growth resume in 2025. Additionally, with continued efforts to boost housing development and infrastructure projects like the Crosstown LRT in Toronto, demand for homes is likely to increase, making these areas even more attractive for buyers.
Conclusion:
Whether you are looking to buy, sell, or invest, staying informed on market trends is crucial. With continued innovation in home construction and government efforts to improve affordability, the GTA and Durham Region markets are well-positioned for future growth. Stay tuned for more monthly updates to keep ahead of the curve.
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