Hello! Here is the August 2024 real estate market update
Mississauga and GTA real estate market experienced slightly more sales in July 2024 than in July 2023.
Number of sales in July 2024 was 3.3% higher than in July 2023.
The average home price was lower by 0.9%! comparing to July of 2023.
Sales were mostly up except for condo category. The biggest increase in sales (+16.6%!!!) was in 416 area, in townhouse category.
Please have a look below
Source: Market Watch, TRREB
The average home price was down by 0.9% comparing to July of last year, and in terms of dollars, it was $10,333 lower.
The average home price, comparing to the previous month in terms of dollars went down by $55,550!!
Please have a look below.
Source: Market Watch, TRREB
Summary
- The GTA real estate market was a bit more active in July 2024 than a year ago.
- The average home price was a bit lower in July 2024 than in June of 2023, and $55,550 lower comparing to June 2024.
- Fixed and variable, discounted, mortgage interest rates went down after Bank of Canada lowered its benchmark interest rate by 0.25%.
- Prime is 5.70% now.
~ T h i s M o n t h ~
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Mississauga & GTA Real Estate Market Watch
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Current Interest Rates
GTA Realtors® Release July 2024 Stats
TORONTO, ONTARIO, August 6, 2024 – Greater Toronto Area (GTA) home sales in July 2024 were up compared to July 2023. While sales were up from last year, buyers continued to benefit from more choice in the GTA marketplace, with annual growth in new listings outstripping that of sales. The better-supplied market meant that buyers also benefitted from a slight relief in selling prices on average.
“It was encouraging to see an uptick in July sales relative to last year. We may be starting to see a positive impact from the two Bank of Canada rate cuts announced in June and July. Additionally, the cost of borrowing is anticipated to decline further in the coming months. Expect sales to accelerate as buyers benefit from lower monthly mortgage payments,” said TRREB President Jennifer Pearce.
GTA REALTORS® reported 5,391 home sales through TRREB’s MLS® System in July 2024 – a 3.3 per cent increase compared to 5,220 sales reported in July 2023. New listings entered into the MLS® System amounted to 16,296 – up by 18.5 per cent year-over-year. On a seasonally adjusted basis, July sales and new listings edged lower compared to June.
The MLS® Home Price Index Composite benchmark was down by approximately five per cent on a yearover-year basis in July 2024. The average selling price of $1,106,617 was down by 0.9 per cent over the July 2023 result of $1,116,950. On a seasonally adjusted monthly basis, both the MLS® HPI Composite and the average selling price were up slightly compared to June 2024.
“As more buyers take advantage of more affordable mortgage payments in the months ahead, they will benefit from the substantial build-up in inventory. This will initially keep home prices relatively flat. However, as inventory is absorbed, market conditions will tighten in the absence of a large-scale increase in home completions, ultimately leading to a resumption of price growth,” said TRREB Chief Market Analyst Jason Mercer.
"Innovation in new home construction must continue. TRREB applauds Toronto City Council’s decision to consult with the province on adopting single egress stair requirements in the building code for multiresidential buildings up to four storeys. This would make it easier to create a variety of multi-family units large enough for families. Another important part of the housing formula is connection to public transit. We are very encouraged to hear that we are closer to an opening date for the Crosstown LRT and are looking forward to a firm announcement,” said TRREB CEO John DiMichele.”
Source: Market Watch, TRREB
Mississauga & GTA Home Sales
July 2023 - July 2024 Comparison
Average home price was down by $10,333, number of sales was up by 171 units, time to sell a home was 13 days longer.
Mississauga & GTA Home Sales
June 2024 - July 2024 Comparison
Average home price was lower by $55,550, number of home sales was lower by 822 units, time to sell was 6 days longer.
Current Interest Rates
Rates quoted by Invis Canada are subject to change up↑ or down↓ without notice.
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Quote of the Month Restlessness is discontent and discontent is the first necessity of progress. Show me a thoroughly satisfied man and I will show you a failure. ~ Thomas A. Edison ~ |
Sales and Average Price Up in Calendar Year 2013
January 6, 2014 – Greater Toronto Area REALTORS® reported 4,078 residential
transactions through the TorontoMLS system in December 2013 – up by almost 14 per cent
compared to 3,582 sales reported in December 2012. New listings entered into the
TorontoMLS system were down by almost four per cent over the same period.
Total sales for calendar year 2013, at 87,111, were up by approximately two per cent
compared to 85,496 transactions in calendar year 2012.
“After a slow start to the year, sales growth accelerated to a brisk pace in the second half
of 2013. Despite the inclement weather in December, we finished the year with a
respectable gain in transactions compared to 2012. Looking forward, I believe that home
ownership in the GTA will remain affordable as borrowing costs stay low. The result could
be a further increase in sales in 2014,” said Toronto Real Estate Board President Dianne
Usher.
“The average selling price will be up again in 2014 and by more than the rate of inflation.
The seller’s market conditions that drove price growth in the second half of 2013 will
remain in place in many parts of the GTA. Some neighbourhoods, especially those
characterized by low-rise home types like singles, semis and townhomes, will continue to
have less than two months of inventory,” said Jason Mercer, TREB’s Senior Manager of
Market Analysis.
The average selling price for December 2013 sales was $520,398 – up by 8.9 per cent
compared to the average of $477,756 in December 2012.
The average selling price for 2013 as a whole was $523,036, which represented an increase
of 5.2 per cent compared to the calendar year 2012 average of $497,130.