On this page, you can find VIP Condos Toronto's summary of the Toronto Regional Real Estate Board (TRREB)'s August 2024 real estate market watch, with info on prices & trends in the region's housing market. VIP's report will provide information such as an overall real estate market outlook, updates & news from August 2024 - as well as specific info on both condo and home prices in the GTA.  

Real Estate Market Watch: Residential Transactions

• 4,975 residential home transactions took place in August 2024, down from 5,251 in August 2023 - a decrease of 5.3%.
• Using seasonal adjustments (which takes into account normal yearly buying patterns and adjusts numbers accordingly), there was a 0.6% increase in the number of purchases from July 2024 (5,292) to August 2024 (5,323).

 

August 2024 Real Estate News: Average Selling Prices

• The average sale price for August 2024 was $1,074,425. This is a decrease of 0.8% from August 2023, when it was $1,082,881.
• The seasonally-adjusted average price for homes in the Greater Toronto Area saw a 0.8% decrease compared to the previous month (from $1,128,308 to $1,119,504).

 

Monthly Market Update: New Listings

• There were 12,547 listings available for August 2024, which is a 1.5% increase from August 2023 (when there were 12,358).
• The sales-to-listings ratio has decreased by 2% from August 2023, from 42% to 40%.

 

Real Estate Market Watch for August 2024: Days On The Market

• The average property spent 44 days on the market, compared to 28 last year - an increase of 57.1%.
• Listings spent an average of 28 days on the market, which is a 40% increase from this month last year (when they spent an average of 20).

Click Here To Read TRREB's August 2024 Real Estate Market Watch Report for Both Homes and Condos

  In order for you to use these monthly market updates to your advantage, our informative guide for buying pre-construction properties can be found under the Resources tab in the top right corner of this page. It will answer common questions such as:

• How do I get my down payment?
• Can I use my RRSP for my down payment?
• Principal Residence Exemptions
• What type of home or mortgage can I afford?
• Which incentives are available for first-time buyers?
• What is a PDI?
• What are the pros & cons of buying or selling an assignment before closing?

We at VIP Condos are pleased to offer further information regarding outlooks & prices in the GTA's home & condo markets - both for August 2024 and beyond. Check out our full series of real estate market watch reports.

This guide is for general informational purposes and does not constitute legal, financial, or tax advice. Every situation is different — always consult a licensed real estate professional, lawyer, and tax advisor before making any decisions.

Ready to Take the Next Step?

Create your free, secure account at www.VIPCondosToronto.net for full MLS access, real-time sold data, and VIP pre-construction pricing and floor plans — the same tools our team uses every day.

For personalized advice on your specific Toronto buying or selling situation, contact Frank Merigliano and the VIP Condos Toronto team directly:

• Phone: 416-885-0172

• Email: frank@vipcondostoronto.net

• Web: www.VIPCondosToronto.net

Frank Merigliano, Team Leader / Sales Representative, VIP Condos Toronto, RE/MAX PREMIER INTERNATIONAL INC., Brokerage — licensed since 1993, with RE/MAX since 1995, and a Top 50 RE/MAX team in Canada since 2015.