Toronto, ON Real Estate & Homes for Sale

The Toronto housing market in October 2024 demonstrated a steady pace, with the median sale price reaching approximately $960,000—a modest increase of 0.1% compared to the previous year. The market remains robust, supported by high demand and a diverse range of property types, from condos to detached homes. Despite this, there are signs of cooling in certain segments as rising interest rates and affordability challenges impact buyer sentiment. Total home sales surged by 44.4% year-over-year, highlighting renewed activity, possibly driven by pent-up demand and seasonal market shifts. Inventory levels, however, remain constrained, keeping upward pressure on prices in high-demand areas.

Market competitiveness in Toronto appears to have softened slightly, as reflected by the median days on market rising to 43, up from 32 days in October 2023. This indicates that buyers have more time to evaluate their options, though prime neighborhoods and desirable property types still see competitive bidding. The sale-to-list price ratio hovers around 98%, suggesting that while some buyers may negotiate discounts, well-priced homes continue to attract offers close to or even above the asking price. The high average sale price per square foot, now at $1,100, underscores the premium nature of Toronto's urban core, with intense demand for well-located properties.

Toronto's housing market continues to reflect the city's dynamic economic and demographic landscape. Investors remain active, particularly in the condominium sector, drawn by strong rental demand fueled by immigration and a growing population of young professionals. The luxury market also shows resilience, driven by affluent local and international buyers. However, affordability challenges persist for first-time buyers, with mortgage rates playing a critical role in shaping purchasing power. As government policies around housing affordability and development gain momentum, the market may experience shifts in supply dynamics, especially in mid-tier and suburban housing segments.