In line with the recent TRREB market watch report, home sales in the Greater Toronto Area (GTA) dropped in August 2024 compared to the previous year. However, there was a modest rise in new listings. Despite the ample supply of homes on the market, average prices only saw a slight decline from August 2023.

As per the recent report, 5.3% or equivalent to 4,975 home sales drop from August 2023. New listings reached 12,547, up by 1.5% from last year. Seasonally, sales increased slightly compared to July, while new listings dropped a bit.

Furthermore, the MLS® Home Price Index dropped by 4.6% compared to last year, and the average home price in August 2024 was $1,074,425, just 0.8% lower than in August 2023. The smaller drop in the average price is because more detached homes were sold this year. Compared to July, the average price also went down a little bit.

Explore the full Market Watch report for more information:

Commercial Charts

In Q1 2024, TRREB Commercial Network Members reported leasing 4,985,729 square feet of space across industrial, commercial/retail, and office sectors. This was a drop from Q1 2023.

The average lease rates per square foot rose in the industrial and office sectors: industrial rates increased to $16.90 (from $15.55 in Q1 2023) and office rates jumped to $20.09 (from $16.15). However, retail lease rates dipped slightly to $29.08 (down from $30.63).

Commercial property sales were up in Q1 2024 with 259 transactions compared to 238 in Q1 2023. Industrial sales rose to 92, retail sales to 113, and office sales slightly increased to 54.

Keep in mind, these price changes can be influenced by shifts in market conditions and the type of properties being leased. Here's a quick summary in chart form:

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