The real estate market in the Greater Toronto Area (GTA) is diverse and dynamic, with varying home prices, growth rates, and market activity across its cities.

For potential buyers and investors, understanding these nuances is crucial for making informed decisions.

This blog provides a detailed analysis of the latest data (May 2024) on average and median home prices, price growth trends, days on market, and turnover rates in the GTA, offering a comprehensive overview of the current market landscape.

Understanding Market Dynamics: Average vs. Median Prices
When evaluating real estate markets, both average and median home prices are essential indicators. While average prices can be skewed by exceptionally high or low values, median prices offer a more accurate reflection of the typical market scenario. Here, we explore these metrics to provide a balanced view of home prices across the GTA.

Home Prices in the GTA: A Comparative Overview
The real estate market in the GTA shows significant variation across different cities. Here’s a detailed breakdown of the average and median home prices:

King: Average Price – $2.3M, Median Price – $2.2M
Oakville: Average Price – $1.6M, Median Price – $1.4M
Richmond Hill: Average Price – $1.5M, Median Price – $1.4M
Vaughan: Average Price – $1.4M, Median Price – $1.3M
Aurora: Average Price – $1.4M, Median Price – $1.2M
Whitchurch-Stouffville: Average Price – $1.4M, Median Price – $1.2M
Uxbridge: Average Price – $1.3M, Median Price – $1.3M
East Gwillimbury: Average Price – $1.1M, Median Price – $1.1M
Markham: Average Price – $1.3M, Median Price – $1.3M
Caledon: Average Price – $1.3M, Median Price – $1.3M

Price Growth: Tracking Market Trends
Price growth is a crucial metric indicating the health of the market and potential return on investment. Here’s a look at the year-over-year price growth in various GTA cities:

Vaughan: 12.7%
Georgina: 8.3%
King: 6.6%
Whitchurch-Stouffville: 4.1%
Mississauga: 1.9%
Toronto: 1.4%

Market Activity: Days on Market
The number of days a listing remains active before being sold indicates the market’s activity level. Here are the cities with the shortest days on market:

Pickering: 15 days
Ajax: 16 days
Aurora: 17 days
Milton: 17 days
Whitchurch-Stouffville: 18 days
Toronto: 19 days

Turnover Rate: Measuring Market Fluidity
Turnover rate measures how frequently homes in a given area are sold and replaced, reflecting market fluidity. Here are the turnover rates for various cities:

Mississauga: 9.7%
Ajax: 8.8%
Toronto: 7.8%
Milton: 7.7%
Newmarket: 7.6%

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