How Downtown Toronto Home Prices Changed by Neighbourhood in April 2024

The Toronto housing market has been a topic of great interest for both buyers and sellers. In April 2024, the Toronto Regional Real Estate Board (TRREB) released data on home prices in various downtown neighbourhoods. Let’s take a closer look at how the market performed in some key areas.

April 2024 saw a vibrant market with a mix of trends indicating both growth and stability. Here are some key highlights:

• The average house price in Toronto was $1,168,093, marking a 7.3% monthly change and a 2.1% yearly change.
• There were 7,061 new listings in the last 28 days, suggesting a healthy supply of homes.
• The median days on market for a home was 19 days, indicating a fairly quick turnover.

Price Trends by Property Type

Different property types experienced varying trends:

• 2-bedroom units saw a 19% decrease compared to last year, with an average price of $1.2 million.
• 3-bedroom homes had a slight 1% decrease, averaging $1.5 million.
• 4-bedroom properties experienced a 3% increase, with an average price of $2.3 million.
• 5-bedroom homes saw a 5% decrease, averaging $2.7 million.
• 6-bedroom homes had a significant 30% increase, with an average price of $4.0 million.

Neighbourhoods Under the Microscope

We’ll focus on six prominent downtown neighbourhoods:

1. The Annex
2. Core East
3. Core West
4. Moore Park
5. Rosedale
6. Yonge-St. Clair

Core East: A Mixed Bag

Core East experienced some fluctuations in home prices. In April 2024, the average home price stood at $798,288, representing a 3.1% increase from the previous month (March 2024). However, when compared to April 2023, prices were down by 3.4%. This suggests that the market in Core East is still finding its footing after a year of volatility.

The Annex: Stable and Steady

The Annex, known for its historic charm and vibrant community, maintained stability. While there were no significant price spikes, the average home price remained consistent. Buyers and sellers in The Annex can take comfort in the steady market conditions.

Core West: A Seller’s Market

Core West saw a surge in demand. The average home price increased, although specific figures were not provided in the TRREB report. Sellers in Core West likely benefited from this upward trend, but buyers may have faced increased competition.

Moore Park and Rosedale: Ups and Downs

Moore Park and Rosedale, both prestigious neighbourhoods, experienced mixed results. Moore Park witnessed a slight decline in prices, while Rosedale remained relatively stable. These areas cater to discerning buyers seeking elegant homes and tree-lined streets.

Yonge-St. Clair: A Balanced Market

Yonge-St. Clair struck a balance between supply and demand. The average home price held steady, reflecting a healthy equilibrium. Buyers and sellers in this neighbourhood can expect fair negotiations and reasonable market conditions.

Conclusion

As we delve into the intricacies of downtown Toronto’s housing market, it’s evident that each neighbourhood has its unique dynamics. Whether you’re eyeing a condo in Core East or a historic home in Rosedale, understanding these nuances is crucial for making informed decisions.

Remember that real estate markets are influenced by various factors, including economic trends, interest rates, and local developments. If you’re considering buying or selling, consult with a knowledgeable real estate professional to navigate the complexities of Toronto’s diverse neighbourhoods.