The June 2024 Toronto real estate market is softening even more.
Overall, there are more homes listed for sale, but fewer are being sold compared to last year. Prices, however, have remained fairly steady. Condos are a big part of this picture because they make up a significant portion of all home sales.
Jun 2023 | Jun 2024 | Change | |
---|---|---|---|
Average Price | $1,180,943 | $1,162,167 | -2% |
Sales | 7,433 | 6,213 | -16% |
New Listings | 15,908 | 17,964 | +13% |
SNLR | 47% | 35% | -26% |
Challenges for Freehold Toronto Homes
The ratio of Toronto houses sold compared to new listings is lower than usual, which means there are fewer buyers relative to the number of homes for sale.
These trends aren’t surprising if we look back at what happened in the summers of 2022 and 2023. And as the Toronto house market adjusts to these conditions, we’re starting to see Toronto house prices soften too.


Focus on Toronto Condos: Tough Times, Surprising Stability


Here’s where things get interesting – Toronto condos. The number of condos sold compared to new listings has dropped dramatically, indicating a flooded market with more condos available than buyers.
Despite this oversupply, prices for condos have stayed quite stable. In contrast, prices for houses are adjusting more quickly.
Fundamentally, this is not sustainable! So looking ahead, especially with the quieter summer months coming up, it’s likely that condo prices could start to come down.
Understanding Toronto Real Estate Market Dynamics Through the SNLR
The sales-to-new-listings ratio (SNLR) helps gauge market balance.
With more Toronto homes being listed than sold, the balance between supply and demand in the Toronto housing market stays steady, shown by the SNLR.
- Seller’s Market (SNLR above dotted line): Demand exceeds supply, leading to competition among buyers and price increases.
- Buyer’s Market (SNLR below dotted line): Oversupply gives buyers negotiating power and may result in lower prices.
- Balanced Market (SNLR at dotted line): Supply and demand are in equilibrium, leading to stable prices at around 60% in the Toronto real estate market.
Toronto Houses vs. Condos: Different Stories
Toronto’s housing market is clearly split between houses and condos.
Houses, favoured by families and long-term investors seeking stable rental income, appear more sensitive to market changes. Investors are increasingly attracted to new policies making multiplex housing investments more appealing. With limited new land available, demand for houses is expected to stay strong.
Condos, known for quick price gains rather than steady rental returns, are currently facing challenges. Reduced buyer interest and pricing uncertainty are prevalent amidst fluctuating market conditions.

As demand for houses continues to exceed supply, the price difference between houses and condos is likely to widen further in Toronto’s dynamic real estate environment.
How We Can Help
It’s clear that Toronto houses make a better and stronger investment compared to Toronto condos, but selling a condo in this market might not be easy. But that’s where we can help you plan out a strategy.
At our Toronto real estate brokerage, we specialize in helping investors navigate these challenges. Whether you’re interested in selling your Toronto condo, buying a turnkey Toronto multiplex, or turning single-family homes into multiplexes in Toronto, we can guide you through the process.
Here’s what we offer: personalized advice to understand your goals, tips to spot good investments, and connections to reliable contractors for renovations. Plus, if you want, we can manage your property and find tenants for you.
If you’re ready to explore your options, click the button below to get in touch with us today!
