How Downtown Toronto Home Prices Changed by Neighbourhood in June 2024

How Downtown Toronto Home Prices Changed by Neighbourhood in June 2024

In June 2024, the downtown Toronto housing market saw various shifts in home prices across different neighbourhoods. The data from the Toronto Regional Real Estate Board (TRREB) offers a comprehensive overview of these changes.

The Annex

The Annex, known for its vibrant cultural scene and historical homes, experienced a slight decline in home prices. The average home price in The Annex stood at approximately $1.78 million. This represents a modest decrease compared to the previous month, aligning with the overall trend in the downtown core where buyers are becoming more price-sensitive due to fluctuating interest rates.

Core East

The Core East neighbourhood, which includes areas such as Regent Park and St. Lawrence, saw average home prices of $790,498. This is down by 3.1% from May 2024 and a significant 9.4% decrease compared to June 2023. This decline is indicative of the cautious approach buyers are taking amidst economic uncertainties and market volatility.

Core West

Core West, encompassing trendy areas like King West and Liberty Village, had a mixed performance. Home prices here remained relatively stable, with slight variations month-over-month. The demand for condos in this area remains strong due to its appeal to young professionals and proximity to the entertainment district.

Moore Park and Rosedale

Moore Park and Rosedale, two of Toronto’s most prestigious neighbourhoods, saw stable home prices with minor fluctuations. These areas continue to attract high-end buyers looking for luxury homes, resulting in a more resilient market compared to other downtown areas. The exclusivity and desirability of these neighbourhoods help maintain their price levels even in a fluctuating market.

Yonge-St. Clair

The Yonge-St. Clair neighbourhood, known for its blend of residential and commercial properties, experienced a slight dip in home prices. The average price hovered around the $1.1 million mark. The area's central location and amenities continue to attract buyers, but the market showed signs of softening due to broader economic factors.

East-End Toronto Market Performance

In contrast to the downtown core, the east-end neighbourhoods also showed notable changes in home prices in June 2024.

The Beaches

The Beaches, known for its family-friendly atmosphere and proximity to Lake Ontario, saw a slight increase in home prices. This area continues to be popular among buyers seeking a community-oriented environment with scenic views.

East York and Danforth North

East York and Danforth North experienced a significant decrease in home prices. The average price in these neighbourhoods was $1.15 million, down 8.4% from May 2024 and a stark 16.2% drop compared to June 2023. This sharp decline can be attributed to buyers’ cautious stance and the increasing availability of homes on the market.

Danforth South and Riverdale

Both Danforth South and Riverdale, known for their vibrant communities and proximity to downtown, showed resilience in their home prices. While there were slight monthly variations, the overall demand for homes in these neighbourhoods remained steady, driven by their appeal to families and young professionals alike.

The Toronto housing market in June 2024 illustrated varied performance across different neighbourhoods. While some areas experienced price declines due to economic uncertainties and buyer caution, others maintained stability or saw slight increases. Understanding these local market dynamics is crucial for buyers and sellers navigating the current real estate landscape. For detailed and up-to-date information, refer to the Toronto Regional Real Estate Board's Market Watch.