In 2024, detached homes have emerged as a standout segment in Toronto’s real estate market. Despite economic uncertainty in recent years, demand for detached homes has remained resilient, driven by buyers prioritizing space, privacy, and long-term investment potential.
Data from November 2024 reveals that detached homes account for 43% of total sales in the Greater Toronto Area (GTA), solidifying their status as a top choice among buyers.
This article delves into the numbers behind the detached home market, the factors fueling their demand, and what buyers and sellers can expect in the coming months.
The Numbers: Detached Homes in Focus
Detached homes recorded 3,922 sales in November 2024, marking a 35% increase compared to November 2023.
The average price of a detached home in the GTA now stands at $1.46 million, up 5.8% year-over-year, with Toronto proper reporting an even higher average of $1.71 million.
Meanwhile, new listings for detached homes rose by 4.5%, with 8,150 properties hitting the market in November alone.
Despite the increase in inventory, demand continues to outpace supply, particularly in family-friendly neighborhoods like Etobicoke, Richmond Hill, and Scarborough, where detached homes often receive multiple offers.
Why Detached Homes Are Thriving
- Space and Privacy: Post-pandemic, many buyers continue to value the space and privacy detached homes provide. Unlike condos or semi-detached homes, detached properties offer larger square footage, private yards, and more flexible layouts, appealing particularly to families and remote workers.
- Long-Term Investment: Detached homes have a strong track record of appreciation in Toronto’s real estate market. Over the past decade, the average price of a detached home in the GTA has risen by 85%, making them a reliable choice for buyers focused on long-term wealth building.
- Affluent Buyers Leading the Charge: High-income buyers and move-up families are driving the market, supported by stable employment in sectors like tech, finance, and healthcare. For these buyers, the appeal of a larger home outweighs the challenges posed by higher mortgage rates.
Case Study: A Family’s Move to a Detached Home
Emma and Raj, parents of two young children, had been renting a three-bedroom condo in downtown Toronto for years.
In early 2024, they decided it was time to upgrade to a detached home in Mississauga to give their kids more space to play.
After months of searching, they purchased a four-bedroom detached home for $1.55 million, securing a fixed mortgage rate of 5.1%.
For Emma and Raj, the decision wasn’t just about space—it was about investing in a property that would grow in value over time.
“It’s not just a home; it’s our future,” Emma shared. Their experience reflects a broader trend of families prioritizing detached homes as both a living space and a financial asset.
For Buyers: What to Consider in the Detached Market
The detached home market presents opportunities but also challenges for buyers navigating rising prices and competitive conditions:
- Budget Realistically: With an average price of $1.46 million, detached homes require significant financial preparation. Buyers should ensure they account for not just the purchase price but also property taxes, maintenance, and potential renovation costs.
- Focus on Location: Neighborhoods with strong school districts, public transit, and amenities continue to see high demand. Areas like Oakville and Richmond Hill are particularly popular for families, while buyers looking for slightly lower prices may find opportunities in suburban areas like Milton or Ajax.
- Act Quickly: In competitive areas, detached homes often sell within 15-20 days of being listed. Buyers should be prepared to move quickly, especially in high-demand neighborhoods.
For Sellers: How to Maximize Value
For sellers, the detached home market offers a chance to achieve strong returns, but success often depends on strategy:
- Leverage High Demand: With detached homes accounting for nearly half of GTA sales, sellers are in a favorable position. Highlighting the property’s unique features, such as energy-efficient upgrades or proximity to parks, can attract serious buyers.
- Price Competitively: Properties priced slightly below the market average often generate more interest and multiple offers, driving up the final sale price.
- Present the Property Well: Professionally staging a detached home can increase perceived value. Data shows that staged homes sell for 5-8% higher than comparable non-staged properties.
Detached Homes vs. Other Property Types
Detached homes continue to outperform other property types in terms of price appreciation and demand:
- Condos: While condos remain a popular choice for first-time buyers, their average price of $741,000 represents a much lower entry point compared to detached homes. However, condos lack the space and privacy that many buyers seek.
- Semi-Detached Homes: Semi-detached homes, priced at an average of $1.12 million, offer a middle ground but still fall short of the space and independence that detached homes provide.
- Townhouses: Townhomes are another affordable option, with average prices around $990,000, but they often come with higher maintenance fees and shared walls, which may deter some buyers.
The Human Element: Sellers Capitalizing on High Demand
For Margaret, a retired teacher in Scarborough, selling her detached home in November 2024 was a strategic move.
After living in the property for over 30 years, she listed it at $1.45 million and received three offers within two weeks. Margaret ultimately sold for $1.6 million, using the proceeds to downsize to a condo in Toronto’s waterfront district.
For sellers like Margaret, the current market conditions provide an ideal opportunity to maximize returns, particularly for properties in sought-after neighborhoods.
Conclusion: Detached Homes Leading the Way
In Toronto’s recovering real estate market, detached homes have proven to be the clear winners, accounting for 43% of total sales in November 2024.
Their appeal lies in the combination of space, privacy, and long-term value, making them a top choice for families and high-income buyers.
As 2025 approaches, demand for detached homes is expected to remain strong, driven by Toronto’s economic growth, population expansion, and buyer confidence.
Whether you’re planning to buy or sell, the detached home market offers a dynamic and promising segment worth exploring.
