April 2024 Market Watch for the GTA


April 2024 home sales were down in comparison to April 2023, when there was a temporary resurgence in market activity. New listings were up strongly, which meant there was increased choice for home buyers and little movement in the average selling price compared to last year.


Greater Toronto Area (GTA) REALTORS® reported 7,114 sales through the Toronto Regional Real Estate Board in April 2024 – down by five per cent compared to April 2023. New listings were up by 47.2 per cent over the same period.


Listings were up markedly in April in comparison to last year and last month. While sales are expected to pick up, many would-be home buyers are likely waiting for the Bank of Canada to actually begin cutting its policy rate before purchasing a home. 


The average selling price was up by 0.3 per cent to $1,156,167. Compared to last month, the average selling price was up by 1.5%. 


TRREB Chief Market Analyst Jason Mercer has commented that, buyers are benefitting from ample choice in the GTA resale market in April. As a result, there was little movement in selling prices compared to last year. Looking forward, the expectation is that lower borrowing costs will prompt tighter market conditions in the months to come, which will result in renewed price growth, especially as we move into 2025. 


He also notes that all levels of government have announced plans and stated that they are committed to improving affordability and choice for residents. However, more work is needed on alignment to achieve these goals, whether we’re talking about bringing enough housing online to account for future population growth or finding the right balance between government spending and combatting inflation. 


What does this all mean for you? 


Call me to discuss all your Real Estate options. No pressure, no obligation, just conversation!


416-347-1649. 

March 2024 Market Watch for the GTA


Despite a better-supplied market compared to last year, there was enough competition between buyers to see a moderate increase in the average March home price compared to last year’s level. Greater Toronto Area (GTA) REALTORS® reported 6,560 sales through TRREB’s MLS® System in March 2024 – down by 4.5 per cent compared to March 2023. New listings were up by 15 per cent over the same period. On a seasonally adjusted monthly basis, sales were down by 1.1 per cent. New listings were down by three per cent compared to February. The first quarter ended with sales up by 11.2 per cent year-over-year. New listings were up by a greater annual rate of 18.3 per cent.


The average selling price was up by 1.3 per cent to $1,121,615.


What does this all mean for you and your current real estate goals?


Give me a call to find out! 416-347-1649. 

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