April 2024 Market Update

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Toronto & GTA

April 2024 saw a dip in home sales compared to the same period last year, while new listings surged, providing buyers with more choices. Here’s a breakdown of the key statistics and insights from the Toronto Regional Real Estate Board (TRREB) for April 2024.

Sales and Listings:

  • Total Sales: 7,114 (down 5% from April 2023)
  • New Listings: Up 47.2% year-over-year
  • Seasonal Adjustments: Sales slightly down from March; new listings increased

Prices:

  • Average Selling Price: $1,156,167 (up 0.3% from April 2023)
  • Seasonally Adjusted Month-over-Month:
    • MLS® HPI Composite up by 0.4%
    • Average selling price up by 1.5%

Market Insights:

  • Current Trends: Increased listings offer more options for buyers, maintaining stable prices.
  • Market Conditions: The current data suggests a buyer’s market, with ample supply and stable prices giving buyers more negotiating power.
  • Future Outlook: Lower borrowing costs are anticipated to tighten market conditions, leading to price growth as we approach 2025.
  • Government Policy: Efforts are ongoing to improve housing affordability and choice, but better alignment in housing policies is necessary to effectively address future population growth and economic stability.

Expert Opinions:

  • TRREB President Jennifer Pearce: Homeowners are preparing for increased demand, but many buyers are waiting for potential interest rate cuts by the Bank of Canada.
  • TRREB Chief Market Analyst Jason Mercer: Current market conditions benefit buyers with more choices, but lower borrowing costs expected in the future could lead to tighter market conditions and price increases.
  • TRREB CEO John DiMichele: Achieving housing affordability and choice requires coherent policies across all government levels to ensure effective outcomes without conflicting objectives.

Understanding these trends can help you make informed decisions in the current real estate market. Stay tuned for further updates as the market evolves.

Caledon

Bolton

Muskoka

Spring is in the air and the rains in April brought along an early start to many of the flowers and the trees popping leaves making everything feel fresh. The desire to enjoy the outdoors has brought about more inquiries and activity for viewings.  

Many people wonder if this is the right time to buy or sell so now more than ever is the time to ask questions of a trusted real estate professional who knows the area. We can help you understand what is happening with up to the minute numbers and comparable listings that truly reflect the current market.


Perhaps you’ve been searching for that one-of-a-kind property, but just can’t find it? We are seeing a variety of different properties to suit almost every buyer’s wish list so don’t be afraid to engage with an agent to help you find your dream space.

We can help answer your questions, provide you with a free no-obligation Home Valuation and help you find that perfect property.

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