April Real Estate Market Update For The GTA

Here is your April Real Estate Market Update for the GTA

The Toronto Regional Real Estate Board (TRREB) has released the sales figures for March. Even though we saw more buyers enter the market, having adjusted to the higher interest rates, the 6,560 home sales reported represent a 4.5% decrease in transactions year over year.

There has been a greater selection of properties than there was a year earlier. The 13,120 new homes listed for sale represent a 15.1% increase over last March, with active listings rising 23.1% to 12,459. With the Spring market set to kick off, we have aprox. 1..9 months of Inventory.

With more competition amongst buyers, we are seeing sales prices up on both a year-over-year and a month-over-month basis. The average selling price of $1,121,615 represents a 1.3% increase from 2023 and a 1.2% increase from February. The MLS Home Price Index (HPI) Composite Benchmark, which helps measure inflation in the market, was up 0.31% year-over-year (-0.31% in Toronto).

The average sale took place in 20 days on market at 102% of the listing price, with 70.66% of all transactions sitting between $600,000 and $1,500,000. Sales of homes over $2,000,000 accounted for 6.86% of the sales mix.

Looking at prices by housing type: detached homes sold for an average of $1,466,397, representing no change from last March, and a month-over-month increase of 1.6%. The average price for semi-detached homes was $1,121,645 (+3.1%/-0.2%), townhomes sold on average for $940,127 (+0.5%/+0.6%), and the average price of condos was $700,046 (-0.5%/+0/7%).

With the first quarter of 2024 now in the books, we are seeing a gradual improvement in overall market conditions. More buyers have adjusted to the new lending rates, with homeowners adding increased supply to the market in anticipation of an active spring. Assuming a movement towards lower borrowing costs, we anticipate an increase in sales, tighter market conditions, and upwards pressure on the price of housing.

 

Looking to make a move this Spring? Contact Michael Kelly today and lets talk strategy!

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