March 2024 Real Estate Market Review

In March 2024, home sales in the Greater Toronto Area (GTA) reported through TRREB’s MLS® System were lower compared to March 2023. This decline was attributed in part to the fact that the statutory holiday Good Friday fell in March this year as opposed to April last year. Despite this, there was still enough competition among buyers to result in a moderate increase in the average home price compared to the previous year.

Here are the key points from the report:

  • Sales Figures: GTA REALTORS® reported 6,560 sales through TRREB’s MLS® System in March 2024, which was down by 4.5 per cent compared to March 2023. However, sales for the first quarter ended with an 11.2 per cent increase year-over-year.
  • New Listings: New listings were up by 15 per cent compared to March 2023, indicating an increase in the supply of homes. For the first quarter, new listings were up by 18.3 per cent year-over-year.
  • Market Conditions: There has been a gradual improvement in market conditions over the past quarter. More buyers have adjusted to the higher interest rate environment. Homeowners may also be anticipating better market conditions in the spring, leading to a marked increase in new listings.
  • Price Trends: The MLS® Home Price Index (HPI) Composite benchmark was up by 0.3 per cent year-over-year. The average selling price increased by 1.3 per cent to $1,121,615 compared to March 2023.
  • Price Growth Expectations: Price growth is expected to accelerate during the spring and further in the second half of the year as sales growth catches up with listings growth, leading to seller’s market conditions in many neighborhoods.
  • Future Outlook: Lower borrowing costs in the future are expected to fuel increased demand for ownership housing.
  • Supply Challenges: As demand for both ownership and rental housing increases, supply remains a top concern. Governments are urged to focus on innovative solutions to increase the amount and mix of housing supply to improve affordability. This includes removing roadblocks to non-traditional arrangements like co-ownership models and encouraging gentle density, including multiplexes.

Overall, the report suggests cautious optimism regarding the real estate market in the GTA, with expectations of continued price growth and a focus on addressing supply challenges to improve affordability.

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