April 2024 Real Estate Market Review

In April 2024, home sales in the Greater Toronto Area (GTA) were down compared to the same period in 2023, which experienced a temporary surge in market activity. However, there was a notable increase in new listings, providing more options for homebuyers and contributing to stable average selling prices compared to the previous year.

According to the Toronto Regional Real Estate Board (TRREB), there were 7,114 sales reported through the MLS® System in April 2024, representing a five percent decrease from April 2023. Conversely, new listings saw a significant uptick of 47.2 percent year-over-year. On a seasonally adjusted monthly basis, sales slightly declined while new listings rose compared to March.

TRREB President Jennifer Pearce highlighted the substantial increase in listings, suggesting that many homeowners are anticipating heightened demand for housing as spring progresses. However, Pearce noted that potential buyers might be holding off on purchases until the Bank of Canada initiates policy rate cuts.

The MLS® Home Price Index (HPI) Composite benchmark saw a marginal decrease of less than one percent year-over-year, while the average selling price experienced a slight increase of 0.3 percent, reaching $1,156,167. On a seasonally adjusted month-over-month basis, both the MLS® HPI Composite and the average selling price showed modest gains compared to March.

TRREB Chief Market Analyst Jason Mercer observed that buyers benefited from increased inventory in April, resulting in minimal fluctuations in selling prices compared to the previous year. Looking ahead, Mercer anticipated tighter market conditions due to lower borrowing costs, potentially leading to renewed price growth, particularly in 2025.

TRREB CEO John DiMichele emphasized the importance of government alignment in addressing housing affordability and choice. DiMichele stressed the need for coordinated efforts to meet future housing demands and balance government spending with inflation concerns, highlighting housing policy alignment as crucial for achieving sustainable outcomes.

In summary, while April 2024 saw a decline in home sales compared to the previous year, increased listings provided buyers with more options, stabilizing selling prices. However, the outlook suggests that lower borrowing costs may lead to tighter market conditions and renewed price growth in the future, necessitating aligned government policies to address housing affordability effectively.

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