The real estate market in Toronto showed some interesting dynamics in April 2024, as reported by the Toronto Regional Real Estate Board (TRREB). Despite a decrease in home sales compared to the same period last year, there was a notable surge in new listings, providing homebuyers with increased options. This influx of listings likely contributed to minimal movement in average selling prices compared to the previous year.
TRREB MLS Average Price | TRREB MLS Sales Activity | |||
|---|---|---|---|---|
April 2024 | $1,156,167 | April 2024 | 7,114 | |
April 2023 | $1,152,519 | April 2023 | 7,487 |
In April 2024, TRREB reported 7,114 home sales, which represented a five percent decrease from April 2023. However, new listings saw a substantial increase of 47.2 percent year-over-year. TRREB President Jennifer Pearce noted that many homeowners anticipated rising demand for housing as spring progressed. However, some potential buyers seemed to be waiting for the Bank of Canada to initiate rate cuts before making purchasing decisions.
Sales & Average Price by Major Home Type:
Sales | Average Price |
April 2024 | 416 | 905 | Total | 416 | 905 | Total |
Detached | 750 | 2,425 | 3,175 | $1,822,244 | $1,421,377 | $1,516,070 |
Semi-Detached | 240 | 380 | 620 | $1,365,061 | $997,740 | $1,139,929 |
Townhouse | 261 | 986 | 1,229 | $1,010,632 | $933,448 | $949,839 |
Condo Apt | 1,309 | 704 | 2,013 | $766,917 | $655,830 | $728,067 |
| 416 | 905 | Total | 416 | 905 | Total | |
Detached | -1.2% | -9.0% | -7.2% | 2.2% | 1.2% | 1.8% |
Semi-Detached | 3.4% | -3.6% | -1.0% | 2.9% | -2.6% | 0.3% |
Townhouse | -1.5% | 1.4% | 0.7% | -3.9% | -3.5 | -3.7% |
Condo Apt | -9.5% | -0.4% | -6.5% | 2.0% | -1.7% | 0.6% |
Despite the market's overall stability, the MLS® Home Price Index (HPI) Composite benchmark experienced a slight decrease of less than one percent compared to the previous year. The average selling price, on the other hand, rose modestly by 0.3 percent to $1,156,167.
Looking ahead, TRREB Chief Market Analyst Jason Mercer anticipated tighter market conditions in the coming months due to lower borrowing costs. This could potentially lead to renewed price growth, especially as 2025 approaches.
John DiMichele, CEO of TRREB, emphasized the importance of government alignment in housing policy to achieve sustained affordability and choice for residents. This includes strategies to accommodate future population growth while balancing government spending and inflation concerns.
Year-Over-Year Summary
| 2024 | 2023 | % Chg | |
Sales | 7,114 | 7,487 | -5.0% |
New Listings | 16,941 | 11,509 | 47.2% |
Active Listings | 18,088 | 10,373 | 74.4% |
Average Price | $1,156,167 | $1,152,519 | 0.3% |
Avg. LDOM | 19 | 17 | 11.8% |
Avg. LDOM | 28 | 24 | 16.7% |
Overall, while the Toronto real estate market in April 2024 demonstrated stability and ample choices for buyers, the future trajectory will likely be influenced by factors such as interest rate adjustments and government policy alignment.
In conclusion, the Toronto real estate market in April 2024 demonstrated resilience amidst changing dynamics, with home sales experiencing a slight dip compared to the previous year, while new listings surged significantly. This influx of inventory provided buyers with more options, contributing to minimal fluctuations in average selling prices. Looking ahead, factors such as interest rate adjustments and government policy alignment will continue to shape market conditions and housing affordability. By staying informed and adapting to evolving trends, both buyers and sellers can navigate the Toronto real estate landscape with confidence.
*Source: Toronto Regional Real Estate Board, Market Watch, April 2024
