GTA Real Estate Market Update In April 2024
As we close the books on April 2024, the Greater Toronto Area real estate landscape presents a fascinating tableau of stability and potential growth. This past month, we observed a slight decrease in home sales compared to the same period last year, a time characterized by a surge in market activity. However, what stands out most prominently is the significant increase in new listings, up by 47.2% year-over-year.
Jennifer Pearce, President of the Toronto Regional Real Estate Board (TRREB), provided insights into this trend: "The notable jump in listings, both from last month and year over year, reflects homeowner confidence in the spring market. We anticipate a rebound in sales activity, especially if there are favorable shifts in interest rates by the Bank of Canada."
Financial indicators also reveal important trends. The MLS® Home Price Index (HPI) Composite benchmark experienced a marginal decline of less than one percent over the past year. However, the average selling price showed a slight uptick of 0.3 percent, reaching $1,156,167. When adjusted for seasonal trends, this translates to a 0.4 percent rise in the HPI Composite and a 1.5 percent increase in the average selling price from March.
Below, you’ll find a visual breakdown of average selling prices in Greater Toronto Area by home type.
Jason Mercer, TRREB’s Chief Market Analyst, emphasized the opportunities for buyers: "With the market now flush with options, prices have remained relatively stable compared to last year. However, potential reductions in borrowing costs could soon tighten the market, potentially leading to price increases as we look towards 2025."
John DiMichele, CEO of TRREB, also highlighted the role of government policies in shaping the market: "We are seeing concerted efforts from various government levels to improve housing affordability and availability. It's vital that these policies are effectively synchronized to increase housing supply and effectively manage inflation."
To conclude, April witnessed 7,114 real estate transactions in the GTA, marking a 5% decrease from last year but accompanied by a significant increase in listings. This dynamic suggests a market ripe with opportunities, blending a cautious optimism with strategic potential for both buyers and sellers.
Thank you!
At Evolved Realty, we commit to providing you with expert, data-driven advice to navigate these evolving market conditions. Whether you're looking to buy, sell, or simply explore your options, now is an opportune time to consider your next steps in the GTA real estate market.
I hope you have found this blog post super helpful. If there is anything else we can do for you, including helping you sell (or buy) a home, we'd love to be your chosen brokerage and team. You can call/text 647-948-7876, or schedule a call with this link: info@evolvedrealty.ca.