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GTA REALTORS® Release April 2024 Stats

April 2024 home sales were down in comparison to April 2023, when there was a temporary resurgence in market activity. New listings were up strongly year-over-year, which meant there was increased choice for home buyers and little movement in the average selling price compared to last year. Greater Toronto Area (GTA) REALTORS® reported 7,114 sales through the Toronto Regional Real Estate Board (TRREB) MLS® System in April 2024 – down by five per cent compared to April 2023.

New listings were up by 47.2 per cent over the same period. On a seasonally adjusted monthly basis, sales edged lower while new listings were up compared to March.

“Listings were up markedly in April in comparison to last year and last month. Many homeowners are anticipating an increase in demand for ownership housing as we move through the spring.

While sales are expected to pick up, many would-be home buyers are likely waiting for the Bank of Canada to actually begin cutting its policy rate before purchasing a home,” said TRREB President Jennifer Pearce. The MLS® Home Price Index (HPI) Composite benchmark was down by less than one per cent per cent year-over-year. The average selling price was up by 0.3 per cent to $1,156,167. On a seasonally adjusted month-over-month basis, the MLS® HPI Composite was up by 0.4 per cent and the average selling price was up by 1.5 per cent compared to March.

“Generally speaking, buyers are benefiting from ample choice in the GTA resale market in April. As a result, there was little movement in selling prices compared to last year. Looking forward, the expectation is that lower borrowing costs will prompt tighter market conditions in the months to come, which will result in renewed price growth, especially as we move into 2025,” said TRREB Chief Market Analyst Jason Mercer.

“All levels of government have announced plans and stated that they are committed to improving affordability and choice for residents. However, more work is needed on alignment to achieve these goals, whether we’re talking about bringing enough housing online to account for future population growth or finding the right balance between government spending and combating inflation.

We can’t have policies in opposition. Housing policy alignment is key to achieving sustained, tangible results,” said TRREB CEO John DiMichele.

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TORONTO CONDO MARKET REPORT

TRREB Releases 2023 Q4 Condo Market Statistics

TORONTO, ONTARIO, January 31, 2024:

Fourth quarter 2023 condominium apartment sales in the Greater Toronto Area (GTA) remained low historically, as the demand for ownership housing continued to be hampered by affordability concerns brought about by high borrowing costs. Buyers who were active in the market benefitted from a substantial amount of choice. This meant that average selling prices were slightly lower than the fourth quarter of 2022.

“The condominium apartment market, like other segments of the homeownership market, experienced a pull-back in activity since the Bank of Canada started hiking interest rates in early 2022. However, looking forward, borrowing costs are expected to trend lower this year and next. This will improve the affordability picture for many first-time buyers, so the condo market is poised for improvement in 2024,” said TRREB President Jennifer Pearce.

Total condominium apartment sales amounted to 3,446 in Q4 2023 – down by 3.4 per cent on a year-over-year basis. New condominium apartment listings were up by more than 29 per cent over the same period. This divergence between condominium apartment sales and listings also meant that market conditions became more balanced.

The average condominium apartment selling price in the GTA was $702,142 in Q4 2023 – down by 1.1 per cent compared to $710,124 in Q4 2022. In the City of Toronto, which accounted for more than two-thirds of total condominium apartment sales, the average selling price was $720,456. This result was down by 2.4 per cent compared to Q3 2022.

“Condominium apartment prices remained relatively flat over the past year. Buyers had plenty of negotiating power given the level of supply in the marketplace. As we move through 2024, demand for condominium apartments should pick up. Expected decreases in borrowing costs coupled with high average rents could prompt more households to purchase a home over the next year. Condominium apartments are a key entry point into the ownership market,” said TRREB Chief Market Analyst Jason Mercer.

For full report click here> Market Report