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April 2024 Real Estate Market Update

April 2024 Real Estate Market Update

Home sales in the Greater Toronto Area (GTA) were down in comparison to April 2023, when there was a temporary resurgence in market activity. With new listings strongly up year-over-year, there was increased choice for homebuyers and little movement in the average selling price.

The Toronto Regional Real Estate Board reported 7,114 sales through its MLS system in April, a 5% dip from the same month last year. New listings were up by 47.2% over the same period β€” the highest April inventory since 2018.

Against this backdrop, the average sales price for April reached $1,156,167, a modest uptick of 0.3% compared to the preceding year.

But month-over-month, more listings resulted in an 8% increase in sales compared to March. Prices also rose by 3.1%, from $1,121,615.

Looking at individual market segments, the detached market saw an uptick in price, with the average price increasing by 3.3% on a monthly basis to $1,516,070. Detached inventory soared by 68%, resulting in 7,619 actively listed homes throughout the GTA. Sales figures were bolstered by a 9.7% monthly increase, with 3,175 detached homes securing buyers.

Condominiums also experienced a price increase of 4% from March. This led to an average sales price of $728,067 in April. Condo inventory rose by 77.8% month-over-month, with 7,015 condos listed for sale across the GTA, marking the highest level since October 2020. Sales were up by 9.2%.

Townhome inventory emerged as the standout performer of the month, doubling the number of active listings compared to March. With 1,235 townhomes for sale and 655 sales recorded throughout April, the segment achieved an average sales price of $1,044,986. Notably, townhomes was the only market segment to surpass the 100% threshold of listing price versus selling price. On average, properties sold for over asking, fetching 105% of the listing price.

As we move through the spring market, sales are expected to pick up. However, many would-be buyers are still likely waiting for the Bank of Canada to actually begin cutting interest rates before purchasing a home. This could come as early as June, though the latest jobs report from Statistics Canada may delay a rate cut until July. (The Canadian labour market gained 90,000 positions in April.) When interest rates do start to trend downward, lower borrowing costs are expected to prompt tighter market conditions, which will result in renewed price growth, especially as we move into 2025.

If you would like to know how the real estate market performed in your neighbourhood, contact Clare Tattersall at 647-625-3282 or clare@realtorontowest.com.