In April 2024, home sales experienced a decline compared to the same period in 2023, which saw a temporary surge in market activity. However, there was a notable increase in new listings year-over-year, providing home buyers with more options and leading to minimal changes in the average selling price compared to the previous year.
The Greater Toronto Area (GTA) REALTORS® reported 7,114 sales through the Toronto Regional Real Estate Board (TRREB) MLS® System in April 2024, marking a five percent decrease from April 2023. Conversely, new listings saw a substantial increase of 47.2 percent during the same period. On a seasonally adjusted monthly basis, sales slightly declined while new listings rose compared to March.
TRREB President Jennifer Pearce noted, "Listings saw significant growth in April compared to both last year and last month. Many homeowners anticipate rising demand for housing ownership in the spring. However, potential buyers may be holding off until the Bank of Canada initiates rate cuts."
Year-over-year, the MLS® Home Price Index (HPI) Composite benchmark decreased by less than one percent, while the average selling price rose by 0.3 percent to $1,156,167. Month-over-month, the MLS® HPI Composite increased by 0.4 percent, and the average selling price rose by 1.5 percent compared to March.
TRREB Chief Market Analyst Jason Mercer stated, "Buyers are benefiting from abundant choices in the GTA resale market in April, resulting in minimal fluctuations in selling prices compared to last year. Looking ahead, lower borrowing costs are expected to tighten market conditions, leading to renewed price growth, particularly in 2025."
TRREB CEO John DiMichele emphasized the need for alignment in housing policies across all levels of government to enhance affordability and choice for residents. He stressed the importance of ensuring that policies are harmonized to achieve sustainable and tangible outcomes amidst challenges like population growth and inflation.
Source: TREBB
