Toronto Real Estate Market Stats - April 2024
April 2024 saw a shift in the Greater Toronto Area (GTA) housing market compared to the temporary surge in activity experienced in April 2023.
STATS AT A GLANCE
- Sales: Down 5% year-over-year (YoY) at 7,114 (TRREB)
- New Listings: Up 47.2% YoY
- Average Selling Price: $1,156,167 (Up 0.3% YoY)
- MLS® Home Price Index (HPI) Composite: Down less than 1% YoY
ECONOMIC INDICATORS
Real GDP growth remains modest at 1.0% in Q4 2023. Toronto's employment growth is encouraging, with a 1.7% increase in February 2024. However, inflation at 2.8%, coupled with interest rates (Bank of Canada's Overnight Rate at 5.0% and Prime Rate at 7.2%), continues to impact affordability.
MARKET DYNAMICS: A Closer Look
April 2024 reflected a market with increased buyer choice due to a significant rise in new listings (47.2% YoY). This resulted in a slight decrease in sales (5% YoY) compared to April 2023. The average selling price remained relatively stable with a 0.3% YoY increase.
SEGMENTED MARKET PERFORMANCE
While specific details on detached home and condo performance aren't available, the overall trend suggests a market with more balanced conditions across segments.
INSIGHTS FOR BUYERS AND SELLERS
- Buyers: With ample listings available, buyers have the opportunity to negotiate and find the right property.
- Sellers: While average selling prices haven't significantly declined, considering current market trends, adjusting pricing strategies might be necessary. High-quality presentations and effective marketing remain crucial.
LOOKING AHEAD: The Spring Market
The traditionally active spring market might see a rise in activity fueled by potential interest rate cuts. However, many buyers might wait for the Bank of Canada's official decision before committing to a purchase. Efforts to increase housing supply will continue to shape the market's long-term trajectory.
CONCLUSION
The April 2024 TRREB report highlights a market in transition, with affordability challenges persisting. However, increased buyer choice and the prospect of lower borrowing costs present opportunities for informed buyers and sellers.
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