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 percent compared to April 2023. New listings were up by 47.2 percent 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 percent year-over-year. The average selling price was up by 0.3 percent to $1,156,167. On a seasonally adjusted month-over-month basis, the MLS® HPI Composite was up by 0.4 percent, and the average selling price was up by 1.5 percent compared to March.
“Generally speaking, buyers are benefitting 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 combatting 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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