Toronto Market Update - April 2024

The Greater Toronto housing market saw a slight dip in home sales last month compared to last year. Despite this, competition among buyers remained fierce resulting in a moderate increase in average home prices.

According to the Toronto Regional Real Estate Board, 6,560 homes were sold last month, marking a 4.5% decrease from the previous year's 6,868 transactions. However, this decline can be partially attributed to the Good Friday holiday falling in March instead of April this year. Despite the slight decrease in sales volume, the average selling price experienced a notable uptick of 1.3% year-over-year, reaching $1,121,615. 

New listings surged by 15.1% compared to the same period last year. TRREB President Jennifer Pearce suggests that homeowners may be optimistic about improving market conditions in the upcoming spring season, hence the increase in new listings. 

Looking at the broader picture, the first quarter of the year ended on a positive note, with sales up by 11.2% compared to the previous year and new listings experiencing an 18.3% increase over the same period. Pearce predicts that if borrowing costs decrease later in the year, we can expect sales to pick up and new listings to be absorbed more readily. This could lead to tighter market conditions, ultimately driving selling prices even higher. 

If you have any questions regarding the spring market, contact me for professional guidance.