Market Stats : Quick Overview - April 2024

Total Residential Transactions: Year-Over-Year

-5% compared to last year

Total Residential Transactions: Seasonally adjusted

-3.4% compared to previous month

Average Selling Price: Year-Over-Year

0.3% compared to last year

Average Selling Price: Seasonally adjusted

1.5% compared to previous month

Total New Listings: Year-Over-Year

47.2% compared to last year

Sales-to-New Listings Ratio

-23% compared to last year

Days on Market: Property / Year-Over-Year

16.7% compared to last year

Days on Market: Listing / Year-Over-Year

11.8% compared to last year

Home Price Index (HPI)

HPI provides a price growth measure for a benchmark home with the same characteristics over time, allowing for an apples-to-apples comparison from one year to the next.

Market Summary - April 2024

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. 

The average selling price was up by 0.3 per cent to $1,156,167. On a seasonally adjusted month-over-month basis, the MLS® HPI Composite was up by 0.4 per cent.

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.

In April 2024, 7,114 sales through the Toronto Regional Real Estate Board (TRREB) MLS® System – down by five per cent compared to April 2023. New listings were up by 47.2 per cent over the same period. On a seasonally adjusted monthly basis, sales edged lower while new listings were up 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.


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