GTA REALTORS^® Release April 2024 Stats

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 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.

“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 per cent per cent year-over-year. 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 and the average selling price was up by 1.5 per cent 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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1. Start with Your Budget: Before you begin your home search, take the time to assess your finances and determine how much you can comfortably afford. Consider factors such as your income, existing debts, and future financial goals. Getting pre-approved for a mortgage can also give you a clear picture of your budget and make you a more competitive buyer.

2. Do Your Research: Researching the local real estate market is crucial to understanding what types of properties are available and at what price points. Take the time to explore different neighborhoods, schools, amenities, and commuting options to find the area that best suits your lifestyle and budget.

3. Work with a Real Estate Agent: A knowledgeable real estate agent can be your greatest asset when buying your first home. They can help you navigate the complexities of the buying process, negotiate on your behalf, and provide valuable insights into the local market. Look for an agent who has experience working with first-time buyers and who understands your needs and priorities.

4. Be Prepared to Compromise: While it's important to have a clear idea of what you want in a home, it's also important to be flexible and willing to compromise. You may not find a property that ticks every box on your wish list, so prioritize your must-haves and be open to considering homes that meet most of your criteria.

5. Don't Skip the Home Inspection: A home inspection is a crucial step in the buying process that can uncover potential issues with the property that may not be visible to the naked eye. It's worth the investment to hire a qualified inspector to thoroughly evaluate the home's condition and provide you with a detailed report.

   Buying your first home is an exciting journey, and with the right guidance and preparation, you can find a home that meets your needs and fits your budget. By following these five tips, you'll be well-equipped to navigate the buying process and make informed decisions every step of the way. If you have any questions or need assistance, feel free to reach out to me at [647-685-7860] Or Visit www.SoldByEjaz.com

Selling Prices Up In March and Set to Accelerate This Spring

TORONTO, ONTARIO, April 3, 2024 – March 2024 home sales reported through TRREB’s MLS® System were lower than the March 2023 result, due in part to the statutory holiday Good Friday falling in March this year versus April last year. Despite a better-supplied market compared to last year, there was enough competition between buyers to see a moderate increase in the average March home price compared to last year’s level. Greater Toronto Area (GTA) REALTORS® reported 6,560 sales through TRREB’s MLS® System in March 2024 – down by 4.5 per cent compared to March 2023. New listings were up by 15 per cent over the same period. On a seasonally adjusted monthly basis, sales were down by 1.1 per cent. New listings were down by three per cent compared to February. The first quarter ended with sales up by 11.2 per cent year-over-year. New listings were up by a greater annual rate of 18.3 per cent. “We have seen a gradual improvement in market conditions over the past quarter. More buyers have adjusted to the higher interest rate environment. At the same time, homeowners may be anticipating an improvement in market conditions in the spring, which helps explain the marked increase in new listings so far this year. Assuming we benefit from lower borrowing costs in the near future, sales will increase further, new listings will be absorbed, and tighter market conditions will push selling prices higher,” said TRREB President Jennifer Pearce. The MLS® Home Price Index (HPI) Composite benchmark was up by 0.3 per cent year-overyear. The average selling price was up by 1.3 per cent to $1,121,615. On a seasonally-adjusted month-over-month basis, the MLS® HPI Composite was up by 0.2 per cent and the average selling price was up by 0.7 per cent compared to February. “The average selling price edged up in comparison to last year as we moved through the first quarter of 2024. Price growth is expected to accelerate during the spring and even more so in the second half of the year, as sales growth catches up with listings growth and sellers’ market conditions start to emerge in many neighbourhoods. Lower borrowing costs in the months ahead will help fuel increased demand for ownership housing,” said TRREB Chief Market Analyst Jason Mercer. “As demand for ownership and rental housing increases, supply will continue to be top of mind. Governments at all levels must maintain their focus on pursuing innovative solutions to increase the amount and mix of housing supply to improve affordability. This includes removing roadblocks to non-traditional arrangements, such as co-ownership models to benefit home buyers, including first-time buyers and seniors. Encouraging gentle density, including multiplexes, is critical to helping high demand areas such as the Greater Golden Horseshoe to meet housing supply targets,” said TRREB CEO John DiMichele.