April 2024 Real Estate Market Update for Greater Toronto Area

TORONTO, ONTARIO, May 3, 2024 – The Toronto Regional Real Estate Board (TRREB) has released its April 2024 market statistics, indicating a mixed performance in the Greater Toronto Area (GTA) real estate market. Here’s a detailed overview of the key metrics and trends observed last month.

Sales and Listings Overview

In April 2024, GTA REALTORS® reported 7,114 sales through the TRREB MLS® System. This represents a 5% decline compared to April 2023. However, new listings surged by 47.2% year-over-year, providing more options for potential homebuyers . On a seasonally adjusted monthly basis, sales experienced a slight dip, while new listings saw an increase compared to March 2024.

Price Trends

The MLS® Home Price Index (HPI) Composite benchmark showed a marginal decline of less than 1% year-over-year. Conversely, the average selling price increased by 0.3% to $1,156,167. When adjusting for seasonal variations, the MLS® HPI Composite rose by 0.4%, and the average selling price saw a 1.5% increase from March 2024 .

Market Dynamics

According to TRREB President Jennifer Pearce, the significant rise in listings during April is attributed to homeowners anticipating increased demand for ownership housing as the spring season progresses. While sales are expected to pick up, many potential buyers are waiting for the Bank of Canada to start cutting its policy rate before making their purchase decisions .

Expert Insights

TRREB Chief Market Analyst Jason Mercer noted that the ample choice available in the GTA resale market contributed to the minimal movement in selling prices compared to the previous year. He also highlighted that lower borrowing costs are expected to tighten market conditions in the coming months, potentially leading to renewed price growth as we move into 2025 .

TRREB CEO John DiMichele emphasized the need for better alignment of housing policies at all government levels to improve affordability and choice for residents. He stressed that achieving sustained and tangible results requires more coordinated efforts, especially in balancing government spending with inflation control and accommodating future population growth .

Sales by Home Type

The sales data for various home types in April 2024 across different regions (416 and 905 areas) showed the following average prices:

• Detached: $1,516,070
• Semi-Detached: $1,421,377
• Townhouse: $1,365,061
• Condo Apartment: $766,917 .

Conclusion

The GTA real estate market in April 2024 exhibited a balanced mix of declining sales and increasing new listings, with prices remaining relatively stable. As the market moves forward, all eyes will be on the Bank of Canada’s policy decisions and their impact on housing demand and affordability.

For more detailed statistics and market analysis, download the full report