The Toronto Regional Real Estate Board (TRREB) has released its March 2024 home sales statistics, highlighting key trends and market dynamics in the Greater Toronto Area (GTA). While home sales were slightly lower compared to March 2023, the market showed signs of resilience with a moderate increase in average home prices.

March 2024 Home Sales Overview
In March 2024, GTA REALTORS® reported 6,560 sales through TRREB’s MLS® System, marking a 4.5% decrease compared to March 2023. This drop was influenced partly by the timing of the statutory holiday, Good Friday, which fell in March this year instead of April. Despite the decline in sales, new listings saw a significant increase of 15% over the same period.

Quarterly Performance
The first quarter of 2024 ended on a positive note with sales up by 11.2% year-over-year, while new listings increased by 18.3%. TRREB President Jennifer Pearce noted, “We have seen a gradual improvement in market conditions over the past quarter. More buyers have adjusted to the higher interest rate environment.”

Price Trends
The MLS® Home Price Index (HPI) Composite benchmark showed a slight year-over-year increase of 0.3%, with the average selling price rising by 1.3% to $1,121,615. On a seasonally-adjusted month-over-month basis, the MLS® HPI Composite was up by 0.2%, and the average selling price increased by 0.7% compared to February.

Market Conditions and Predictions
According to TRREB Chief Market Analyst Jason Mercer, price growth is expected to accelerate during the spring and the second half of the year. “As sales growth catches up with listings growth and sellers’ market conditions start to emerge in many neighborhoods, we anticipate lower borrowing costs in the months ahead will help fuel increased demand for ownership housing,” Mercer said.

Focus on Housing Supply
TRREB CEO John DiMichele emphasized the importance of increasing housing supply to meet growing demand. “Governments at all levels must maintain their focus on pursuing innovative solutions to increase the amount and mix of housing supply to improve affordability,” he stated. DiMichele highlighted the need to remove roadblocks to non-traditional arrangements, such as co-ownership models and encouraging gentle density, including multiplexes.

Conclusion
The GTA real estate market in March 2024 exhibited a mix of resilience and challenges. While sales were slightly down, the increase in average home prices and new listings signals a dynamic market adapting to changing conditions. With a focus on improving housing supply and affordability, the future looks promising for both buyers and sellers in the GTA.

Stay updated on market trends and consider all options to secure the best possible deal at Golden Falcon Homes News.