April 2024 witnessed a decline in home sales compared to the previous year’s temporary resurgence in market activity. However, the Greater Toronto Area (GTA) REALTORS® observed a substantial increase in new listings, providing homebuyers with more options while maintaining stability in average selling prices.

Sales Overview: GTA REALTORS® reported 7,114 sales through the Toronto Regional Real Estate Board (TRREB) MLS® System in April 2024, marking a five percent decrease from April 2023. Conversely, new listings surged by 47.2 percent during the same period. On a seasonally adjusted monthly basis, while sales slightly decreased, new listings continued to rise compared to March.

Insights from TRREB President : Pearce noted a significant increase in listings in April compared to both the previous year and the preceding month. Homeowners are anticipating heightened demand for ownership housing as spring progresses. Pearce also highlighted that many potential homebuyers are waiting for the Bank of Canada to initiate policy rate cuts before making purchasing decisions.

Market Indicators Analysis:

MLS® Home Price Index (HPI) Composite: The benchmark saw a marginal decrease of less than one percent year-over-year. However, the average selling price experienced a slight increase of 0.3 percent, reaching $1,156,167. On a seasonally adjusted month-over-month basis, the MLS® HPI Composite rose by 0.4 percent, with the average selling price increasing by 1.5 percent compared to March.

Perspectives from TRREB Chief Market Analyst Jason Mercer: Mercer emphasized that buyers in the GTA resale market benefited from a plethora of choices in April, resulting in minimal fluctuations in selling prices compared to the previous year. Looking ahead, Mercer anticipates tighter market conditions due to lower borrowing costs, leading to renewed price growth, particularly in 2025.

In conclusion, while April 2024 saw a dip in home sales, the GTA real estate market exhibited resilience with an influx of new listings and stability in average selling prices. Looking forward, market analysts anticipate renewed price growth amid tighter market conditions, underscoring the importance of coordinated policy efforts to sustainably address housing affordability and choice for residents.