➕More Listings, More Options, Yet Buyer Caution Persists
Primarily influenced by the temporary spring surge of the previous year, April 2024 witnessed a decline in home sales compared to April 2023.
Despite a significant increase in listings compared to both last year and the previous month, many buyers are enjoying an abundance of choices, which has resulted in a moderation of sales prices. Additionally, it's widely believed that numerous buyers are awaiting potential Bank of Canada rate cuts.
Looking forward, we anticipate a surge in ownership demand as we progress through spring, especially with the potential for lower borrowing costs to create tighter market conditions and spur renewed price growth.
At a macro level, there remains a pressing need for coherent housing policies between all levels of government to sustain long-term affordability and choice for residents..
Looking to buy or sell a home in Toronto? Average prices in April were as follows:
➕Detached $1,822,244 [+2% vs. 2023]
➕Semi-detached $1,365,061 [+3% vs. 2023]
➕Townhouse $1,010,632 [-4% vs. 2023]
➕Condo $766,917 [+2% vs. 2023]
•••••
Data presented is for City of Toronto Only. Source: TRREB.
Primarily influenced by the temporary spring surge of the previous year, April 2024 witnessed a decline in home sales compared to April 2023.
Despite a significant increase in listings compared to both last year and the previous month, many buyers are enjoying an abundance of choices, which has resulted in a moderation of sales prices. Additionally, it's widely believed that numerous buyers are awaiting potential Bank of Canada rate cuts.
Looking forward, we anticipate a surge in ownership demand as we progress through spring, especially with the potential for lower borrowing costs to create tighter market conditions and spur renewed price growth.
At a macro level, there remains a pressing need for coherent housing policies between all levels of government to sustain long-term affordability and choice for residents..
Looking to buy or sell a home in Toronto? Average prices in April were as follows:
➕Detached $1,822,244 [+2% vs. 2023]
➕Semi-detached $1,365,061 [+3% vs. 2023]
➕Townhouse $1,010,632 [-4% vs. 2023]
➕Condo $766,917 [+2% vs. 2023]
•••••
Data presented is for City of Toronto Only. Source: TRREB.
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