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Monthly Market Report: April 2024


In April 2024, Toronto's real estate market showcased notable shifts, echoing the complex dance of economic forces and homeowner preferences. As someone deeply embedded in this market, I've been closely observing the changes to provide you with an informed perspective.


Sales and Listings Trends: Sales were down by 5% compared to April 2023, a month that saw a temporary resurgence in activity. In contrast, new listings skyrocketed by over 47% year-over-year, giving buyers significantly more options. While this increased inventory is great for those hunting for their next home, it’s important to note that each neighbourhood operates uniquely.


Pricing Stability: Despite the significant boost in listings, the average selling price showed little variation, rising by just 0.3% to $1,156,167. This stability implies a balancing act between supply and demand. Buyers are benefitting from ample choice, which has contributed to consistent prices across the GTA.


Interest Rate Anticipation: A major influencing factor appears to be anticipation surrounding interest rates. With the Bank of Canada yet to cut its policy rate, many would-be buyers are waiting to secure favourable borrowing conditions. This caution is affecting the current sales momentum and is something we're watching closely.


Looking Ahead: As we navigate 2024, the expectation is that reduced borrowing costs will tighten market conditions, leading to renewed price growth as we move into 2025. Buyers and sellers alike are keeping an eye on policy changes that could impact affordability, emphasizing the need for cohesive housing strategies.


The Bottom Line: If you're looking to buy or sell in the Toronto real estate market, it's crucial to recognize the broader trends while considering specific neighbourhood differences. Connect with me for insights tailored to your specific circumstances. Let’s find the perfect opportunity in this ever-evolving market.

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