Real Estate Market Update - April 2024
April 2024 Market Update:
The Greater Toronto Area real estate market continues to remain steady. For April 2024, there has been little movement with average selling prices on a month over month basis, and even on a year over year basis. The number of sales in April have increased slightly or remained steady in most GTA market areas compared to March. However, compared to the same time last year, sales are down about 5%.
The most notable change in the real estate market is the drastic increase in the amount of new listings. More and more homes have been listed for sale since the beginning of the year, but April saw the largest jump in new listings. April listings are up 47.2% compared to last year, creating ample choice for homebuyers while keeping prices mostly unchanged.
The rise of new listings signals that many homeowners are trying to capitalize on more favorable market conditions, and are banking on the increased demand for homeownership in the spring market. However, with the looming interest rate cuts, many homebuyers are still waiting to enter the market until more favorable borrowing costs are available. Some homeowners are beginning to face much higher mortgage payments at renewal, which is contributing to the heightened inventory and growing demand for less expensive properties.
Experts are still predicting an increase in buyer demand and positive price growth as interest rates come down in the coming months, and into 2025.
If you want to know how these changes affect your real estate plans, reach out to me today!
To see how prices have been affected in your area, please click the link below to get access to TRREB's April Market Statistics for all areas in the GTA. The stats are broken down by average sales price, number of homes sold, number of new listings, and average days on market for each property type; detached, semi-detached, townhouses, and condos.
If you want to know more about what is happening in your specific area, you can book a call with me by clicking the link below.
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