Real Estate Market Update - March 2024

March 2024 Market Update:

The positive growth in the Greater Toronto Area real estate market continues to propel into the spring. Across all GTA markets, March home sales are up at least 13% compared to February. Compared to last year, March sales have edged slightly lower with inventory increasing. Despite a better supplied market this March, prices have slightly increased indicating high buyer competition in 2024. The first quarter ended with sales up 11.2% year-over-year, and new listings up 18.3%.

Average selling prices are starting to surpass 2023 levels. Compared to March 2023, prices are up 1.3% on average. Experts are predicting accelerated price growth throughout the remainder of 2024. As more buyers adjust to the higher interest rate environment, demand for real estate continues to grow. Many would-be sellers have waited for improved market conditions, so as the market becomes stronger, the GTA can expect higher levels of inventory in the near future. As borrowing costs lower, sales will increase further, new listings will sell more quickly, and tighter market conditions will push prices higher.

Many GTA neighbourhoods are starting to transition into seller's markets, where buyer demand exceeds the number of available listings. Multiple offers, sales over asking price, and very quick sales continue to increase in popularity, especially with entry level freehold homes. To see how the market is changing in your neighbourhood, reach out to me.

To see how prices have been affected in your area, please click the link below to get access to TRREB's March 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.

https://trreb.ca/files/market-stats/market-watch/mw2403.pdf

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.

https://calendly.com/davidrizzuto/consultation-call?back=1&month=2024-04