Despite a better-supplied market compared to last year, there was enough competition between buyers to see a moderate increase in the average March home price compared to last year’s level. The Greater Toronto Area reported 6,560 sales through MLS in March 2024 – down by 4.5 per cent compared to March 2023. | |
In March the GTA saw notable increases in sale prices, inventory levels, and buyer activity | | |
The average home in the GTA now commands a price of $1,121,615, reflecting a 1.17% uptick compared to the same period last year |
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Active listings increased by 23% year-over-year, with 12,459 properties available for sale. Last month, sellers saw GTA properties fetching an average of 102% of the asking price. Buyer activity, while not as strong as last March, increased over February, with sales rising by 16% month-over-month. | |
Price growth is expected to accelerate during the spring and even more so in the second half of the year | | |
“The average selling price edged up in comparison to last year as we moved through the first quarter of 2024..." - Jason Mercer, Chief Market Analyst at the TRREB |
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Lower borrowing costs in the months ahead will help fuel increased demand for ownership housing. As sales growth catches up with listings growth and sellers’ market conditions start to emerge in many neighbourhoods price growth is expected to accelerate. | |
The detached segment emerged as the top performer for March | | |
Detached monthly property values climbing by $22,785 or 1.58% culminating in an average sales price of $1,466,397 |
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Despite a 10.5% monthly uptick in inventory, it was swiftly absorbed by a 15.9% surge in sales. Impressively, the semi-detached segment witnessed a 25% monthly sales increase, commanding an average of 107% of the asking price in March, resulting in an average sale price of $1,121,645, marking 3.1% yearly growth. | |
The townhouse and condo segments experienced more tempered monthly gains | | |
Townhomes boasted an average selling price of $1,039,124 representing a monthly increase of $5,113 |
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Condos saw average sale prices reach $700,046, representing a monthly increase of $4,701. Notably, both markets saw more inventory come to market, evidenced by a 15% monthly uptick in townhouse inventory and a 12.8% rise in condo listings. Sales figures in both segments saw 16% growth, underscoring sustained demand. | |
We should continue to see an uptick in sales activity and prices as we move through April | | |
Tight supply conditions, particularly in the coveted detached segment, will continue to drive higher home prices for the foreseeable future |
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Now that the March school break and holidays are behind us, and with anticipated interest rate cuts on the horizon, we will see more buyers come off of the sidelines and compete for available inventory. | |
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Toronto Real Estate Board (TRREB); All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested
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All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
Toronto Real Estate Board (TREB); All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested
