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Spring Sees More Listings, Stable Prices in the GTA. In April, the GTA witnessed an increase in new listings, seeing 18,088 properties available for sale. Notably, this is the highest April inventory in the city since 2018. More properties for sale is welcome news for buyers who have been grappling with inventory scarcity in the preceding years. | |
More listings resulted in an 8% increase in sales last month compared to March | | |
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This represents the highest level of sales activity we have seen since June of 2023 |
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| Against this backdrop, the average sales price for the month reached $1,156,167, a modest uptick of a quarter of a percent compared to the preceding year. | |
Detached inventory soared by 68% on a monthly basis, resulting in 7,619 actively listed homes throughout the GTA | | |
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Sales figures were bolstered by a 9.7% monthly increase, with 3,175 detached homes securing buyers during the month |
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| Looking at individual market segments, the detached market saw an uptick in price, with the average price increasing by 3.3% on a monthly basis to $1,516,070. | |
Condo sales experienced a notable price increase of 9.2% on a monthly basis, resulting in 2,013 sales | | |
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This marking a 4% increase from the previous month |
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| Condo inventory rose by 77.8% month over month, with 7,015 condominiums listed for sale across the GTA, marking the highest level since October 2020. | |
Notably, townhomes stood out as the only market segment to surpass the 100% threshold of listing price vs. selling price | | |
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Properties on average fetched 105% of the listed price during April |
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| Townhome inventory emerged as the standout performer of the month, doubling the number of active listings compared to the previous month. With 1,235 townhomes for sale and 655 sales recorded throughout the month, the segment achieved an average sales price of $1,044,986. | |
“Generally speaking, buyers are benefitting from ample choice in the GTA resale market in April..." | | |
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As a result, there was little movement in selling prices compared to last year |
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| Looking forward, the expectation is that lower borrowing costs will prompt tighter market conditions in the months to come, which will result in renewed price growth, especially as we move into 2025,” said TRREB Chief Market Analyst Jason Mercer. | |
A report from Urbanation found rents in the GTHA fell by 7.4% from the third quarter of 2023 to the first quarter of 2024 | | |
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It is the largest six-month decline recorded in 15 years of the company’s data tracking outside of the pandemic period in late 2020 and early 2021 |
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“While the market remains expensive with rents 15% higher than two years ago,” Urbanation president Shaun Hildebrand said, “renters waiting for some reprieve in the market have found it thanks to a temporary supply infusion from condo investors.” Supply from newly completed condos made a significant impact on the rental market, the report said. Over the past four quarters, more than 23,000 new condo units were registered — a 21 per cent rise from the prior year. | |
April also saw a number of new housing announcements make headlines with the Federal Budget | | |
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Canada's annual budget proposed increasing the share of capital gains that is subject to taxation to two-thirds from one-half for people, companies and trusts. |
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Raising capital gains taxes could discourage savings, say economists, a key driver of business investment | |
Taxing savings of wealthy people and corporations is likely to hold back investment | | |
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Economists stating that this could "...Add to the productivity malaise that has held back economic growth in recent years" |
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| There were a couple positives included in the budget including the augmentation of RRSP withdrawal limits for first-time homebuyers and the extension of mortgage amortization periods. | |
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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