Welcome back to our in-depth real estate market update for the Greater Toronto Area (GTA) and Durham Region. The dynamics of April 2024 have presented some unique changes and trends worth noting:

GTA Market Insights:

  • Sales Activity: April 2024 home sales were down in comparison to April 2023, which saw a temporary resurgence in market activity. GTA REALTORS® reported 7,114 sales through the Toronto Regional Real Estate Board (TRREB) MLS® System in April 2024 – a 5% decrease compared to April 2023. Despite this, new listings surged by 47.2% year-over-year, providing increased choice for home buyers.

  • Home Prices: The MLS® Home Price Index (HPI) Composite benchmark was down by less than 1% year-over-year. However, the average selling price saw a slight increase of 0.3% to $1,156,167. On a seasonally adjusted month-over-month basis, the MLS® HPI Composite was up by 0.4%, and the average selling price increased by 1.5% compared to March.

  • Market Trends: With new listings significantly up, many homeowners are anticipating increased demand for ownership housing this spring. Sales are expected to pick up, though many potential buyers are waiting for the Bank of Canada to cut its policy rate before making a purchase. Buyers are currently benefiting from ample choice in the GTA resale market, leading to little movement in selling prices compared to last year. Looking forward, lower borrowing costs are expected to tighten market conditions, resulting in renewed price growth as we move into 2025.

Durham Region Insights:

  • Sales and Listings: Durham Region reported 1,840 new listings in April 2024. Homes spent an average of 14 days on the market, indicating a brisk and efficient market environment.


    Average Home Prices IN DURHAM REGION:

    • Durham Region: $943,840
    • Pickering: $999,981
    • Ajax: $1,016,202
    • Whitby: $1,063,081
    • Oshawa: $808,840
    • Clarington: $859,293

Looking Ahead: The real estate market in both the GTA and Durham Region is poised for further growth. Lower anticipated borrowing costs and ongoing robust economic activity could fuel demand. However, challenges such as housing affordability and the need for innovative housing solutions remain critical. Governments at all levels are urged to focus on creating more diverse housing options, such as co-ownership models and multiplexes, to improve supply and affordability.

Stay tuned for our May update as we continue to monitor these trends and their implications for real estate in the GTA and Durham Region. Your journey in real estate investment, buying, or selling continues with us by your side.

STATS PROVIDED FROM TRREB & INDEPENDENT REPORTING COMPANY RE STATS INC. INFORMATION IS DEEMED RELIABLE BUT NOT GUARANTEED. DOES NOT REFLECT ALL MARKET ACTIVITY. DATA MAY VARY BY 2.5%

Posted by Dan Plowman on
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