Welcome back to our in-depth real estate market update for the Greater Toronto Area (GTA) and Durham Region. The dynamics of March 2024 have presented some unique changes and trends worth noting:
GTA Market Insights:
Sales Activity: March 2024 witnessed a shift in the GTA real estate market. Despite a 4.5% decrease in home sales compared to March 2023, there was still enough competition among buyers to push up the average price. REALTORS® reported 6,560 sales through TRREB’s MLS® System. Interestingly, this decrease could be partially attributed to the Good Friday holiday occurring in March this year, unlike last year when it fell in April.
Home Prices: The average selling price in the GTA rose moderately by 1.3% from last year to $1,121,615. This growth, albeit slow, indicates a balanced adjustment to the market conditions. The MLS® Home Price Index Composite benchmark also saw a slight increase of 0.3% year-over-year.
Market Trends: With new listings up 15% from last year and a total increase of 18.3% in the first quarter, the market shows signs of gradual improvement. The anticipation of potentially lower borrowing costs has both buyers and sellers optimistic about the spring market, which might lead to tighter market conditions and further price increases.
Durham Region Insights:
Sales and Listings: Durham Region continued to mirror the positive trends seen in the GTA, with 859 homes sold and 1,472 new listings in March 2024. This represents a dynamic market with significant activity and choice for buyers.
Average Home Price: The average selling price in Durham was $936,166, showcasing the region’s consistent appeal and steady market conditions.
Days on the Market: Homes in Durham Region spent an average of 14 days on the market, indicating an even more brisk and efficient market environment for both buyers and sellers than in previous months.
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 April 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%
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