Exciting news has emerged from the Toronto Regional Real Estate Board regarding April's market performance.
Here's the breakdown: While home sales experienced a slight downturn compared to last April, new listings surged remarkably, offering prospective buyers an expanded array of options without significant fluctuations in average prices.
In April 2024, our sales recorded 7,114 transactions, a modest 5% decline from the previous year. However, new listings skyrocketed by an impressive 47.2%! Although sales exhibited a minor decline from the preceding month, the influx of new listings continued to surge.
Furthermore, the average selling price demonstrated resilience, edging up by 0.3% to reach $1,156,167, with a notable 1.5% increase compared to March. This trend suggests homeowners' proactive response to anticipated market demand during the spring season.
But that's not all! Governments are doubling down on making housing more affordable and accessible. It's all about striking that perfect balance between supply, demand, and keeping prices within reach. Moreover, governments remain committed to fostering affordability and accessibility within the housing market, emphasizing the importance of harmonizing policies to balance supply, demand, and price stability.
Looking ahead, prospective buyers can anticipate a wealth of options within the GTA resale market, with prices maintaining relative stability. However, the looming prospect of reduced borrowing costs may introduce heightened market activity in the near future.
In summary, these developments mark an exciting juncture in the real estate landscape, presenting both opportunities and considerations for stakeholders. Should you wish to delve deeper into how these trends may impact your real estate endeavours, please do not hesitate to reach out to me.
