Compared to last April, the Toronto real estate market saw a 5% dip in home sales, with a total of 7,114 sales across the Greater Toronto Area. Despite this slowdown, the Toronto Regional Real Estate Board (TRREB) reports a whopping 47.2% increase in new listings, which has helped keep average selling prices stable from year to year. This equilibrium between supply and demand indicates a stable market outlook, with the average selling price rising slightly by 0.3% to $1,156,167.
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“Listings were up markedly in April in comparison to last year and last month. Many homeowners are anticipating an increase in demand for ownership housing as we move through the spring. While sales are expected to pick up, many would-be home buyers are likely waiting for the Bank of Canada to actually begin cutting its policy rate before purchasing a home,” said TRREB President Jennifer Pearce.
- Read: A Return to Normalcy in Canadian Real Estate? Forecasting New Listings Increases for Spring 2024
Demand for Detached Homes Continues in Spring 2024
The city of Toronto accounted for approximately 36% of the total sales in all TRREB areas. Detached homes made up 45% of all sales with an average selling price of $1,516,070. Meanwhile, the majority of condo apartments sold were priced between $500,000 and $700,000, comprising 28% of the total sales at an average price of $728,067.
The townhouse segment was the only property type to experience a decline in year-over-year sales in both the 416 and 905 areas, decreasing by 3.7%. In contrast, semi-detached homes saw a modest growth of 0.3%, and condo apartments noted a slight uptick of 0.6%.
Top Selling Regions Outside of Toronto
Within other TRREB areas, York region led with 1,270 sales, boasting an average sale price of $1.3 million. Peel region followed closely with 1,221 sales, where properties sold for an average of $1.1 million. Durham region ranked third in sales volume with 948 transactions, where properties averaged at just under $945,000.
Toronto Buyers Seek Pockets of Affordability
Toronto Central saw the highest number of real estate transactions where homes in this area had an average selling price of $1,246,695.In total,1,225 properties changed hands, making up nearly half of the city’s sales.
Outside of Toronto Central, property prices in Toronto West averaged just under $1.1 million, while in Toronto East, average prices were around $1,049,000. This indicates a savings of about $100,000 for buyers looking to purchase outside the downtown core neighborhoods.
It’s evident that Toronto buyers are keen on finding savings wherever possible, particularly as the Bank of Canada’s overnight lending rate stands at 5.0%.
TRREB CEO, John DiMichele emphasized the importance of government efforts in housing. “All levels of government have announced plans and stated that they are committed to improving affordability and choice for residents. However, more work is needed on alignment to achieve these goals, whether we’re talking about bringing enough housing online to account for future population growth or finding the right balance between government spending and combatting inflation. We can’t have policies in opposition. Housing policy alignment is key to achieving sustained, tangible results.”
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