Zoocasa
Sold Prices
Map
Market Insights
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
Zoocasa
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
Home Market Insights

Toronto Home Prices Hold Steady Amid Surge of New Listings: TRREB

Angela Serednicki by Angela Serednicki
May 3, 2024
in Market Insights, Toronto Real Estate
Reading Time: 4 mins read
bright red toronto streetcar
Share
Tweet
Share
0 Shares

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.

Enjoying our content? Subscribe to our free weekly newsletter to get real estate market insights, news, and reports straight to your inbox. 

“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.

April 2024 TRREB chart 01
  • 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. 

  • Read: These GTA Homes Sold for More than $10,000 Over Asking in April 2024

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%.

  • Read: Top Canadian Cities to Buy Real Estate in 2024

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.”

Our real estate agents are in your neighbourhood and ready to help you find your next home. Give us a call to learn more about market conditions in your area.  

Looking for a home in the GTA?
Contact us today to speak to a Realtor in your area
Previous Post

3 Fun Ways to Celebrate Cinco de Mayo

Next Post

Is it Time To Replace Your Windows? Key Signs to Watch For

Angela Serednicki

Angela Serednicki

Angela Serednicki is a Public Relations and Content Specialist at Zoocasa. Having resided in different Toronto neighbourhoods for over a decade, she has gained an intimate understanding of and a passion for exploring the city’s changing real estate scene. In her journalism career, Angela has written for some of Canada’s best, including Maclean’s, Canadian Business, Money Sense, Reader’s Digest, and various others.

Related Posts

Alberta

Breaking Ground: Alberta’s Clear Advantage in New Home Construction

June 30, 2025
Just for Fun

These Are the Toronto Patios Locals Swear By for Summer Cocktails

June 27, 2025
brunch table with different entrees
Alberta

You Can’t Eat Your Way Out of the Housing Crisis

June 23, 2025

Blog Search

No Result
View All Result

Newsletter Sign-up

Join a community of 130,000+ subscribers. Don't miss important real estate news, market data, and buying and selling tips.

Recent Articles

Two people relax in a pool, one wearing a straw hat, enjoying a sunny day together.

The Real Cost to Own a Pool in 2025: From Build to Yearly Upkeep

July 5, 2025

6 Must-See Summer Festivals in the US and Where to Stay Nearby

July 4, 2025
A woman sitting in the driver's seat of a car

Trade Your New Car Budget for a Down Payment in These Affordable U.S. Cities

July 3, 2025

10 Years of Real Estate & A Look Towards the Future 

July 2, 2025

Featured Listings

5 Canadian Cottage Regions That Make the Perfect U.S. Buyer Getaway 

June 15, 2025

From Skyline Views to Private Escapes: 5 Luxe Calgary Homes for Sale

June 10, 2025

What it Means When a Home is Listed for $1

June 7, 2025

6 Can’t-Miss Victorian Homes for Sale in San Francisco Right Now

June 2, 2025
first-time home buyer programs and rebates

Social Media

250 The Esplanade Suite 408 Toronto, ON M5A 4J5

Stay Connected

  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
No Result
View All Result

Zoocasa © 2007–2022. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.