{"id":28555,"date":"2024-04-03T12:40:13","date_gmt":"2024-04-03T16:40:13","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=28555"},"modified":"2024-04-11T11:40:24","modified_gmt":"2024-04-11T15:40:24","slug":"trreb-march-2024-announcement","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/trreb-march-2024-announcement\/","title":{"rendered":"Pace of Home Sales Increasing with the First Signs of Spring Awakening: TRREB"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Toronto\u2019s early spring real estate market is gaining momentum as buyers factor in the stabilizing effect of higher interest rates.&nbsp; According to data from the Toronto Regional Real Estate Board (TRREB), the first quarter of 2024 concluded with a notable uptick in sales, with an 11% year-over-year growth and an 18% increase in new listings.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Enjoying our content? Subscribe to our free<\/em><\/strong><a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em> weekly newsletter<\/em><\/strong><\/a><strong><em> to get real estate market insights, news, and reports straight to your inbox.<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe have seen a gradual improvement in market conditions over the past quarter. More buyers have adjusted to the higher interest rate environment. At the same time, homeowners may anticipate an improvement in market conditions in the spring, which helps explain the marked increase in new listings this year. Assuming we benefit from lower borrowing costs shortly, sales will increase further, new listings will be absorbed, and tighter market conditions will push selling prices higher,\u201d said TRREB President Jennifer Pearce.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"1286\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/04\/trreb_chart_cot_mar_24.png\" alt=\"\" class=\"wp-image-28557\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/04\/trreb_chart_cot_mar_24.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/04\/trreb_chart_cot_mar_24-140x300.png 140w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/04\/trreb_chart_cot_mar_24-478x1024.png 478w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/04\/trreb_chart_cot_mar_24-768x1646.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/04\/trreb_chart_cot_mar_24-717x1536.png 717w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/04\/trreb_chart_cot_mar_24-955x2048.png 955w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"1286\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/04\/march-TRREB-CHART-TRREB-REGION-2024.png\" alt=\"\" class=\"wp-image-28559\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/04\/march-TRREB-CHART-TRREB-REGION-2024.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/04\/march-TRREB-CHART-TRREB-REGION-2024-140x300.png 140w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/04\/march-TRREB-CHART-TRREB-REGION-2024-478x1024.png 478w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/04\/march-TRREB-CHART-TRREB-REGION-2024-768x1646.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/04\/march-TRREB-CHART-TRREB-REGION-2024-717x1536.png 717w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/04\/march-TRREB-CHART-TRREB-REGION-2024-955x2048.png 955w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Toronto Prices Surge as Demand for Detached Homes Continues<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">This past March, <a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Toronto<\/a> property transactions declined by 4.5% annually year-over-year,&nbsp; while new listings increased by 15%. Detached houses accounted for most homes sold, comprising 44% of the market, with an average price now standing at $1,466,397. Condo apartments followed suit, representing 28% of sales, with an average price of $700,046.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <a href=\"https:\/\/www.zoocasa.com\/blog\/torontos-detached-housing-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">You Can Still Buy Detached Homes Below the Average Price in These Toronto Neighbourhoods&nbsp;<\/a><\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The average price for all residential properties in Toronto remained stable at $1.1 million, reflecting a marginal 1% increase from the previous year and 17% increase&nbsp; month-over-month. It\u2019s worth noting that the decision to buy and sell may have been influenced by the March break&nbsp;and the Easter long weekend. The real estate market often slows down during holidays and long weekends as buyers often wait for more inventory, while sellers take the wait-and-see approach to list after the holidays when there\u2019s typically more demand when people are back in their regular daily routines.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Properties are Trading Hands Faster as Market Conditions Heat Up<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The average home price in <a href=\"https:\/\/www.zoocasa.com\/mississauga-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Mississauga<\/a> officially surpassed the million dollar mark reaching $1,056,300, a 6% increase from February. Meanwhile, the average days on market decreased significantly by 31%, accompanied by a notable 22% increase in sales. The most popular type of home being sold was townhouses, which comprised 43% of all transactions, followed by detached at 36% and semi-detached houses at 31%.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/liberty-village-renter-guide\/\">Where to Bu<\/a><a href=\"https:\/\/www.zoocasa.com\/blog\/liberty-village-renter-guide\/\" target=\"_blank\" rel=\"noreferrer noopener\">y, Rent and Visit in Toronto\u2019s Liberty Village<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Looking at other nearby cities, <a href=\"https:\/\/www.zoocasa.com\/oakville-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Oakville<\/a> sales increased by a whopping 24% month-over-month, as the average house price dropped by 5.6% to $1,486,047. Meanwhile, Burlington market conditions picked up with 16% more sales compared to last month, with stable pricing of $1,120,00.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;The average selling price edged up in comparison to last year as we moved through the first quarter of 2024. Price growth is expected to accelerate during the spring and even more so in the second half of the year, as sales growth catches up with listings growth and sellers&#8217; market conditions start to emerge in many neighbourhoods. Lower borrowing costs in the months ahead will help fuel increased demand for ownership housing,&#8221; said TRREB Chief Market Analyst Jason Mercer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Our real estate agents are in your neighbourhood and ready to help you find your next home. <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">Give us a call<\/a> to learn more about market conditions in your area.&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Looking in the GTA?<\/div>\n<div class=\"cta-body\">Contact us today to speak to a Realtor in your area <\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Toronto\u2019s early spring real estate market is gaining momentum as buyers factor in the stabilizing effect of higher interest rates.&nbsp; According to data from the Toronto Regional Real Estate Board (TRREB), the first quarter of 2024 concluded with a notable uptick in sales, with an 11% year-over-year growth and an 18% increase in new listings.&nbsp; [&hellip;]<\/p>\n","protected":false},"author":157,"featured_media":28556,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[1111,1113,181],"tags":[],"class_list":["post-28555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canada","category-ontario","category-toronto-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pace of Home Sales Increase in Spring 2024: TRREB<\/title>\n<meta name=\"description\" content=\"According to the TRREB March 2024 report, the first quarter of 2024 concluded with a notable uptick in sales with 11% year-over-year growth. Read the full report to discover other real estate trends happening in Toronto.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/trreb-march-2024-announcement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pace of Home Sales Increase in Spring 2024: TRREB\" \/>\n<meta property=\"og:description\" content=\"According to the TRREB March 2024 report, the first quarter of 2024 concluded with a notable uptick in sales with 11% year-over-year growth. Read the full report to discover other real estate trends happening in Toronto.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/trreb-march-2024-announcement\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-03T16:40:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-11T15:40:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/04\/TRREB-2024-blog-x-Social-Images-.png\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"338\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Angela Serednicki\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/04\/TRREB-2024-blog-x-Social-Images-.png\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Angela Serednicki\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/trreb-march-2024-announcement\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/trreb-march-2024-announcement\/\"},\"author\":{\"name\":\"Angela Serednicki\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/b162735b027c20ba6e2007c6ae373c22\"},\"headline\":\"Pace of Home Sales Increasing with the First Signs of Spring Awakening: TRREB\",\"datePublished\":\"2024-04-03T16:40:13+00:00\",\"dateModified\":\"2024-04-11T15:40:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/trreb-march-2024-announcement\/\"},\"wordCount\":586,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Canada\",\"Ontario\",\"Toronto Real Estate\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/trreb-march-2024-announcement\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/trreb-march-2024-announcement\/\",\"name\":\"Pace of Home Sales Increase in Spring 2024: TRREB\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2024-04-03T16:40:13+00:00\",\"dateModified\":\"2024-04-11T15:40:24+00:00\",\"description\":\"According to the TRREB March 2024 report, the first quarter of 2024 concluded with a notable uptick in sales with 11% year-over-year growth. 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