05/01/2024
In March 2024, Toronto's real estate market witnessed a blend of developments. Although there was a notable 15% increase in new property listings, indicating a healthy flow of homes onto the market, home sales experienced a 4.5% decline, totaling 6,560 for the month. This decrease can be partially attributed to the Good Friday holiday shifting from April to March this year.
The initial quarter of 2024 concluded positively, with sales rising by 11.2% year-over-year and new listings increasing by 18.3%. The surge in new listings was propelled by homeowners' optimism about the forthcoming spring market.
Regarding prices, the Home Price Index (HPI) Composite benchmark showed a marginal 0.3% year-over-year increase, while the average selling price climbed by 1.3% to $1,121,615. With demand buoyed by lower borrowing costs, it is anticipated that price growth will continue to pick up pace. Addressing housing supply and affordability challenges necessitates innovative solutions for the Greater Golden Horseshoe region.