TORONTO, ONTARIO, May 3, 2024 – April 2024 home sales were down in comparison to April 2023,
when there was a temporary resurgence in market activity. New listings were up strongly year-over-year,
which meant there was increased choice for home buyers and little movement in the average selling price
compared to last year.
Greater Toronto Area (GTA) REALTORS® reported 7,114 sales through the Toronto Regional Real
Estate Board (TRREB) MLS® System in April 2024 – down by five per cent compared to April 2023. New
listings were up by 47.2 per cent over the same period. On a seasonally adjusted monthly basis, sales
edged lower while new listings were up compared to March.
“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.
The MLS® Home Price Index (HPI) Composite benchmark was down by less than one per cent per cent
year-over-year. The average selling price was up by 0.3 per cent to $1,156,167. On a seasonally adjusted
month-over-month basis, the MLS® HPI Composite was up by 0.4 per cent and the average selling price
was up by 1.5 per cent compared to March.
“Generally speaking, buyers are benefitting from ample choice in the GTA resale market in April. As a
result, there was little movement in selling prices compared to last year. Looking forward, the expectation
is that lower borrowing costs will prompt tighter market conditions in the months to come, which will result
in renewed price growth, especially as we move into 2025,” said TRREB Chief Market Analyst Jason
Mercer.
“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,” said
TRREB CEO John DiMichele.