Courtesy of Lise Paradis-Noel

Toronto March Market Report

$1,708,437 detached no change year-to-year

$726,392 condo/apartment DOWN 0.9% year-to-year

$859,817 condo/townhouse

AVERAGE SALE PRICES

4,917 NEW LISTINGS 2,308 SOLD LISTINGS

UP 2.1% year-to-year

detached 1,147

357 condo/town.

2.8 MONTHS OF INVENTORY

43.9% SALES TO NEW LISTING RATIO

22 DAYS ON MARKET

5,579 ACTIVE LISTINGS (residential inventory)

GTA REALTORS ® , April 3, 2024 – March 2024 home sales reported through TRREB’s MLS ® System were lower than the March 2023 result. “We 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 be anticipating an improvement in market conditions in the spring, which helps explain the marked increase in new listings so far this year. Assuming we benefit from lower borrowing costs in the near future, sales will increase further, new listings will be absorbed, and tighter market conditions will push selling prices higher,” said TRREB President Jennifer Pearce. Greater Toronto Area (GTA) REALTORS ® reported 6,560 sales through TRREB’s MLS ® System in March 2024.

The MLS ® Home Price Index (HPI) Composite benchmark was up by 0.3 per cent year-over-year. The average selling price was up by 1.3 per cent to $1,121,615. “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’ market conditions start to emerge in many neighbourhoods. Lower borrowing costs in the months ahead will help fuel increased demand for ownership housing,” said TRREB Chief Market Analyst Jason Mercer. Statistics reflect market activity in March 2024 | Source: TRREB ® Toronto Regional Real Estate Board | Market values stated are average prices. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

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