Key Statistics:

• Homes Sold: 6,560 homes were sold in March 2024, representing a 4.5% decrease compared to March 2023.
• New Listings: There was a significant increase of 15% in new listings during March 2024 compared to the same period last year.
• Quarterly Performance: The first quarter of 2024 saw an 11.2% increase in sales year-over-year, while new listings experienced an even greater annual rise of 18.3%.
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Market Analysis

TRREB President Jennifer Pearce remarked, "Over the past quarter, we've observed a gradual improvement in market conditions. More buyers seem to have adapted to the higher interest rate environment. Additionally, homeowners may be anticipating better market conditions in the spring, which could explain the notable increase in new listings so far this year."

Average Selling Price:

The HPI Composite benchmark rose by 0.3% year-over-year. The average selling price increased by 1.3% to $1,121,615 compared to the previous year. On a seasonally-adjusted month-over-month basis, the average selling price rose by 0.7% compared to February.

What's Next?

Looking ahead, TRREB Chief Market Analyst Jason Mercer predicts, "Price growth is expected to gain momentum during the spring and particularly in the latter half of the year, as sales growth catches up with listings growth. Lower borrowing costs in the upcoming months are likely to stimulate increased demand for ownership housing." As we move forward into the remainder of 2024, we anticipate further growth and activity within the Toronto real estate market. Should you have any inquiries regarding buying, selling, or investing in real estate, please feel free to reach out to us. We're committed to assisting you in navigating these dynamic market conditions.