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With Compliments of
Semone Duerr, Joe Duerr
Sales Representatives
Re/Max Hallmark, ltd., Brokerage
2237 Queen St E
Toronto, ON, M4L 1G1
T: 416 566 6050
D: 416 275 9582
Info@DuerrTeam.com
DuerrTeam.com
Sales, Prices, Listings Higher Toronto, April 5, 2023 – March 2024 home sales were lower than March 2023. Despite a better-supplied market there was enough competition to see a moderate price increase. 6,560 sales, down by 4.5% over March 2023. New listings were up by 15% and sales were down by 1.1%. February new listings were down by 3%. First quarter sales up by 11.2%. New listings up by a greater annual rate of 18%. “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. The average selling price was up by 1.3% to $1,121,615. “The On a seasonally-adjusted month-over-month basis, the MLS® HPI Composite was up by 0.2 per cent and the average selling price was up by 0.7 per cent compared to February. “The aaverage 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. “As demand for ownership and rental housing increases, supply will continue to be top of mind. Governments at all levels must maintain their focus on pursuing innovative solutions to increase the amount and mix of housing supply to improve affordability. This includes removing roadblocks to non-traditional arrangements, such as co-ownership models to benefit home buyers, including first-time buyers and seniors. Encouraging gentle density, including multiplexes, is critical to helping high demand areas such as the Greater Golden Horseshoe to meet housing supply targets,” said TRREB. Read the complete TRREB Market Watch, Condo Report, Rental Market Report. For March's graphs, see TRREB's Housing Market Charts Please remember we are never too busy for your referrals. Semone, Joe and Bill Duerr.
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