TORONTO REGIONAL REAL ESTATE REPORT DATED ON 3 MAY 2024
It was reported that 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 surged 47 % year over year to 16,941. The average selling price still reached at higher level to $1,156,167 compared to the same time last year and previous month of March 2024. A standoff is caused between sellers and buyers in spring.
“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.
“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.
'We are getting closer' to cutting interest rates, Bank of Canada governor tells MPs : But the Bank of Canada is now projecting "a strong pick-up in housing over the course of this year" with "some increase in housing prices," Macklem said.
The next opportunity for the central bank to cut rates comes on June 5.
Consumer Price Index March 2024 - The Consumer Price Index rose at an annual rate of 2.9 per cent last month, edging up from 2.8 per cent in February