In April 2024, the Toronto real estate market saw a decrease in home sales by 5% percent compared to April 2023. Despite this drop, new listings surged by 47.2 percent year-over-year, providing more options for buyers but not significantly impacting the average selling price, which saw a marginal increase of 0.3 percent. The Toronto Regional Real Estate Board officials noted that while current listings are notably higher, potential buyers might be delaying purchases in anticipation of forthcoming rate cuts by the Bank of Canada. Looking ahead, TRREB anticipates that declining borrowing costs will lead to tighter market conditions and renewed price growth as we move towards 2025.
Read the full GTA report here:
https://trreb.ca/wp-content/files/market-stats/market-watch/mw2404.pdf
The Hamilton-Burlington region saw a 7% decrease in housing sales compared to April 2023, marking a departure from long-term trends for this month. Despite this, year-to-date sales remained on par with the previous year. The REALTORS® Association of Hamilton-Burlington (RAHB) noted that while apartment home sales declined, there was an increase in semi-detached and row-style home sales. New listings increased, raising inventory levels across all property types and price ranges—a notable change given the typically low inventory levels of the past decade. The months of supply also increased, reflecting more balanced market conditions compared to the tight supply last year.
Read the full Hamilton-Burlington report here:
https://s1.cdn.rahb.ca/rahbca/wp-content/uploads/2024/05/April-All_Regions.pdf
Even if you're not actively looking to buy or sell, understanding the market can help you spot opportunities. This might include buying a second home, investing in rental properties, or downsizing at an opportune time to maximize your financial gain.
Whether you're planning your next big move or just curious about your home's current value, staying informed about the real estate market is crucial. As your dedicated real estate expert, I'm here to provide you with up-to-date market insights and personalized advice tailored to your unique situation.
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MORE CHOICE FOR HOME BUYERS IN APRIL
