April 2024 home sales were down in comparison to April 2023, when there was a temporary resurgence in market activity.
New listings were up strongly year-over-year, which meant there was increased choice for home buyers and little movement in the average selling price compared to last year.
Greater Toronto Area (GTA) REALTORS® reported 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.
TOTAL RESIDENTIAL TRANSACTIONS
New listings were up by 47.2 per cent over the same period. On a seasonally adjusted monthly basis, sales edged lower while new listings were up compared to March.
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.
The average selling price was up by 0.3 per cent to $1,156,167. On a seasonally adjusted month-over-month basis, the average selling price was up by 1.5 per cent compared to March.
AVERAGE SELLING PRICE
TOTAL NEW LISTINGS
AVERAGE DAYS ON MARKET
SALES & AVERAGE PRICE BY MAJOR HOME TYPE
Navigating the New Fiscal Landscape:
It is crucial to highlight the impending changes to the capital gains tax as outlined in Canadian Federal Budget 2024. These changes, effective from June 25, 2024, propose to increase the inclusion rate for capital gains from one-half to two-thirds for gains exceeding $250,000. The initial $250,000 will continue to be taxed at the existing one-half rate.
The imminent implementation of these tax changes is driving a notable increase in property listings and accelerated sales across the Greater Toronto Area (GTA), as investors are eager to capitalize on the current more favorable tax conditions before the new rates take effect.
Final Thoughts:
As we reflect on the April 2024 real estate landscape in the Greater Toronto Area, it’s clear that the market dynamics are aligning to offer both challenges and opportunities. Despite a decline in home sales compared to April 2023, a substantial increase in new listings — up by 47.2% — has enriched the market with more choices, benefiting buyers seeking diverse options without significant price fluctuations.
The average selling price has seen a modest uptick, reflecting a stable yet cautiously optimistic market environment. Key insights suggest a potential shift on the horizon, as lower borrowing costs anticipated later this year could tighten market conditions and stimulate renewed price growth as we progress into 2025.
The commitment from various government levels to enhance housing affordability and market alignment also underscores a critical need for coherent policies that support sustainable growth and meet the evolving demands of our growing population.
Distinctive Real Estate Advisors Inc., Brokerage is pleased to present a recap of the latest market forecast release and April highlights from the Toronto Regional Real Estate Board (TRREB).
We’d welcome an opportunity to discuss the GTA Has More Listings, Steady Prices and New Opportunities in April more. If you have any questions about our services, please contact our team.
