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GTA REALTORS® Release March 2024 Stats

The latest data from the Toronto Regional Real Estate Board (TRREB) reveals some interesting trends in the GTA housing market for March 2024.

Despite a slight dip in sales compared to March 2023, largely attributed to the timing of Good Friday, the GTA real estate landscape is showing signs of vitality and resilience.

RESIDENTIAL STATS

Key Highlights:

  • A total of 6,560 homes were sold in March 2024, marking a modest 4.5% decrease from March 2023.
  • New listings surged by 15%, indicating a healthier market supply. The average selling price saw a slight increase of 1.3% year-over-year to $1,121,615.
  • A noticeable uptick in new listings by 18.3% year-over-year in the first quarter reflects a market ready for spring.

Market Insights:

TRREB President Jennifer Pearce notes, “A gradual market improvement with more buyers adjusting to higher interest rates, and anticipation for a stronger spring market contributed to the significant rise in new listings.”

What is seasonal adjustment? Seasonality refers to a monthly (or quarterly) pattern that occurs in roughly the same manner from one year to the next, e.g., sales are highest in the spring and lowest in the winter each year.

HPI provides a price growth measure for a benchmark home with the same characteristics over time, allowing for an apples-to-apples comparison from one year to the next.

Future Outlook:

Experts predict an acceleration in price growth as the market heads into spring, driven by lower borrowing costs and a tighter market. TRREB Chief Market Analyst Jason Mercer anticipates, “Price growth is expected to accelerate, with sellers’ market conditions emerging in many neighbourhoods.”

A Call for Action on Housing Supply: 

As demand for both ownership and rental housing increases, TRREB CEO emphasizes the need for innovative solutions to boost housing supply and affordability. This includes exploring co-ownership models and encouraging gentle density in high-demand areas.

Final Thoughts:

The GTA real estate market is poised for an exciting period of growth and evolution. With anticipated lower borrowing costs and a focus on increasing housing supply, we’re looking forward to seeing how these dynamics will shape the market in the coming months. Stay tuned for more updates and insights into the GTA housing market!

 

Distinctive Real Estate Advisors Inc., Brokerage is pleased to present a recap of the latest market forecast release and March highlights from the Toronto Regional Real Estate Board (TRREB).

We’d welcome an opportunity to discuss the GTA REALTORS Release March 2024 Stats. If you have any questions about our services, please contact our team.

Buyers Re-Enter the Greater Toronto Housing Market in February

As we navigate through the dynamic landscape of the Toronto real estate market, it is essential to stay informed about the latest trends and developments.

The Greater Toronto Area (GTA) has demonstrated resilience and growth, showcasing a notable increase in both home sales and new listings as of February 2024.

This positive momentum is supported by the region’s population growth and a robust economy, continually fueling the demand for housing despite higher borrowing costs.

RESIDENTIAL STATS

Total Residential Transactions Feb 2024

TRREB President Jennifer Pearce highlights the market’s adaptation to the current financial environment, with consumers optimistically anticipating future rate cuts. The adjustment in buyer strategies to mitigate the impact of elevated mortgage rates is evident, with an emphasis on saving for larger down payments and exploring less expensive housing options within the GTA.

The February statistics from TRREB’s MLS® System reveal a 17.9% increase in GTA home sales compared to the previous year, with new listings rising at an even greater rate. This provides buyers with increased options, signaling a market approaching balance. Despite the seasonal adjustments, the steady growth in selling prices and the MLS® Home Price Index Composite benchmark further affirm the market’s stability.

TRREB Table Feb 2024

Looking ahead, TRREB Chief Market Analyst Jason Mercer anticipates a resurgence in buyer activity, driven by adjusted housing preferences and the potential for lower interest rates. The emphasis on homeownership as a long-term investment over renting underscores the significance of the market’s evolution in 2024.

Average Selling Price Feb 2024 Total New Listings Feb 2024 Property Days on Market Feb 2024 Seasonally Adjusted Figures Feb 2024

What is seasonal adjustment? Seasonality refers to a monthly (or quarterly) pattern that occurs in roughly the same manner from one year to the next, e.g., sales are highest in the spring and lowest in the winter each year.

Home Price Index Feb 2024

HPI provides a price growth measure for a benchmark home with the same characteristics over time, allowing for an apples-to-apples comparison from one year to the next.

Moreover, TRREB’s efforts to address housing affordability and its social implications are commendable. The ongoing initiatives to streamline the construction of new homes and support municipalities in their quest to meet homeownership needs are pivotal in fostering a healthy and accessible housing market.

RESIDENTIAL CONDOMINIUM SALES STATS

COMMERCIAL STATS

In conjunction with the Toronto Regional Real Estate Board (TRREB) redistricting project, historical data may be subject to revision moving forward. This could temporarily impact per cent change comparisons to data from previous years.

 

Distinctive Real Estate Advisors Inc., Brokerage is pleased to present a recap of the latest market forecast release and February highlights from the Toronto Regional Real Estate Board (TRREB).

We’d welcome an opportunity to discuss the GTA Realtors Release February 2024 Stats. If you have any questions about our services, please contact our team.

GTA REALTORS® Release October 2023 Stats

  • Lack of affordability and uncertainty remained issues for many would-be home buyers in the Greater Toronto Area (GTA) in October 2023. As a result, sales edged lower compared to last year.
  • Selling prices remained higher than last year’s levels. Record population growth and a relatively resilient GTA economy have kept the overall demand for housing strong.
  • More of that demand has been pointed at the rental market, as high borrowing costs and uncertainty on the direction of interest rates has seen many would-be home buyers remain on the sidelines in the short term. When mortgage rates start trending lower, home sales are predicted to pick up quickly.

RESIDENTIAL STATS

REALTORS® reported 4,646 GTA home sales through TRREB’s MLS® System in October 2023 – down 5.8 per cent compared to October 2022. On a month-over-month seasonally-adjusted basis, sales were also down in comparison to September.

New listings in October 2023 were up noticeably compared to the 12-year low reported in October 2022, but up more modestly compared to the 10-year average for October. New listings, on a seasonally adjusted basis, edged slightly lower month-over-month compared to September 2023.

The October 2023 MLS® Home Price Index Composite benchmark and the average selling price were both up on year-over-year basis, by 1.4 per cent and 3.5 per cent respectively. On a seasonally adjusted basis, the MLS® HPI Composite benchmark edged lower compared to September 2023 while the average selling price remained at a similar level. Both the MLS® HPI Composite benchmark and average price remained above the cyclical lows experienced at the beginning of 2023.


Competition between buyers remained strong enough to keep the average selling price above last year’s level in October and above the cyclical lows experienced in the first quarter of this year. The Bank of Canada also noted this resilience in its October statement. However, home prices remain well-below their record peak reached at the beginning of 2022, so lower home prices have mitigated the impact of higher borrowing costs to a certain degree.

In the current environment of extremely high borrowing costs, it is disappointing to see that there has been no relief for uninsured mortgage holders reaching the end of their current term. If these borrowers want to shop around for a more competitive rate, they are still forced to unrealistically qualify at rates approaching eight per cent. Following their most recent round of consultations, the Office of the Superintendent of Financial Institutions should have eliminated this qualification rule for those renewing their mortgages with a different institution.

CONDO SALE STATS

CONDO RENTAL STATS

COMMERCIAL STATS

The “All Leasing Activity (Sq. Ft.)” chart summarizes total industrial, commercial/retail and office square feet leased through Toronto MLS® regardless of pricing terms.
The “All Sales Activity” chart summarizes total industrial and commercial/retail and office sales through Toronto MLS® regardless of pricing terms.

In conjunction with the Toronto Regional Real Estate Board (TRREB) redistricting project, historical data may be subject to revision moving forward. This could temporarily impact per cent change comparisons to data from previous years.

Distinctive Real Estate Advisors Inc., Brokerage is pleased to present a recap of the latest market forecast release and October highlights from the Toronto Regional Real Estate Board (TRREB).

We’d welcome an opportunity to discuss the GTA Realtors Release October 2023 Stats. If you have any questions about our services, please contact our team.

High Interest Rates Impacting the Market, But Population Growth Will Soon Spur Demand

  • The impact of high borrowing costs, high inflation, uncertainty surrounding future Bank of Canada decisions and slower economic growth continued to weigh on Greater Toronto Area (GTA) home sales in September.
  • Despite the market being better-supplied with listings, the average selling price was up year-over-year.The short and medium-term outlooks for the GTA housing market are very different. In the short term, the consensus view is that borrowing costs will remain elevated until mid-2024, after which they will start to trend lower.
  • This suggests that we should start to see a marked uptick in demand for ownership housing in the second half of next year, as lower rates and record population growth spur an increase in buyers.
RESIDENTIAL STATS

In September 2023, GTA REALTORS® reported 4,642 home sales through TRREB’s MLS® System in September 2023 – down 7.1% compared to September 2022.

The year-over-year dip in sales was more pronounced for ground-oriented homes, particularly semi-detached houses and townhouses. On a month-over-month seasonally-adjusted basis, sales were also down slightly.

GTA home selling prices remain above the trough experienced early in the first quarter of 2023. However, we did experience a more balanced market in the summer and early fall, with listings increasing noticeably relative to sales.

This suggests that some buyers may benefit from more negotiating power, at least in the short term. This could help offset the impact of high borrowing cost.
What is seasonal adjustment? Seasonality refers to a monthly (or quarterly) pattern that occurs in roughly the same manner from one year to the next, e.g., sales are highest in the spring and lowest in the winter each year.
COMMERCIAL STATS

The “All Leasing Activity (Sq. Ft.)” chart summarizes total industrial, commercial/retail and office square feet leased through Toronto MLS® regardless of pricing terms.
The “All Sales Activity” chart summarizes total industrial and commercial/retail and office sales through Toronto MLS® regardless of pricing terms.

In conjunction with the Toronto Regional Real Estate Board (TRREB) redistricting project, historical data may be subject to revision moving forward. This could temporarily impact per cent change comparisons to data from previous years.

Distinctive Real Estate Advisors Inc., Brokerage is pleased to present a recap of the latest market forecast release and September highlights from the Toronto Regional Real Estate Board (TRREB).

We’d welcome an opportunity to discuss the High Interest Rates Impacting the Market, but Population Growth will Soon Spur Demand. If you have any questions about our services, please contact our team.

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