Here’s a ‘highlights’ summary of the significant real estate milestones across the entire Toronto Real Estate Board territory and in the City of Toronto specifically for APRIL 2024 as we enter the busiest months of our real estate spring market.
• Across the entire TRREB Board, APRIL sales (7,114) were again -5% below last year
• Active Listings (18,088) however were +74% above those in April 2023
• The ratio of sales-to-listings dropped during the month to 39% in April – edging towards a neutral market
• The April average sale price came in at $1,156,167– almost identical to the 2023 average one year ago
• The GTA real estate market ‘velocity’ increased marginally to 19 days-on-market
• Detached home sales in April 2024 with a purchase price over $2,000,000 were up by +4% (512 houses) while condo apartment sales over $2M were identical (23 suites) compared to April 2023
• The CONDO townhouse / highrise share of the overall market stayed steady at 36% during the month and all condo-type sales (2,587) declined by -6% from 2023
• In the City of Toronto only, detached house sales (750) slowed by -2% from 2023 while the average detached sale price ($1,822,244) was up +2% compared to a year ago
• However April Toronto semi-detached sales (240) were up by +3.4% year-over-year while the average semi sale price ($1,365,061) increased by +3%
• Downtown condo active listing numbers were up BIG time again… an increase of 100% in C01 and by 78% in C08 from last year
• April year-over-year downtown condo sales declined both in C01 (-10%) and in C08 (-17%) compared to 2023
• The downtown condo days-on-market average stayed relatively steady at between 31 & 25 days in both C01 and C08
• The April ratio of sales-to-listings for high-rise condos downtown was unchanged and still in buyer market territory in both C01 (22%) and in C08 (20%), caused principally by the large increase in condo suite inventories
• In the 905 districts, April saw average detached and condo apartment home prices flat compared to 2023. Sales numbers were all negative (-9% houses / -1% condos) from one year ago
• It looks like expectations that the BOC will lower rates soon is wrong and buyers are stepping to the sidelines waiting for a positive rate change signal. Alternately, condo buyers might want to take negotiating advantage of high inventories and purchase at a discounted price
