GTA real estate news

April 2024 GTA Real Estate Market Update

With the arrival of April, it’s the perfect time to get up to speed on the latest happenings in Greater Toronto real estate market watch. Whether you’re in the market to buy, planning to sell, or just enjoy keeping tabs on local real estate dynamics, this update has something for everyone. Let’s dive into the recent developments and insights from the GTA real estate landscape over the last month.

Average Price

In April, the average home selling price in the GTA stood at $1,156,167. This uptick marks a notable 3.1% increase from March 2024’s average price of $1,121,615. Looking back over the year, the GTA’s average home price has only seen a modest 0.3% increase compared to the same time last year.

Detached Home Prices

Photo of a detached house in the Toronto housing Market

In the detached market, prices jumped by 3.3% to an average of $1,516,070. Inventory surged by 68%. Reaching 7,619 listings, while sales increased by 9.7% to 3,175 homes sold.

Condo Prices Sore

In April’s Toronto & Greater Toronto real estate market watch, condo prices saw a significant rise, with the average selling price up 9.2% to $728,067. Condo inventory also shot up by 77.8% to 7,015 listings. This is the highest level since October 2020. This surge in inventory is welcome news for condo buyers who have faced limited options in recent years. However, the sharp increase in prices suggests demand is still strong despite more units coming onto the market.

Town Home Prices

In April, the average price for a freehold townhome in the GTA was $1,044,986. This represents a modest increase from March’s average of $1,038,615. Townhome inventory saw a significant jump in April. With listings doubling to 1,235 units on the market. Despite the rise in listings, townhome sales remained strong at 655 units sold in April. Townhomes were the only housing type that exceeded listing prices. On average, selling for 105% of the original list price. This suggests townhomes remain in high demand among buyers.

The combination of rising inventory and steady sales contributed to relatively flat pricing growth compared to previous months.

Town homes for sale in the Toronto real estate market.

Home Sales

In April just over 7100 home sales were reported in the GTA. Which is a 5% decrease compared to this time last year. New listings increased by 47% compared to the same period. The GTA experienced a surge in new listings, with a total of over 18,000 properties hitting the market for sale. This is the highest April housing inventory since 2018. The increase in available properties comes as welcome news for prospective buyers who have faced challenges due to limited inventory in recent years. 

New Listings

In April just over 7100 home sales were reported in the GTA – which is a 5% decrease compared to this time last year. New listings increased by 47% compared to the same period. The GTA experienced a surge in new listings, with a total of over 18,000 properties hitting the market for sale. This is the highest April housing inventory since 2018. The increase in available properties comes as welcome news for prospective buyers who have faced challenges due to limited inventory in recent years.

Sales to New Listings Ratio

In April, the sales-to-new-listings ratio stood at 42%. Suggesting that the housing market remains balanced. A ratio between 40% and 60% indicates a balanced market. The number of properties coming onto the market is roughly in line with the number of properties being sold.

A ratio below 40% is generally considered a buyer’s market. There is more supply than demand. Conversely, a ratio above 60% is typically a seller’s market, with demand outpacing supply.

At 42%, the ratio implies that supply and demand are evenly matched in the GTA housing market right now. Home buyers have more selection compared to the last few years. But prices are still holding steady and homes are selling relatively quickly.

Overall, the balanced ratio bodes well for both buyers and sellers in the region. Sellers can still expect to see good interest and reasonable selling times. Meanwhile, buyers have more negotiating power than before but can still find homes at fair market prices.

Mortgage Rates

Statistics symbolizing Mortgage rates.

Despite the current and continued high cost of borrowing, anticipated interest rate reductions expected in late 2024 might breathe new life into the GTA & Toronto real estate market watch, offering hope for easing mortgage burdens for upcoming borrowers. Current rates are ranging from the high 4% to over 6%, according to recent GTA real estate news updates.

April 2024 in Review

Woman on her computer looking at houses in the Toronto real estate market.

The month of April revealed significant trends and shifts in the GTA & Toronto real estate market watch, with notable changes reflecting the sector’s resilience and adaptability. In terms of the Greater Toronto real estate forecast, the average home price in the Greater Toronto Area saw a 3.1% bump from the previous month, which positioned the average at $1,156,167. This stability in year-over-year prices suggests a steady market environment. Detached homes in particular experienced a 3.3% rise in pricing to $1,516,070, which was accompanied by an uptick in both sales and inventory—a positive sign for this segment.

The condominium market also reported robust activity as prices jumped by 9.2% to an average of $728,067, reaching an inventory high not seen in over a year and a half. Townhomes, too, drew considerable attention, frequently exceeding their listing prices by an average of 105% and witnessing a doubling in available listings, indicative of a strong seller’s market within this category.

In more broad Toronto real estate market watch, overall home sales saw a 5% decline compared to the same period last year despite an increase of 47.2% in new listings, underscoring a more competitive market environment with a balanced sales-to-new-listings ratio of 42%. Currently, mortgage rates are elevated, ranging between 4% and over 6%, with potential reductions on the horizon by the end of 2024, which may contribute to increased market activity.

Contact Team House2Home if you need more information.

Compare listings

Compare