Toronto Real Estate Market Update - May 2024

Last month's home sales took a slight dip compared to the same time last year, but don't hit the panic button just yet. Here's the lowdown:

In April 2024, the Greater Toronto Area (GTA) saw a moderate decrease in home sales from April 2023. However, the plot twist lies in the surge of new listings, which shot up by a whopping 47.2 per cent year-over-year. Translation? More options for potential buyers without much movement in the average selling price when compared to last year.

There is an anticipation among homeowners for a spike in housing demand as we roll into spring. But here's the catch: many prospective buyers are holding their horses, waiting for the Bank of Canada to make a move on interest rates before taking the plunge into homeownership.

With plenty of options on the table, there wasn't much movement in selling prices compared to the previous year. But brace yourselves as the prediction is that lower borrowing costs will tighten market conditions in the coming months, setting the stage for renewed price growth, especially as we step into 2025.

So, what's the bottom line? April 2024 may have seen a slight dip in the number of sales, but with increased inventory and favourable borrowing conditions on the horizon, the Toronto real estate market remains poised for an intriguing journey ahead. 

Here are the most recent Toronto numbers...

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