April 2024
The month of April is the start of the Spring Market for Residential Real Estate, representing the beginning of the busiest time of year for real estate transactions
There were 7,114 sales through the Toronto Regional Real Estate Board – down by 5% compared to April 2023.
Inventory levels or the number of listings of available homes of all types have begun to creep up with over 18,000 available for sale at the end of April, which means there is an increased choice for home buyers
The Toronto Regional Real Estate Board's Chief Market Analyst stated that buyers today are benefitting from ample choice in the GTA resale market.
As a result, there was little movement in selling prices compared to last year.
Looking forward, the expectation is that lower borrowing costs will prompt tighter market conditions in the months ahead, which will result in renewed price growth, especially as we move into 2025.
All levels of government have stated that they are committed to improving affordability and choice for those interested in owning a home
Recently, it has been stated that there is approximately two years of inventory of condominiums available for sale, whether it be through resale, new construction, developers standing inventory or assignment.
With sales of new construction slowing due to fewer sales there will inevitably be a shortage of homes for our growing population in the coming years, developers will only build when they have sold enough units to achieve their financing
If you would like to know more about available options please do not hesitate to contact me
Know that I am only a call, email or text away to assist with any of your real estate needs.