After a somewhat respectable start to the market in Q1, the market will likely continue to heat up as we head into Spring and Summer. So far, prices are up in the single-family housing segment of the market, particularly for semi-detached houses. Listings continue to rise.
Here’s a look at the market stats for March 2024 for the city of Toronto and the GTA, with some key points from TRREB's latest Market Watch Report.
🏡 Sales Drop, Listings Rise: March 2024 saw a 4.5% decrease in home sales from the previous year, but new listings increased by 15%.
📈 Quarterly Growth: Sales rose by 11.2% and new listings by 18.3% year-over-year in the first quarter.
💰 Price Increase: The average home price increased by 1.3% to $1,121,615 in March, and further growth is expected.
🏦 Adjusting to Interest Rates: Buyers are adapting to higher interest rates, and an anticipated drop in borrowing costs could boost sales and prices.
