Welcome back, real estate enthusiasts! The April Real Estate Market stats are in. April marks the start of the Spring Market, this is generally the busiest time of year for real estate transactions (buying and selling season). As a Toronto Real Estate Agent, it’s my responsibility to ensure clients are up to date on the latest market stats. Client education is an important part of real estate. With that said, let’s take a look at the April 2024 stats to understand how the spring market kicked off!
Toronto Real Estate Market Update
The Toronto Regional Real Estate Board recorded 7,114 sales. When compared to this time last year, sales were down this year by 5%. Inventory levels have started to slightly increase with 18,000 homes available for purchasing as of April 30, 2024. Even with more inventory, prices have remained rather consistent. The average sale price in the GTA was up by only 0.3% to $1,156,167 compared to $1,152,519 in 2023.
The increased inventory won’t last forever. It is anticipated that potential buyers are waiting for the Bank of Canada to cut interest rates before buying. With that said, buyers wait patiently for the June 5th announcement.
Jason Mercer, TRREB’s Chief Market Analyst reports:
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 said they are trying to improve housing affordability and supply. With a plethora of condos available for sale, the pace of new condo developments slows. Though it is clear there will be a shortage of homes for our growing population in the future, developers build only as they secure enough sold units to fund their projects.
Average Home Price in the GTA By Month 2023/2024
Market Stats by Region
Let’s take a look at some of the regional stats across the GTA, Toronto, Mississauga, Oakville, Durham Region, York Region and Brampton.
GTA Real Estate Market Stats
In April 2024, the average sale price (all home types) in the Greater Toronto Area was up 0.3% to $1,156,167 compared to last year. The number of sales were down by 5%. Condos prices in the GTA were slightly up by 0.5%, to $728,067. The number of condo sales was down by 6.8% in April with 2,013 condo sales compared to the same time last year. Inventory is growing. Currently, we have 2.54 months worth of inventory (homes for sale in the GTA). If there were no more homes listed for sale, we would sell out in 2.54 months. As a result of the current market, listings are taking on average 24 days to sell in the GTA.
Toronto Real Estate Market Stats
In April 2024, the average sale price (all home types) in Toronto was up by 2.8% to $1,152,200 compared to last year though the number of sales was down 5.6%. Condos prices in Toronto were slightly up 2%, to $766,917. The number of condo sales was down 9.9% in April with 1,309 condo sales compared to this time last year. Currently, we have 2.91 months worth of inventory (homes for sale in Toronto). If there were no more homes listed for sale, we would sell out in 2.91 months. As a result of the current market, listings are taking an average of 25 days to sell in Toronto.
Mississauga Real Estate Market Stats
In April 2024, the average sale price (all home types) in Mississauga was up by 4.6% to $1,126,060 compared to last year and the number of sales was down 4.8%. Condos prices in Mississauga were down by 4.4%, to $627,012. The number of condo sales was down 13% in April with 174 condo sales. Currently, we have 2.44 months worth of inventory (homes for sale in Mississauga). If there were no more homes listed for sale, we would sell out in 2.44 months. As a result of the current market, listings are taking an average of 24 days to sell in Mississauga.
Oakville Real Estate Market Stats
In April 2024, the average sale price (all home types) in Oakville was slightly up by 0.5% to $1,587,333 compared to last year and the number of sales was down 3%. Condos prices in Oakville were down 3.5%, to $710,792. The number of condo sales was up 9.3% in April with 47 condo sales. Currently, we have 2.51 months worth of inventory (homes for sale in Oakville). If there were no more homes listed for sale, we would sell out in 2.51 months. As a result of the current market, listings are taking an average of 24 days to sell in Oakville.
Durham Region Real Estate Market Stats
In April 2024, the average sale price (all home types) in the Durham Region was slightly down by 1.3% to $943,840 compared to last year and the number of sales was up 5%. Condos prices in the Durham Region were down 3.3%, to $559,728. The number of condo sales was down 14.1% in April with 61 condo sales. Currently, we have 1.63 months worth of inventory (homes for sale in the Durham Region). If there were no more homes listed for sale, we would sell out in 1.63 months. As a result of the current market, listings are taking on average only 19 days to sell in the Durham Region.
York Region Real Estate Market Stats
In April 2024, the average sale price (all home types) in the York Region was down by 3.2% to $1,326,533 compared to last year and the number of sales was down by 7.3%. Condos prices in the York Region were slightly up by 0.3%, to $718,133. The number of condo sales was up by 6.6% in April with 275 condo sales. Currently, we have 2.61 months worth of inventory (homes for sale in the York Region). If there were no more homes listed for sale, we would sell out in 2.61 months. As a result of the current market, listings are taking on average 24 days to sell in the York Region.
Brampton Real Estate Market Stats
In April 2024, the average sale price (all home types) in Brampton was down by 05.7% to $1,026,582 compared to last year and the number of sales was down 15.6%. Condos prices in Brampton were down 6.4%, to $536,564. The number of condo sales was down by 15.2% compared to last year, with 39 condos sold. Currently, we have 2.61 months worth of inventory (homes for sale in Brampton). If there were no more homes listed for sale, we would sell out in 2.61 months. As a result of the current market, listings are taking an average of 21 days to sell in Brampton.
As experts in the Toronto real estate realm, our commitment lies in arming our clients with comprehensive insights and empowering them to make educated decisions. Should you be interested in speaking with one of our realtors, schedule a no-obligation consultation.
