As a CENTURY 21® REALTOR®, I am committed to providing the highest quality service possible. My personal knowledge, skill and expertise in the local real estate market is combined with the power of the CENTURY 21 brand - one of the world's most recognized names in real estate.
March 2024 home sales reported through TRREB’s MLS® System were lower than the March 2023 result, due in part to the statutory holiday Good Friday falling in March this year versus April last year. Despite a better-supplied market compared to last year, there was enough competition between buyers to see a moderate increase in the average March home price compared to last year’s level.
Greater Toronto Area (GTA) REALTORS® reported 6,560 sales through TRREB’s MLS® System in March 2024 – down by 4.5 per cent compared to March 2023. New listings were up by 15 per cent over the same period. On a seasonally adjusted monthly basis, sales were down by 1.1 per cent. New listings were down by three per cent compared to February.
The first quarter ended with sales up by 11.2 per cent year-over-year. New listings were up by a greater annual rate of 18.3 per cent.
“We have seen a gradual improvement in market conditions over the past quarter. More buyers have adjusted to the higher interest rate environment. At the same time, homeowners may be anticipating an improvement in market conditions in the spring, which helps explain the marked increase in new listings so far this year. Assuming we benefit from lower borrowing costs in the near future, sales will increase further, new listings will be absorbed, and tighter market conditions will push selling prices higher,” said TRREB President Jennifer Pearce.
The MLS® Home Price Index (HPI) Composite benchmark was up by 0.3 per cent year-over-year. The average selling price was up by 1.3 per cent to $1,121,615. On a seasonally-adjusted month-over-month basis, the MLS® HPI Composite was up by 0.2 per cent and the average selling price was up by 0.7 per cent compared to February. “The average selling price edged up in comparison to last year as we moved through the first quarter of 2024. Price growth is expected to accelerate during the spring and even more so in the second half of the year, as sales growth catches up with listings growth and sellers’ market conditions start to emerge in many neighbourhoods. Lower borrowing costs in the months ahead will help fuel increased demand for ownership housing,” said TRREB Chief Market Analyst Jason Mercer.
“As demand for ownership and rental housing increases, supply will continue to be top of mind. Governments at all levels must maintain their focus on pursuing innovative solutions to increase the amount and mix of housing supply to improve affordability. This includes removing roadblocks to non-traditional arrangements, such as co-ownership models to benefit home buyers, including first-time buyers and seniors. Encouraging gentle density, including multiplexes, is critical to helping high demand areas such as the Greater Golden Horseshoe to meet housing supply targets,” said TRREB CEO John DiMichele.
If you're buying, I can enhance your search process by helping you uncover what you may not have considered, whether it is schools, lifestyle, or the investment value of the property. Using our property search tools, you will be able to find the home that best meets your needs. Finally, with my knowledge of the market, real estate expertise and negotiating skills, I will help you get the best possible deal and handle all the critical details.
If you're buying, I can enhance your search process by helping you uncover what you may not have considered, whether it is schools, lifestyle, or the investment value of the property. Using our property search tools, you will be able to find the home that best meets your needs. Finally, with my knowledge of the market, real estate expertise and negotiating skills, I will help you get the best possible deal and handle all the critical details.
If you're selling, I will help you understand market factors that may influence price, preparation and the promotion of your property so that you can make an informed decision that best benefits your needs. I will then present you with a customized marketing plan using state-of-the-art technology tools to reach the broadest market, both locally and internationally, for your property so that you can secure the best offer. With CENTURY 21® as one of the largest global real estate brands and our Realtors' focus on the local market, I am confident that it will position you for success in your property sale.
Contact me with any questions regarding the current real estate market or my services. I look forward to working with you.
If you're selling, I will help you understand market factors that may influence price, preparation and the promotion of your property so that you can make an informed decision that best benefits your needs. I will then present you with a customized marketing plan using state-of-the-art technology tools to reach the broadest market, both locally and internationally, for your property so that you can secure the best offer. With CENTURY 21® as one of the largest global real estate brands and our Realtors' focus on the local market, I am confident that it will position you for success in your property sale.
Contact me with any questions regarding the current real estate market or my services. I look forward to working with you.