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Market Report April 2024


Architecture Residential Building

REXIG SUMMARY

Stabilizing Trends in the GTA Housing Market

In April 2024, the Greater Toronto Area (GTA) experienced a downturn in home sales compared to the surge seen in April of the previous year. The Toronto Regional Real Estate Board (TRREB) reported that the number of transactions fell by 5% year-over-year to 7,114. Despite this decline, there was a significant increase in new listings, up by 47.2%, providing prospective buyers with greater options and helping to stabilize the average selling price at approximately $1,156,167, very close to last year's figures.


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The influx of new listings in April suggests that many homeowners are anticipating a rise in demand as the spring market progresses. However, many potential buyers seem to be waiting, likely influenced by expectations of upcoming interest rate cuts by the Bank of Canada. This cautious sentiment has kept the market in a holding pattern, with minimal changes to the MLS® Home Price Index (HPI) Composite benchmark, which showed a slight decrease of less than one percent year-over-year but a modest increase of 0.4% from the previous month.


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Looking forward, there is an expectation that lower borrowing costs may tighten market conditions in the coming months, potentially leading to renewed price growth as we move into 2025. It is also noted that more alignment in government housing policies is needed to effectively manage inflation and enhance housing affordability and availability. This alignment is crucial for achieving sustainable growth in the housing market.





REGIONAL SPOTLIGHT // APRIL 2024 Halton Real Estate Market Report


The real estate market in the Oakville-Milton area has shown varied performance in March 2024, reflecting a complex interplay of market dynamics. Despite a downturn in the number of homes sold, which decreased by 5.9% compared to March 2023, there has been a noticeable resilience in the market, with sales over the first three months increasing by 9.3% compared to the same period last year. This report delves into the factors influencing these trends and their implications for buyers and sellers.


March 2024 saw a decrease in home sales in the Oakville-Milton area, totaling 287 units, well below historical averages. The MLS® Home Price Index (HPI) composite benchmark price slightly dropped to $1,290,800. However, prices for single-family homes and townhouse/row units experienced modest increases, while apartment prices remained stable.


On the supply side, active listings significantly rose by 38.4% year-over-year, reaching 519 units by the end of March, which is above the five-year average but still below the ten-year average. This increase in listings suggests a move towards a more balanced market, potentially priming for an active spring season as inventory builds up.


Market Outlook


As the Oakville-Milton real estate market progresses through 2024, the rising inventory levels and balanced market conditions provide a promising environment for buyers, who may benefit from more choices and less pressure on prices. Sellers, on the other hand, need to adjust expectations in a market where price increases are mild and buyer activity is closely tied to broader economic indicators, such as interest rates. Looking ahead, the real estate community will be observing the Bank of Canada's next moves, as any changes in interest rates could significantly influence market dynamics. Thus, this period might indeed be the calm before a significant shift in the real estate landscape.


 

Read here to read our economic update for last month.


ECONOMIC SPOTLIGHT

Navigating Towards a Gradual Recovery // Q2 2024


 

As valued clients of REXIG Realty, we are excited to provide you with our latest Real Estate Market Report for the Greater Toronto Area & surrounding regions such as Niagara, Kitchener and Waterloo.


Our goal is to keep you informed and empowered with the most up-to-date information to make informed decisions regarding your real estate investments.

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