REXIG SUMMARY
Supply Surge Meets Optimism
In Toronto, March 2024's real estate market saw a minor dip in home sales year-over-year due to the Good Friday holiday timing, with a noticeable increase in average home prices due to a more abundant supply. The Greater Toronto Area experienced a 4.5% decrease in sales but a 15% rise in new listings, closing the quarter with an 11.2% increase in sales and an 18.3% boost in new listings compared to the previous year.
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Market conditions are showing signs of improvement, with buyers adapting to higher interest rates and a notable optimism among sellers for the spring market, reflected in the increase in new listings. The slight 0.3% rise in the MLS® Home Price Index Composite benchmark and a 1.3% increase in the average selling price to $1,121,615 suggest a stabilizing market.
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The outlook for Toronto's real estate market is positive, with anticipated lower borrowing costs expected to lead to tighter market conditions and higher selling prices. The focus on innovative housing solutions and increasing the housing supply highlights a commitment to improving affordability and catering to the market's diverse needs, setting a solid foundation for future growth.
REGIONAL SPOTLIGHT // MARCH 2024 Guelph & District Real Estate Market Report
In Guelph, March 2024 saw a stable housing market with 355 homes sold, marginally up by 0.3% from March 2023. Despite this stability, sales were notably below the five and ten-year averages for March. The year-to-date figures showed a 6.8% increase in home sales compared to the same period in 2023, indicating a slow but steady market recovery. The overall MLS® HPI composite benchmark price slightly decreased by 0.6% year-over-year to $809,600 in March 2024, with minor variations across different housing types.
The average home price in March 2024 experienced a slight dip of 0.2% from the previous year, settling at $874,843, though the year-to-date average price rose by 2.6%. Total home sales value remained consistent with March 2023, highlighting the market's steadiness. New listings surged by 21.7%, significantly boosting the number of active listings by 37.7% from last March, reaching the highest level in over five years. This increase in inventory, now standing at 1.9 months, suggests a more balanced market but also highlights a growing supply that exceeds the pace of sales.
Market Outlook
This uptick in inventory amidst a backdrop of steady sales and slight price adjustments points towards an evolving Guelph real estate market, poised for potential growth as it moves into the spring season. With an increased supply meeting a steady demand, the market dynamics in Guelph suggest a period of adjustment and opportunity for both buyers and sellers in the near future.
Read here to read our economic update for last month.
ECONOMIC SPOTLIGHT
merging Trends and Outlook // Q1 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.