In March 2024, home sales reported through TRREB’s MLS® System were lower compared to March 2023, partially due to the Good Friday holiday falling in March this year as opposed to April last year. Despite a better-supplied market than the previous year, competition between buyers led to a moderate increase in the average March home price.

Greater Toronto Area (GTA) REALTORS® reported 6,560 sales through TRREB’s MLS® System in March 2024, marking a decrease of 4.5% compared to March 2023. New listings, however, saw a 15% increase over the same period. On a seasonally adjusted monthly basis, sales decreased by 1.1%, while new listings dropped by three percent compared to February.

The first quarter concluded with sales up by 11.2% year-over-year, with new listings showing a greater annual increase of 18.3%.

TRREB President Jennifer Pearce commented, “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.”

The MLS® Home Price Index (HPI) Composite benchmark increased by 0.3% year-over-year, while the average selling price rose by 1.3% to $1,121,615. On a seasonally-adjusted month-over-month basis, the MLS® HPI Composite rose by 0.2%, and the average selling price increased by 0.7% compared to February.

TRREB Chief Market Analyst Jason Mercer stated, “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.”

TRREB CEO John DiMichele emphasized, “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.”