Welcome back to Market Watch! As we move through the first quarter of 2024, more buyers have adjusted to the higher interest rate environment. Average home price increased for March 2024 despite an increase in the number of listings. Read more to learn about this impacts the housing market.

Greater Toronto Area REALTORS® reported 6,560 GTA home sales through TRREB’s MLS® System in March 2024, down by 4.5% from the previous month, due in part to the statutory holiday Good Friday falling in March this year versus April last year. New listings increased by 15% over the same period, and the average selling price edged up by 1.3% in comparison to last year. The MLS® Home Price Index (HPI) Composite benchmark was up by 0.3% year-over-year. The first quarter ended with sales up by 11.2% year-over-year, and new listings were up by a greater annual rate of 18.3%.

Over the past quarter, more buyers have adjusted to the higher interest rate environment. At the same time, homeowners are expecting an improvement in market conditions in the spring, which helps explain the marked increase in new listings.

“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,” said TRREB CEO John DiMichele.

In summary, price growth is expected to accelerate during the spring and even more so in the second half of the year. Lower borrowing costs in the months ahead will help fuel increased demand for ownership housing.

Get in touch with the #1 agent in Lake Wilcox, Lina & Team to make the most of these trends!

Despite a better-supplied market compared to the same period last year, there was enough competition between buyers in the Greater Toronto Area (GTA) to see a moderate increase in the average selling price for March 2024.
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