April Toronto Real Estate Market Stats: Prices Still Down From This Time Last Year (Copy)
Picture this: the Spring Market has burst into full bloom, much like our city's iconic cherry blossoms. April isn't just a month on the calendar—it's a turning point in the real estate world, where opportunities blossom and savvy decisions are made. As your dedicated Toronto Real Estate Agent, I'm here to unveil the freshest market insights that will empower your next move.
Think of this update as your backstage pass to the Toronto real estate scene. Whether you're dreaming of a new home or planning your next big investment, understanding these trends is your golden ticket. So, let's dive into the captivating story of April 2024's market stats and discover how the season's energy is shaping the future of real estate in our vibrant city. Ready to unlock the potential? Let's go!
Toronto Real Estate Market Overview
In April 2024, the Toronto Regional Real Estate Board recorded 7,114 sales, a 5% decrease compared to last year. Inventory levels have seen a slight increase, with 18,000 homes available as of April 30, 2024. Despite the uptick in inventory, prices have remained stable, with the average sale price in the GTA rising just 0.3% to $1,156,167 compared to $1,152,519 in 2023.
This increase in inventory is anticipated to be temporary, as many potential buyers are awaiting the Bank of Canada's interest rate announcement on June 5th.
Jason Mercer, TRREB’s Chief Market Analyst, forecasts:
“Buyers today are benefiting from ample choice in the GTA resale market. As a result, there was little movement in selling prices compared to last year. Looking forward, the expectation is that lower borrowing costs will prompt tighter market conditions in the months ahead, resulting in renewed price growth, especially as we move into 2025.”
With all levels of government striving to improve housing affordability and supply, the pace of new condo developments has slowed. Developers are cautious, building only when they have secured enough pre-sales to fund their projects, despite an anticipated future shortage of homes for our growing population.
Average Home Price in the GTA By Month
Let’s take a look at some of the regional stats across the GTA, Toronto, Mississauga, Oakville, Durham Region, York Region and Brampton.
GTA Real Estate Insights
In the Greater Toronto Area, the average sale price for all home types in April 2024 was $1,156,167, a slight increase of 0.3% from the previous year. However, the number of sales was down by 5%. Condo prices in the GTA experienced a modest increase of 0.5%, bringing the average price to $728,067. The number of condo sales saw a decline of 6.8%, with 2,013 sales recorded in April. Currently, the GTA has 2.54 months' worth of inventory, meaning that if no more homes were listed, we would sell out in just over two and a half months. On average, listings are taking 24 days to sell.
Toronto Real Estate Market Stats
In Toronto, the average sale price for all home types rose by 2.8% to $1,152,200 compared to last year, though the number of sales decreased by 5.6%. Condo prices in Toronto saw a slight uptick of 2%, reaching an average price of $766,917. The number of condo sales dropped by 9.9%, with 1,309 condos sold in April. Toronto currently has 2.91 months' worth of inventory, and listings are taking an average of 25 days to sell.
Mississauga Real Estate Market Stats
Mississauga saw an increase in the average sale price for all home types by 4.6%, bringing it to $1,126,060 compared to last year. The number of sales decreased by 4.8%. Condo prices in Mississauga fell by 4.4%, with the average price now at $627,012. The number of condo sales was down by 13% in April, with 174 condos sold. Mississauga currently has 2.44 months' worth of inventory, and listings are taking an average of 24 days to sell.
Oakville Real Estate Market Stats
In Oakville, the average sale price for all home types saw a slight increase of 0.5%, reaching $1,587,333 compared to last year, while the number of sales decreased by 3%. Condo prices in Oakville fell by 3.5%, bringing the average price to $710,792. However, the number of condo sales increased by 9.3%, with 47 condos sold in April. Oakville has 2.51 months' worth of inventory, and listings are taking an average of 24 days to sell.
Durham Real Estate Market Stats
The Durham Region experienced a slight decline in the average sale price for all home types, which fell by 1.3% to $943,840 compared to last year, while the number of sales increased by 5%. Condo prices in the Durham Region dropped by 3.3%, with the average price now at $559,728. The number of condo sales decreased by 14.1%, with 61 condos sold in April. Currently, the Durham Region has 1.63 months' worth of inventory, and listings are taking an average of 19 days to sell.
York Region Real Estate Market Stats
In York Region, the average sale price for all home types fell by 3.2% to $1,326,533 compared to last year, with the number of sales decreasing by 7.3%. Condo prices in York Region experienced a slight increase of 0.3%, bringing the average price to $718,133. The number of condo sales increased by 6.6%, with 275 condos sold in April. York Region currently has 2.61 months' worth of inventory, and listings are taking an average of 24 days to sell.
Brampton Real Estate Market Stats
Lastly, in Brampton, the average sale price for all home types decreased by 5.7% to $1,026,582 compared to last year, with the number of sales down by 15.6%. Condo prices in Brampton saw a decline of 6.4%, bringing the average price to $536,564. The number of condo sales decreased by 15.2%, with 39 condos sold in April. Brampton has 2.61 months' worth of inventory, and listings are taking an average of 21 days to sell.
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